FORM 53-901F (FORMERLY FORM 27) UNDER SECTION 85(1) OF THEBRITISHCOLUMBIASECURITIESACT
FORM 27 UNDER SECTION 118(1) OF THEALBERTASECURITIESACT
FORM 27 UNDER SECTION 75(2) OF THEONTARIOSECURITIESACT
FORM 27 UNDER SECTION 73 OF THEQUEBECSECURITIESACT
FORM 27 UNDER SECTION 81(2) OF THENOVASCOTIASECURITIESACT
FORM 26 UNDER SECTION 76(2) OF THENEWFOUNDLANDSECURITIESACT
FORM 25 UNDER SECTION 84(1)(B) OF THESASKATCHEWANSECURITIESACT
NATIONAL POLICY 40 MANITOBA/NEW BRUNSWICK
(INDIVIDUALLY, THE “ACT” AND COLLECTIVELY, THE “SECURITIES ACTS”)
MATERIAL CHANGE REPORT
| Item 1: | Reporting Issuer State the full name and address of the principal office in Canada of the reporting issuer. Bema Gold Corporation (“Bema” or the “Corporation”) |
| Item 2: | Date of Material Change October 16, 2003 |
| Item 3: | Press Release The Press Release was disseminated on October 16, 2003 to the Toronto Stock Exchange, the American Stock Exchange and the Alternative Investment Market of the London Stock Exchange as well as through various other approved public media and was SEDAR filed with the Provincial Securities Commissions. |
| Item 4: | Summary of Material Change(s) A summary of the nature and substance of the material change is as follows: Bema Gold Corporation ("Bema” or the “Company”)announces additional high-grade drill results from the Kupol Property in Chukotka, Far East Russia. A total of 162 holes (including redrills) totaling 21,860 metres, have been drilled to date. The Kupol mineralized epithermal vein system has now been traced for 3.5 kilometres of strike length. Significant gold mineralization has been intercepted over 3.1 kilometres of drilled strike length and to a depth of at least 300 metres (with a vertical extent of at least 400 metres). The system remains open along strike and to depth. Assay results have now been received for 151 drill holes (116 of which were previously released). The results from holes 117 to 151 continue to confirm grade continuity and extend mineralization in the four contiguous zones: the Big Bend Zone, the Central Zone, the North Zone and the South Zone. In addition these results indicate that the North Zone continues underneath the clay alteration north of the fault and remains open to the north and at depth. |
| Item 5: | Full Description of Material Change Bema Gold Corporation announces additional high-grade drill results from the Kupol Property in Chukotka, Far East Russia. A total of 162 holes (including redrills) totaling 21,860 metres, have been drilled to date. The Kupol mineralized epithermal vein system has now been traced for 3.5 kilometres of strike length. Significant gold mineralization has been intercepted over 3.1 |
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kilometres of drilled strike length and to a depth of approximately 300 metres (with a vertical extent of approximately 400 metres). The system remains open along strike and to depth. Assay results have now been received for 151 drill holes (116 of which were previously released). The recent results from holes 117 to 151 continue to confirm grade continuity and extend mineralization in the four contiguous zones: the Big Bend Zone, the Central Zone, the North Zone and the South Zone on the Kupol property. In addition these results indicate that mineralization in the North Zone continues underneath the clay alteration north of the fault and remains open to the north and at depth. Detailed assay results from the new holes are summarized by zone below. Drill hole locations, a summary of Bema’s lab procedures and Quality Assurance Quality Control “QAQC” are on the last page. See also the attached Plan View and Longitudinal Section. Big Bend Zone Eleven additional