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Gold/Mining/Energy : Bema(Bgo) and Arizona Star -- Ignore unavailable to you. Want to Upgrade?

To: Elizabeth Andrews who wrote (10306)	2/28/2002 12:19:05 PM
From: Al Collard	Read Replies (1) \| Respond to of 10482

Bema To Commence Drilling High-Grade Monument Bay Property Bema Closes Flow-Through Private Placement VANCOUVER, Feb. 28 /CNW/ - Bema Gold Corporation ("Bema") is pleased to announce that drilling is scheduled to commence on March 3, 2002 at the high- grade Monument Bay gold property in northeastern Manitoba and the previously announced flow-through private placement has been closed. Bema has recently signed an option agreement with Wolfden Resources Inc. ("Wolfden") to earn up to 70% of the Monument Bay property located approximately 350 miles northeast of Winnipeg, Manitoba. The property is approximately 25 kilometres long by 2 to 4 kilometers wide and hosts high- grade gold mineralization within the Stull Lake greenstone belt similar to the Red Lake district in northern Ontario. Gold mineralization is associated with narrow quartz veins and silicified zones within the Twin lakes - Monument Bay deformation zone. Historic drilling by Noranda Inc. and Wolfden has outlined three high- grade zones with intercepts as high as 106 grams per tonne gold over 2.9 metres in hole 91-60 and 83 grams per tonne gold over 2.5 metres in hole 90- 31. The most continuous of these zones, the Twin Lakes zone, will be tested with the upcoming 3,500 metre drill program. Drilling is designed to extend the high-grade ore shoots. Four kilometers of the total shear zone has had significant drilling while limited exploration drilling has been performed elsewhere along the trend. Management believes that the Monument Bay property has excellent potential to host a high-grade gold deposit. This acquisition is consistent with Bema's policy of exploring and developing high-grade projects that have the potential to generate strong cash flow at today's mineral prices. To fund the Monument Bay exploration Bema closed a brokered flow-through private placement with Canaccord Capital Corporation and Haywood Securities Inc. Bema has issued 1,891,025 flow-through shares at $0.65 cents and 416,666 flow-through shares at $0.66 for gross proceeds of CDN$ 1.5 million. On behalf of BEMA GOLD CORPORATION "Clive T. Johnson" Chairman, C.E.O., & President