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GOLD DEVELOPMENT – Bema Raises Funds for Russian Mine

RUSSIA The common denominator among companies announcing this week that they want to build mines is that gold is...



RUSSIA The common denominator among companies announcing this week that they want to build mines is that gold is involved. The Kupol project in the far eastern region of the country is no exception. It is operated by Vancouver-based BEMA GOLD CORP., which is raising $125 million so that development can begin next year. If everything goes according to plan, Kupol will begin production in late 2007.

A large gold and silver vein system was discovered in 1995 on the Kupol property, located 200 km east of the city of Bilibino. Bema holds 75% of the project and is the operator; the balance is held by the government of Chukotka, a local autonomous region.

In February 2004, Bema estimated the Kupol deposit to contain 1.9 million tonnes of measured and indicated resources with grades of 22.3 g/t Au and 232.0 g/t Ag. Inferred resources are even larger: 5.3 million tonnes at 18.4 g/t Au and 254.4 g/t Ag.

Visit www.bema.com for further information on Bema’s Kupol and Monument Bay projects and its other projects worldwide.


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