holes were drilled in the Big Bend Zone which is located at a flexure in the main structure and hosts some of the most significant intersections to date. Recent drilling focused on depth continuity and the “geostat cross” (a series of closely spaced 25 metre holes drilled on a long section over 100 metres of strike length and 100 metres vertically to determine grade variability within the mineralization). Holes 108, 118 and 143 indicate mineralization remains open at depth. In addition hole 143 intercepted four separate high grade veins. Holes 135, 136, and 138 in the geostat cross indicate good short range grade continuity. The zone remains as a single wide high grade mineralized shoot which now extends over approximately 650 metres of strike length and to a depth of approximately 250 metres. Assay results from all the new holes drilled on the Big Bend Zone are listed below. |
| Big Bend Hole # | From (metres) | To (metres) | Length (metres) | True Width (m) | Gold g/t | Silver g/t | Comments |
| KP03-118 | 228.00 | 231.50 | 3.50 | 2.47 | 10.11 | 134.45 | |
| KP03-121 | 41.10 | 44.10 | 3.00 | 2.44 | 112.91 | 845.69 | |
| KP03-123 | 78.62 | 83.80 | 5.18 | 3.41 | 44.86 | 1228.60 | |
| KP03-135 | 20.13 | 28.86 | 8.73 | 7.55 | 72.26 | 861.20 | Geostat cross* |
| KP03-136 | 24.60 | 33.05 | 8.45 | 6.40 | 45.07 | 478.74 | Geostat cross* |
| KP03-138 | 34.95 | 43.65 | 8.70 | 6.62 | 88.56 | 480.91 | Geostat cross* |
| KP03-141 | 41.90 | 42.70 | 0.80 | 0.59 | 13.74 | 297.40 | |
| KP03-143 | 205.00 | 212.60 | 7.60 | 4.51 | 20.68 | 420.94 | |
| And | 216.10 | 225.70 | 9.60 | 5.70 | 35.36 | 865.51 | |
| And | 249.40 | 257.60 | 8.20 | 4.89 | 9.30 | 111.14 | |
| And | 261.10 | 263.40 | 2.30 | 1.37 | 21.00 | 27.34 | |
| KP03-147 | 57.00 | 58.60 | 1.60 | 1.17 | 33.44 | 228.67 | |
| And | 92.00 | 93.2 | 1.2 | 0.87 | 5.77 | 80.05 | |
| KP03-150 | NSV** | ||||||
| KP03-151 | 70.00 | 72.00 | 2.00 | 1.35 | 3.87 | 25.78 | Geostat cross* |
| And | 92.65 | 107.5 | 14.85 | 10.15 | 33.78 | 270.50 | |
| Including | 94.65 | 101 | 6.35 | 4.34 | 61.93 | 519.96 |
| *Drilled at 25 metre centres. | |
**No significant values Central Zone Six additional holes were drilled in the Central Zone. Hole 122 (48.87 g/t gold, 526.36 g/t silver over 10.45 metres) has helped define a high grade mineralized shoot in the centre of the Central Zone of 100 metres long and approximately 150 metres deep. |
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| Central Hole Zone # | From (metres) | To (metres) | Length (metres) | True Width (m) | Gold G/t | Silver g/t | Comments |
| KP03-85A | dyked out | ||||||
| KP03-122 | 39.35 | 49.80 | 10.45 | 7.40 | 48.87 | 526.36 | |
| KP03-126 | 40.35 | 42.40 | 2.05 | 1.51 | 5.03 | 39.82 | |
| KP03-129 | NSV | ||||||
| KP03-131 | 259.00 | 270.45 | 11.45 | 7.19 | 10.03 | 226.38 | |
| KP03-140 | 153.60 | 154.10 | 0.50 | 0.19 | 14.34 | 141.90 | dyked out |
North Zone The North Zone extends at least 350 metres north of, and is contiguous to, the Central Zone. The previously discovered high grade zone has been extended to a depth of at least 250 metres in holes 48A with 14.98 g/t gold and 74.77 g/t silver over 6.3 metres and hole 133 with 70.54 g/t gold and 709.15 g/t silver over 11.95 metres. In addition, hole 90A which was a re-drill of hole 90, contained 19.22 g/t gold and 262.16 g/t silver over 26.70 metres. This was nearly double the grade found in hole 90 due to the washing out of the intensely mineralized portion in hole 90. The same washing has occurred in hole 144 in the Northern Extension Zone. Assay results from all of recent holes drilled in the North Zone are as follows: |
| North Zone Hole # | From (metres) | To (metres) | Length (metres) | True Width (m) | Gold g/t | Silver g/t | Comments |
