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

To: jjdeg who wrote (8215)	11/1/1997 6:30:00 PM
From: Terry Swift	Respond to of 10482

jj: I would agree that results at Refugio are the best way to push up Bema's price in this market, barring a turnaround in gold, which I don't expect this year. 4th qtr results at Refugio should be up to projections or exceed them. Bema tells me that throughput is being increased to 40,000 tonnes/day by late December. 1st qtr next year should be very good. Existing crushers and pads can handle it. Longer term, Bema's plans are to expand Refugio considerably. Drilling at Verde will move all existing ozs into the proven reserve category plus find more. Verde open at depth and on all sides. Pancho is being drilled now. I would expect Bema to renew their drill program on the Quebrada property, also. Bema has more things going for it in the short term than does Star, there's no doubt about that. On the plus side for Star, Bema has told me that Placer understands how crucial drill results at the Aldebaran property are to Star and has agreed to release, or allow Bema to release, material drill results from Aldebaran. Placer expects to find a lot more gold on Aldebaran so good drill results could push Star higher. Since we are now entering spring in Chile its prime drilling time down there. I expect Placer and Bema do be doing a lot of drilling on Aldebaran and Quebrada. We won't know much about Placer's program unless they see fit to tell us, which majors almost never do, but Bema should be finalizing its drill program plans soon, if they're not already done. I haven't had a chance to talk to John Anderson for any length of time for a while now so these are all questions I'm gonna have. These stocks are now long term holds if you want to realize their full value but they still have some short term upside potential, the POG and market sentiment being the biggest factors, by far. Terry