Monday, June 26, 2006

Bema Gold AGM June 21/06

BGO AGM June 21/06
McKenzie Room/Waterfront Hotel

The biggest nugget culled from the AGM was that Bema will start trading on the NYSE. At 6am on July 14/06, Clive Johnson will ring the opening bell at the NYSE. Bema will then be in the big leagues.

Nugget #2 was that fast tracking at Kupol will make Bema almost twice as fast as the avg mining co in building a mine. According to Mr Johnson, the average mining co takes about 10 years to build a mine – Kupol is projected to be built by 2008. BGO started working on Kupol in 2003.

Nugget #3 was the JV with Anglogold in Colombia. Over 120M oz have been mined there throughout the centuries. President Uribe was elected recently and he is rightist, unlike Colombia’s neighbours – Venezuela, Bolivia, Peru and he is very keen on mining.

(Greystar Resources is already there – they have an inferred resource there of 4.4M oz of gold. Their June5/06 news release headline says it all - Step-out hole yields 74.16 g/t over 3 metres at Angostura in NE Colombia. Greystar was the co that had a worker kidnapped in 1999, forcing them to leave the country. The fact they’re back indicates that the FARC/para-military groups/drug cartel/guerillas situation has improved. BHP also has a nickel mine in the area.)

Colombia fits in with Bema’s risk plays in Chile in the 80s and Russia in the late 90s. They’re getting in early.

But the big news in my opinion is that Bema has now established relationships with the big boys – Newmont with Victoria resources, Anglogold Ashanti with the Colombia projects, Barrick with CC, Kinross with Refugio. Just need a JV with GoldFields.

There were other nuggets but it’s hard remembering all of them but I will try to update as much as possible.

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