| KP03-48A | 207.70 | 214.00 | 6.30 | 3.95 | 14.98 | 74.77 | Re-drilled 48 |
| KP03-90A | 73.00 | 99.70 | 26.70 | 15.18 | 19.22 | 262.18 | Re-drilled 90 |
| Includes | 76.20 | 82.00 | 5.80 | 3.30 | 34.80 | 286.56 | |
| KP03-133 | 184.00 | 189.00 | 5.00 | 2.94 | 8.01 | 110.76 | |
| And | 293.35 | 305.30 | 11.95 | 7.20 | 70.54 | 709.15 | |
| KP03-149 | Abandoned |
North Extension Zone Drill holes 128, 134 and 144 were drilled north of the fault under the clay alteration found in holes 94, 98, 105, 109 and 119. All three holes intersected significant gold mineralization and veining similar to the North Zone. The North Zone Extension is now believed to be the down faulted extension of the North Zone, suggesting the North Zone now has a strike length of approximately 600 metres. Mineralization remains open at depth and to the north. |
| North Extension Hole # | To (metres) | From (metres) | Length (metres) | True Width (m) | Gold g/t | Silver g/t | Comments |
| KP03-119 | NSV | ||||||
| KP03-128 | 175.30 | 207.65 | 32.35 | 22.44 | 12.33 | 101.83 | |
| Includes | 175.30 | 182.75 | 7.45 | 5.12 | 23.92 | 228.63 | |
| and Includes | 185.50 | 188.25 | 2.75 | 1.89 | 33.31 | 232.25 | |
| KP03-134 | 330.75 | 334.35 | 3.60 | 2.44 | 20.47 | 55.37 | |
| KP03-144 | 302.80 | 314.50 | 11.70 | 7.12 | 11.89 | 110.08 | Very poor core recovery |
South Zone The South Zone extends for approximately 600 metres to the south of the Big Bend Zone. Several holes were drilled to target additional mineralized shoots. A mineralized shoot was intersected in hole 130, which contained 27.88 g/t gold and 306.60 g/t silver over 5.3 metres. Several other mineralized shoots have been intersected this season and will be followed up in 2004. |
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| Assay results from all the recent holes drilled in the South Zone and South Extension Zones are as follows. |
| South Zone Hole # | From (metres) | To (metres) | Length (metres) | True Width (m) | Gold g/t | Silver g/t | Comments |
| KP03-124 | |||||||
| Includes | 50.00 | 51.00 | 1.00 | 0.74 | 12.96 | 237.88 | |
| KP03-127 | |||||||
| Includes | 86.70 | 92.00 | 5.30 | 3.72 | 16.92 | 209.57 | |
| KP03-130 | 62.20 | 67.50 | 5.30 | 3.91 | 27.88 | 306.60 | |
| KP03-132 | NSV | ||||||
| KP03-137 | 17.70 | 18.30 | 0.60 | 0.44 | 20.28 | 39.02 | |
| And | 54.80 | 55.50 | 0.70 | 0.50 | 15.78 | 47.24 | |
| And | 59.70 | 60.50 | 0.80 | 0.57 | 10.49 | 225.47 | |
| KP03-142 | 65.50 | 65.80 | 0.30 | 0.22 | 4.86 | 65.42 | dyked out |
| KP03-146 | 19.40 | 20.70 | 1.30 | 0.96 | 3.03 | 26.64 | |
| And | 23.5 | 26.75 | 3.25 | 2.40 | 55.49 | 117.58 |
South Extension Six new holes have been drilled in the South Extension. Hole 120 and 145 indicate mineralization similar to the South Zone in narrower intervals occurring in the South Extension Zone. |
| Hole # | To (metres) | From (metres) | Length (metres) | True Width (m) | Gold g/t | Silver | Comments |
| KP03-117 | 113.20 | 113.80 | 0.60 | 0.44 | 6.94 | 31.84 | |
| KP03-120 | 189.10 | 191.00 | 1.90 | 1.42 | 27.51 | 201.98 | |
| KP03-125 | NSV | ||||||
| KP03-139 | NSV hole abandoned | ||||||
| KP03-145 | 38.35 | 39.50 | 1.15 | 0.85 | 103.71 | 1011.60 | |
| And | 53.40 | 56.40 | 3.00 | 2.21 | 34.00 | 229.37 | |
| KP03-148 | 16.40 | 16.65 | 0.25 | 0.10 | 64.00 | 115.54 |
