Bema Gold floated on AIM today...

Looks to be a good company with good results released in August. A rising gold price can only benefit this company.. $400 by end of year?? IMHO.. Please DYOR.


Bema Gold Corporation
30 September 2003

30 September 2003


Bema Gold Corporation lists on the Alternative Investment Market
of the London Stock Exchange
and becomes AIM's second largest company


Bema Gold Corporation ('the Company'), the Toronto Stock Exchange (TSE) and
American Stock Exchange (AMEX) listed Canadian mining company, announced today
that its common shares have been approved for trading on the Alternative
Investment Market (AIM). The Company's shares commenced trading today on AIM
with an opening price of 156.5p under the symbol 'BAU'. Canaccord Capital
(Europe) Limited is acting as the nominated adviser and broker to the Company.


Bema Gold is an intermediate gold producer with operating mines and development
projects in Russia, South Africa, Chile and Canada. Over the last decade Bema
has demonstrated an exceptional exploration track record and the ability to
develop its assets from the exploration phase to production. The Company's
growth strategy is to increase gold production to over 1 million ounces annually
through the advancement of existing development projects and to acquire other
exploration and development opportunities globally. Bema has a strong cash
position and enjoys exceptional leverage to increasing gold prices and excellent
liquidity.


Clive Johnson, Chief Executive Officer of Bema Gold, comments: 'Listing on AIM
is an integral part of our European Development Strategy. While Bema has
benefited from a strong European shareholder base for many years, the AIM
listing will give us better exposure to European investors. Being an
international gold producer, we look forward to being part of the UK market that
is historically renowned for financing mining projects around the world.'


Bema operates the Julietta Mine in Russia and the Petrex Mines in South Africa
and is a 50% owner of the Refugio Mine, Chile (currently on care and
maintenance). In 2003 projected production is 270,000 ounces of gold from
Julietta and Petrex. Bema is expecting to complete a ramp up at Petrex by the
fourth quarter of 2003, bringing the Company's annualized rate of production to
over 300,000 ounces of gold. Furthermore, plans are underway to recommence
production at the Refugio Mine in 2004, increasing projected annual production
to approximately 400,000 ounces of gold.


The operation of the Julietta mine has given Bema valuable experience and a
strong profile in Russia. Bema is recognised as one of the few Western
companies to have brought international financing to a Russian project and built
a successful mine working with local partners.


Bema has been able to leverage its success with precious metals projects in
Russia and, in late 2002, entered into an agreement with the government of the
Chukotka province in North East Russia to acquire up to a 75% interest in the
high grade Kupol property.


An extensive exploration drilling program has been carried out by Bema in 2003,
confirming that the Kupol property hosts a high grade world class gold and
silver deposit. Based on the results to date, Bema intends to fast track the
exploration and development of the Kupol Project.


Ends


For further information, please contact:

Clive Johnson (CEO)
Bema Gold Corporation
Tel: 001 604 306 7003


Jerry Korpan (Non Executive Director)
Bema Gold Corporation
Tel: 07768 415 361


Neil Johnson
Canaccord Capital (Europe) Limited
Tel: 020 7518 7372


Simon Robinson / Justine Howarth
Parkgreen Communications Ltd
Tel: 020 7287 5544

Might be worth having a speculative punt on these today after the US job figures. All Yank markets looking weak. Interest rates unlikely to go up now, dollar maybe under threat.

Bema report next thursday.

cheers GF.

METALS STOCKS

Gold tops $400 for first time in two weeks
Jobs data drags U.S. dollar lower, lifting metals sector

By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 4:14 PM ET Aug. 6, 2004
E-mail it | Print | Discuss | Alert | Reprint | RSS

SAN FRANCISCO (CBS.MW) -- Gold futures closed above $400 an ounce for the first time in two weeks Friday, logging gains of around 2 percent for the session as well as the week, as disappointing U.S. employment data sent the dollar sharply lower.



CBS MARKETWATCH TOP NEWS
U.S. stock indexes close at 2004 lows
U.S. July job growth slows to 32,000
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Oil futures end the week under $44 a barrel
Google IPO launch remains uncertain




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"Gold has been held back on the falsehood that the U.S. economy was booming; which in turn, would make interest rates rise sharply; which in turn, would make the U.S dollar fly; which in turn, could only be bad for gold," said Peter Grandich, editor of the Grandich Letter, an investment advisory publication.

However, July's payroll growth of 32,000, "combined with several recent economic indicators, should put this fantasy to bed," he said.

That allows "the reality of horrific multiple U.S. deficits, a worsening energy crisis, a geopolitical landscape that must get worse before it can get better, and a polarizing national election ... to give the support gold needs to go to new highs and challenge $500 in the next 12 months or less," he said.

U.S. hiring slowed for a fourth straight month in July, the Labor Department reported earlier Friday. It was the slowest job growth of the year. See Economic Report.

Frederic Panizzutti, an analyst at MKS Finance in Geneva, called it a "collapse." He said that the dollar's pullback "acted as a catalyst for gold and silver, and both rocketed higher within minutes, ignoring any resistances on their way."

As traders scrambled for a safer investment, gold for December delivery climbed $7.30 to close at $402.10 an ounce on the New York Mercantile Exchange. The contract is up $8.40 for the week; it hasn't traded above $400 since July 22.

Higher gold prices ahead?

The small amount of new jobs created in July "will make it difficult for the Federal Reserve to raise interest rates," said Todd Hultman, president of Dailyfutures.com, a commodity information provider.

A slower climb in interest rates would be "bearish news for the dollar and bullish news for gold and the euro," said Ned Schmidt, editor of Value View Gold Report, an investment publication of Schmidt Management.

Hultman said prices for gold are likely to reach $450 by the end of this year.

Other metals futures, mining shares rise

Other metals futures closed mainly higher, taking their cue from the strength in gold.

"U.S. equities are in for a long, long bear market that will take out the bear-market low for the Nasdaq," said Schmidt.

Against such a backdrop, the "only place for North American investors to find future returns is gold, silver and euro-denominated bonds/deposits," he said.

Also on Nymex, September silver rose 2.5 cents to close at $6.775 an ounce. October platinum closed at $832 an ounce, up $4.70, and September palladium gained 60 cents to end at $214 an ounce.

September copper closed little changed at $1.278 a pound, down 0.2 cent. See the latest futures prices.

Silver and platinum ended higher on the week, but copper and palladium were lower than their week-ago levels.

Tracking inventories, copper supplies were down 990 short tons at 75,538 short tons as of late Thursday, according to Nymex. Silver stocks were down 610,208 troy ounces at 114.3 million, while gold inventories stood at 4.71 million troy ounces, unchanged from the previous day.

As for metals equities, key indexes also climbed for the session, but posted modest losses for the week.



Gains of nearly 7 percent in shares of Apex Silver Mines (SIL: news, chart, profile), and a climb of 5 percent in shares of Newmont Mining (NEM: news, chart, profile) and Placer Dome Gold (PDG: news, chart, profile), led the Philadelphia Gold and Silver Index ($XAU: news, chart, profile), which moved up by 2.9 percent to close at 86.67. The index was just below the week-ago close of 86.97.

The CBOE Gold Index ($GOX: news, chart, profile) also rose, adding 2.5 percent to end at 76.96. For the week, it was down 0.8 percent.

The Amex Gold Bugs Index (HUI: news, chart, profile) closed at 183.63, up 2.7 percent for the day, but down 1.3 percent for the week.


Myra P. Saefong is a reporter for CBS.MarketWatch.com in San Francisco


cheers GF.