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Friday, 26th May 2006 (3687 views)

Bema Gold has increased its estimate of the mineral reserves at a site in north-eastern Russia.

The Kupol project, in which Bema has a 75 per cent stake, has had an additional two years added to its mine life.

Probable mineral reserves at the site have been upgraded by 15 per cent, with the new results, based on a 2005 exploration programme, providing encouragement for the firm.

In a statement, Bema revealed: "The Kupol project contains an inferred resource of 3.9 million tonnes at 13.7 g/t gold and 177 g/t silver containing 1.7 million ounces of gold and 22.2 million ounces of silver.

"The project remains open at depth and along strike and several additional structures remain untested. A 20,000 meter drill program has commenced and is designed to test several exploration targets in the region."

Management at the firm believe the mine will have around eight to nine years life now, with a loan of two tranches of $250 million and $150 million earmarked for development.

 

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