Reader Rebuttal (January 01, 2004)

Bema should have made the ‘Top 40’

After looking at your September 2003 issue I was surprised to see that our company wasn’t included in your top 40 by revenue chart. Last year, Bema Gold Corp. had revenues of US$36.3 million, which would probably have placed us in 32nd place.

Derek Iwanaka, Investor Relations Assistant

Bema Gold Corporation,

Vancouver, B.C.

Concerned about CMJ’s criticism of Diavik

The editorial by Jane Werniuk in the December 2003 issue of the Journal should be a cause for concern to many mining people, where the plan to increase production and profits should come into question by a magazine whose primary support comes from the mining industry. When Diavik states that they expect a mine life of 16 to 22 years, where is Jane coming from when she says, “In the world of exploration that is more of a hope than an expectation.” She seems to forget that the name of the game of mining is to make a profit so you can stay in business, find more ore and continue providing as stable an employment environment as any other industry.

And what is the great concern about the environment? This part of Canada used to be referred to as the ‘Great Canadian Wastelands’ that would freeze the extremities off the proverbial brass monkey for six months of the year and feed the mosquitoes the rest of the year. Now to satisfy the enviro-religions and the news media, this patch of otherwise unused tundra is sanctified.

Sure the mines are providing jobs for locals and natives that didn’t exist before, but the obligation of the company should not stretch into providing employment forever. Let’s get real over expectations and stop trying to second-guess the management, who also have a stake in the profit and continuity.

Clifford C. Rennie, P.Eng.

Nanaimo, B.C.