The Champagne gold mine in Idaho turned out a record 26,700 oz. gold equivalent in 1990 — its first full year of production — and generated $11.6 million in revenue and a gross profit of $6.5 million. Bema Gold (TSE) owns 85% of the open pit mining operation and Glamis Gold (TSE) holds the remaining interest. Last year’s production includes 24,700 oz. gold and 182,000 oz. silver. Operating costs were reported as US$172 per oz. of gold equivalent produced.
During the year, a total of 1.4 million tons of ore and 1.29 million tons of waste was mined, at an average of 8,000 tons of ore and 7,000 tons of waste per day.
With the Champagne mine meeting or exceeding expectations, Bema has turned its attention to financing its joint venture Refugio gold project in Chile. Results of the final feasibility study for the Verde deposit are expected shortly.
Elsewhere, Bema recently acquired 93.7% of the issued shares of Norgold Resources (VSE), whose key is an advanced gold project in Arizona. Bema intends to use the compulsory acquisition provisions of the British Columbia Company Act to acquire the remaining Norgold common shares.
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