RUSSIA Vancouver’s BEMA GOLD CORP. has secured a US$60-million bridge loan facility for development of is Kupol project. The funds are being made available by Bayerische Hypo-und Vereinsbank and are to be repaid at the end of 24 months. Bema intends to repay the load from a portion of the project construction financing. If that arrangement can be made and all goes according to plan, the mine will begin production late in 2007.
Figures posted at Bema’s web site (www.bema.com) show that measured and indicated resources contain 1.37 million oz of gold and 14.3 million oz of silver. Plus in the inferred category, there are another 3.17 million oz of gold and 41.8 million oz of silver. Drillhole sections and maps are also available on the website.
The 2004 exploration and development program includes 57,000 metres of exploration and infill drilling, and construction of a runway for fixed-wing aircraft, earth works for mine and mill facilities, geotechnical and condemnation drill programs, and procurement of equipment for 2005 construction. To date, Bema has completed approximately 21,700 metres of the 2004 drill program and expects to release the results by mid-August. Drilling continues, and the final feasibility study on the Kupol gold project is due by March 2005.
Bema is earning a 75% interest in the Kupol project from the Government of Chukotka through cash payments and work requirements.