Kupol results propel Bema higher (September 23, 2004)

Surging gold prices coupled with excellent drill results from the Kupol gold project in Russia’s Far East sent shares in Bema Gold (BGO-T) more than 15% higher on Sept. 23 to $2.84

Bema describes the highlights of the recent drilling program as being: the extension of high-grade mineralization 250 metres to the north at depth; the discovery of a new, wide, high-grade vein in the recently discovered multiple veins in the North zone; the discovery of a new high-grade sub-parallel or offset vein in the south; the discovery of a new high-grade ore shoot in the Central zone; and ongoing detailed drilling in the Big Bend zone continues to show strong continuity of the high-grade zone.

Bema has completed 38 holes totalling 13,800 metres have been completed in the North Zone.

Infill hole 267 discovered the new, wide high-grade vein with a true width of about 20 metres averaging 31.3 grams gold and 330.3 grams silver per tonne.In the Central zone, Bema has drilled 47 drill holes totalling 7,220 metres, including one that returned 16.8 metres at shallow depth grading 17.2 grams gold and 143.1 grams silver.

Another 39 holes totaling 5,500 metres have been drilled into the South zone so far this year.

The key Big Bend zone, which has returned very high grades over substantial widths, has seen an additional 99 holes drilled totalling 13,800 metres.

Bema plans to complete infill drilling in early October and apply all seven drill rigs to exploration for the rest of the month, focusing on the newly discovered vein to the South, the North and North Extension zone and parallel veins. Three drill rigs will continue exploration drilling through the end of November.

The Kupol project is a joint venture between Bema and the Chukotka government. Bema has an option to earn a 75% interest in the property from the government.