EAST RAND, South Africa The business combination agreement has closed between EAGC VENTURES and its parent, BEMA GOLD of Vancouver, giving Bema 100% interest in Petrex Gold Mines. The deal more than doubles Bema's projected gold production for 2003 to 280,000 oz.
More good news comes from the Refugio gold mine in Chile. Though the property has been on care-and-maintenance since May 2001, recent drilling indicate that there may be sufficient reserves to prolong the life of a revived mine. Bema and KINROSS GOLD hold equal shares of Refugio and hope to reopen it in 2004. Additional information is available at www.bema.com or www.kinross.com.