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

To: Syncrude who wrote (9905)	5/17/1999 8:23:00 PM
From: Terry Swift	Read Replies (1) \| Respond to of 10482

Bema announced the final closing with Placer on February 3, 1998. Placer has 24 months under the agreement to complete the feasibility study and spend at least $15 million on exploration of sites on the Aldebaran property, other than CC. That means the agreement expires February 3, 2000 at the latest. Look for it to be extended. Placer does not want to walk away from 30 million ozs of gold and 7 billion lbs of copper and Bema has to have Placer to develop it when prices are right. If Placer can't develop Aldebaran, no one can. They both know that so expect a deal to extend the agreement. Given these prices, the only mining that may be done at CC is a small heap leach operation of the oxide ore at the top of the deposit. There is about 2 million ozs that could be mined using a heap leach operation but its unlikely Placer would go that route with all the other irons it has in the fire. Aldebaran will sit on the shelf for higher prices but, IMO, Placer and Bema will stay JVed to wait for those prices.