27 May 2004 01:37
Bema Gold estimates Chukotka project at $280 mln
MOSCOW. May 27 (Interfax) - Canada's Bema Gold Corporation estimates it will cost $280.1 million to put the
Kupol gold-silver lode in Chukotka on stream.
Bema Gold said in a press release that it had completed a Preliminary Economic Assessment (PEA) which demonstrates
that Kupol can be developed as a "high grade, low cost gold and silver mine with robust project
economics."
The PEA has been completed following one summer season of
exploration at the Kupol Property, where Bema has identified a
The PEA contemplates an initial 12 year mine life based on the drilling to date. The total pre-production capital
cost is estimated at US $280.1 million, which includes $221.3 million for construction of the plant facilities, tailings
pond, owners costs and pre-stripping, and $58.8 million in working capital as it is expected that all consumables and
supplies required for a 12 month period will be purchased and shipped to site prior to start up, the press release
said.
Preliminary Mineral Resource containing 1.8 million ounces of gold and 19 million ounces of silver in the indicated
category and a further 4.2 million ounces of gold and 56 million ounces of silver in the inferred category.
Bema is earning a 75% interest in the project, from the Government of Chukotka, through cash payments and work
requirements. [RU ASIA EUROPE EEU EMRG GOL GDM RESF RES CON CA] pr
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