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Published on Gold Anti-Trust Action Committee (http://www.gata.org)

London Telegraph acknowledges central bank interest in suppressing metals prices

By cpowell
Created 2005-10-26 07:00

Bema, Arizona Star and Placer Dome
Reach Agreement in Principle on Cerro Casale

Bema Gold. Corp. Press Release via Business Wire
6:54 p.m. Wednesday October 26, 2005

http://biz.yahoo.com/bw/051026/266258.html?.v=1 [1]

VANCOUVER, British Columbia -- Bema Gold Corp., Arizona Star
Resource Corp., and Placer Dome Inc. have agreed in principle
whereby Placer Dome will sell its interest in Compania Minera
Casale, the company holding the Cerro Casale project [in Chile], to
Bema and Arizona Star in return for contingent payments.

Bema and Arizona Star will jointly pay to Placer Dome US$10 million
upon a decision to construct a mine at Cerro Casale and either (a) a
gold payment beginning 12 months after commencement of production
consisting of 10,000 ounces of gold per year for five years and
20,000 of gold per year for a subsequent seven years; or (b) a cash
payment of US$70 million payable when a construction decision is
made, at the election of Bema and Arizona Star.

The transaction is expected to close by the end of 2005 and is
subject to certain conditions including settlement of definitive
agreements.

Mr. Clive Johnson, president and CEO of Bema, commented:

"We are pleased to have reached this agreement which upon completion
will allow Bema and Arizona Star to pursue other opportunities for
the development of Cerro Casale and allow Placer Dome a mechanism to
recover their investment upon the project's successful development.
Placer Dome spent considerable time and effort on the project and
their work and technical expertise added significant value to the
property."

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