Wednesday, 28th July 2004 (3114 views)

A new loan and agreement has been signed for Bema Gold Corporation.

The mining firm will use the $60 million bridge loan towards continued development of its Kupol project, located in north eastern Russia.

Exploration began earlier this year, with 57,000 metres of exploration and drilling planned as well as earthworks for mine facilities.

Repayment of the loan will be partly made with proceeds from the Kupol project, with 21,700 metres of drilling already completed.

Following previous assessments the project was declared to be a high grade and low cast gold and silver mine and a final study is due for completion in March 2005.

 

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