Bema Gold Corp (NYSE:BGO)
Industry: Basic Materials
Bema Gold Corporation (Bema) is a mining company engaged in the mining and production of gold and silver, and the acquisition, exploration and development of precious metal properties principally in the Russian Federation, South Africa and Chile. The Company's principal assets include a 79% interest in the Julietta Mine, a gold and silver underground mine in Russia; a 100% interest in the Petrex underground gold mines, South Africa, and a 50% interest in the Refugio Mine in Chile. Its principal assets also include a 24% interest in the Aldebaran property in Chile, which includes the Cerro Casale deposit that is a development-stage gold-copper deposit in Chile, and a 75% interest in the construction-stage Kupol gold and silver project in northeast Russia. In addition to its principal assets, Bema holds a 100% interest in a precious metals property, the Quebrada gold property in Chile. The Company also holds a 100% interest in the Yarnell gold property in Arizona, United States, and a 70% interest in the Monument Bay gold property in Manitoba, Canada. Through its ownership interest in Consolidated Puma Minerals Corp. (Puma) and Victoria Resource Corporation (Victoria), the Company also has indirect interests in the East Pansky platinum-palladium exploration property in Russia, and the Mill Canyon and related gold exploration properties in Nevada, United States, respectively. Operating Mines The Company has three operating gold mines, which are the Julietta Mine in Russia, the Petrex Mines in South Africa, and the Refugio Mine in Chile. Bema acquired its 79% interest in Omsukchansk Mining and Geological Company (OMGC), the Russian operating company that owns the Julietta Mine, by way of a business combination, effected through a statutory plan of arrangement with Arian Resources Corporation, which was completed on June 28, 1998. The remaining 21% interest is owned by Russian shareholders of OMGC. The Julietta Mine is an underground gold and silver mine, which lies within the 110 square kilometer core Julietta license area. The Julietta project is located in the Omsukchansk District, Magadan region, in the far eastern portion of the Russian Federation. The Julietta deposit consists of a low-sulfidation epithermal vein system. During the year ended December 31, 2005, the Julietta Mine produced 90,133 ounces of gold from 164,699 tons of ore milled at an average grade of 19.1 grams per metric ton. During 2005, the Julietta Mine produced 1,196,300 ounces of silver. Bema exports all of its gold production from the Julietta Mine. Gold is sold to Western banks and silver is sold to Russian banks. In 2005, a total of 453 diamond drill holes totaling 69,984 meters were completed on the Julietta property. During 2005, surface drilling totaled 284 holes for 53,619 meters, and 169 holes were drilled underground for 16,365 meters. During 2005, drilling focused on infill drilling along the V4 and V5 veins system, as well as additional targets on the Julietta hill and at Engteri. In 2005, three vein zone discoveries were made, which include the V-7 (V-4/V-5 western extension), V-20/V-21 and V-9 vein zones. In 2006, Bema discovered an epithermal vein system, known as Evgenia zone, at the Julietta property. The Evgenia zone is located approximately five kilometers northwest of the Julietta Mine, within the Engteri area. Drilling in the Engteri region of the Julietta Mine property has intersected a high-grade gold and silver vein containing up to 76.1 grams per metric ton of gold and 34.1 grams per metric ton of silver over 2.3 meters (hole C-5025). As of December 31, 2005, the Julietta Mine's proven and probable reserves totaled 55,380 tons and 270,060 tons, respectively. The Petrex Mines lie within the Archaean Witwatersrand basin. The properties are located in the East Rand Basin (the ERB) of the Witwatersrand basin. The Petrex mining properties consist of three main areas: Cons Modder, Grootvlei and Nigel. Cons Modder is situated in the north of the ERB approximately 40 kilometers east of Johannesburg. The lease area of Cons
As Of: 10/07 00:00 ET
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