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

To: Pete who wrote (10381)	5/16/2002 3:33:05 PM
From: AugustWest	Read Replies (2) \| Respond to of 10482

(COMTEX) Binding Arbitration Rules In Favour of CMM (Bema 50%, Kinross 50%) For In Excess of US$20 Million VANCOUVER, May 16, 2002 (Canada NewsWire via COMTEX) -- Bema Gold Corporation ("Bema") and Kinross Gold Corporation ("Kinross"), each 50% owners of Compania Minera Maricunga ("CMM"), are pleased to announce that binding arbitration has ruled in favour of CMM on claims against Fluor Daniel Chile Ingenieria y Construccion S.A, Fluor Daniel Corporation and Fluor Daniel Wright Ltd. ("Fluor") for damages relating to the original construction of the Refugio gold mine in northern Chile. The arbitrator has concluded that Fluor was "grossly negligent" in certain aspects of the construction of the Refugio facilities and has determined a net award in favour of CMM for US$20 million plus interest accumulated from July 1999. In April of 1999 CMM initiated formal arbitration proceedings, against Fluor, to recover costs related to numerous design and construction failures. On behalf of BEMA GOLD CORPORATION "Clive T. Johnson" Chairman, C.E.O., & President The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release, Bema Gold Corporation trades on The Toronto and American stock exchanges. Symbol: BGO. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: newswire.ca CONTACT: For further information: on Bema Gold please contact Investor Relations at (604) 681-8371 or toll-free 1-800-316-8855 or alternativel visit our web-site at www.bema.com; To request a free copy of this organization's annual report, lease go to newswire.ca and click on reports(at)cnw. News release via Canada NewsWire, Vancouver 604-669-7764 Copyright (C) 2002 CNW, All rights reserved -0- KEYWORD: VANCOUVER INDUSTRY KEYWORD: MNG SUBJECT CODE: LAW * end of story *