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Gold/Mining/Energy : ECM.VSE - El Callao Mining. -- Ignore unavailable to you. Want to Upgrade?

To: E. Charters who wrote (1055)	11/25/1997 1:26:00 AM
From: Sergio R. Mejia	Respond to of 1253

EL CALLAO MINING CORP. AND BEMA GOLD CORPORATION ANNOUNCE THAT EL CALLAO HAS ISSUED SHARES FOR DEBT TO BEMA GOLD AS PREVIOUSLY ANNOUNCED VANCOUVER, Nov. 24 /CNW/ - El Callao Mining Corp. (''El Callao'') and Bema Gold Corporation (''Bema Gold'') announce that El Callao has issued shares for debt to Bema Gold as previously announced on October 24, 1997. El Callao Mining issued 683,168 common shares at a deemed price of $1.01 as repayment of $690,000 owed to Bema Gold. Prior to the transaction, Bema Gold held 15,063,430 common shares of the Company and warrants to acquire an additional 1,935,000 common shares. The 683,168 common shares acquired in the above transaction together with Bema Gold's prior shareholdings result in Bema Gold being the beneficial owner of, or having the power to exercise control or direction over up to an aggregate of 17,681,598 common shares which would represent 41.1% of El Callao's issued and outstanding common shares on a diluted basis if no other securities were issued. El Callao is listed on the Vancouver Stock Exchange however the subject transaction was completed off-market. The acquisition by Bema Gold of the 683,168 common shares of El Callao Mining is for investment purposes and for settlement of outstanding debt owed to Bema Gold. Bema Gold may from time to time in the future decide to increase or decrease its beneficial ownership, control or direction of El Callao Mining's common shares. Bema Gold is not acting jointly or in concert with any other person in acquiring shares of El Callao Mining. El Callao Mining Corp. explores for gold in Venezuela where it has the right to earn a 70% interest in the Lo Increible Gold Property. To date, the Company has identified a geological resource of 2.0 million ounces of gold from the La Cruz and La Victoria deposits located on the property. Drilling, subsequent to the publication of the geological resource, has continued to expand both deposits which remain open along strike and at depth, as well as identifying new discoveries on the property. One diamond drill rig is currently engaged working on an exploration drill program to test new zones along the property's 8.0 kilometer Lo Increible Gold Belt. BEMA GOLD CORPORATION EL CALLAO MINING CORP. Clive T. Johnson Roger T. Richer Chairman, CEO & President Secretary The Vancouver and Toronto Stock Exchange neither approves or disapproves the information contained in this news release. Bema Gold Corporation trades on the Vancouver, Toronto and American Stock Exchanges. Symbol: BGO. El Callao Mining Corp. trades on the Vancouver Stock Exchange. Symbol: ECM. %SEDAR: 00002503E -0- 11/24/97 For further information: John D. Anderson, Director of Investor Relations or Andrea Bell at (604) 681-8371