The two Canadian drills have been shut down for the season. The two Russian drills are currently working on condemnation drilling and the testing of additional vein zones. Bema intends to complete a geological resource estimate from drilling completed in 2003 by year end and a pre-feasibility study by April 30, 2004. In addition to drilling, Bema has conducted a surface sampling program on the Kupol Property which has now identified, by float mapping, at least four new parallel vein structures. Grab samples contain up to 205 g/t gold in one float train located 500 meters east of the Kupol structure. These targets will be explored by trenching and drilling in 2004. In conjunction with the extensive exploration work at Kupol in 2003, Bema conducted environmental baseline studies, collected metallurgical composite samples, and conducted water well drilling. Based on the excellent exploration results to date, Bema intends to fast track the development of the Kupol Property. The Company is currently procuring equipment and supplies to be shipped to site for accelerated exploration and development work to be conducted in 2004. The equipment includes three additional drill rigs, earth moving equipment and additional camp facilities to increase the man camp capacity from 60 to 200 personnel. The planned exploration and development program at Kupol in 2004 will include approximately 55,000 metres of drilling, to further explore the property and conduct infill drilling. The program will also include construction of a runway for fixed wing aircraft, earth works for mine and mill |
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facilities, geotechnical and condemnation drill programs, final metallurgical test work, and procurement of equipment for intended 2005 construction. The following table shows the location of the drill holes discussed above: |
| Hole-ID | Location X | Location Y | Location Z | Length | Section | Azimuth | Dip |
| KP03-048A | 29,436,447.10 | 7,413,000.40 | 609.65 | 331.01 | 3000N | 270 | -65 |
| KP03-085A | 29,436,429.75 | 7,412,345.46 | 655.3 | 111.56 | 2350N | 270 | -55 |
| KP03-090A | 29,436,342.20 | 7,412,950.27 | 620.73 | 126.8 | 2950N | 270 | -70 |
| KP03-117 | 29,436,049.57 | 7,410,450.75 | 553.12 | 150 | 450N | 270 | -55 |
| KP03-118 | 29,436,468.85 | 7,411,648.84 | 611.63 | 260.91 | 1650N | 270 | -58 |
| KP03-119 | 29,436,380.83 | 7,413,427.86 | 559.25 | 103 | 3425N | 90 | -55 |
| KP03-120 | 29,436,079.64 | 7,410,550.02 | 560.7 | 220.2 | 550N | 270 | -55 |
| KP03-121 | 29,436,338.24 | 7,411,561.96 | 588.79 | 80.47 | 1550N | 252 | -47 |
| KP03-122 | 29,436,387.86 | 7,412,650.07 | 648.28 | 85.8 | 2650N | 270 | -55 |
| KP03-123 | 29,436,366.26 | 7,411,557.04 | 588.05 | 129.24 | 1550N | 270 | -62 |
| KP03-124 | 29,436,293.34 | 7,411,452.53 | 577.47 | 84.12 | 1450N | 270 | -55 |
| KP03-125 | 29,436,120.46 | 7,410,841.01 | 553.06 | 165.4 | 850N | 277 | -55 |
| KP03-126 | 29,436,390.38 | 7,412,450.46 | 659.19 | 55 | 2450N | 270 | -55 |
| KP03-127 | 29,436,322.92 | 7,411,452.06 | 575.16 | 125.58 | 1450N | 270 | -55 |
| KP03-128 | 29,436,495.98 | 7,413,199.55 | 583.38 | 256.64 | 3200N | 270 | -55 |
| KP03-129 | 29,436,491.45 | 7,412,177.19 | 654.2 | 212.75 | 2175N | 270 | -55 |
| KP03-130 | 29,436,289.11 | 7,411,250.72 | 552.11 | 112.5 | 1250N | 270 | -55 |
| KP03-131 | 29,436,539.14 | 7,412,176.55 | 650.51 | 300.23 | 2175N | 270 | -65 |
| KP03-132 | 29,436,155.53 | 7,410,898.39 | 544.07 | 199.5 | 900N | 270 | -55 |
| KP03-133 | 29,436,490.93 | 7,413,099.04 | 599.87 | 343.2 | 3100N | 270 | -67 |
| KP03-134 | 29,436,540.76 | 7,413,422.85 | 556.28 | 348.4 | 3425N | 270 | -60 |
| KP03-135 | 29,436,359.52 | 7,411,703.17 | 613.57 | 44.5 | 1700N | 270 | -43 |
| KP03-136 | 29,436,362.19 | 7,411,723.38 | 618.26 | 50.6 | 1725N | 270 | -53.5 |
| KP03-137 | 29,436,210.85 | 7,411,249.82 | 566.65 | 102.8 | 1250N | 270 | -55 |
| KP03-138 | 29,436,374.12 | 7,411,771.85 | 629.59 | 59.75 | 1775N | 270 | -53.5 |
| KP03-139 | 29,435,909.11 | 7,410,595.51 | 557.95 | 150.6 | 600N | 90 | -45 |
| KP03-140 | 29,436,293.35 | 7,412,099.15 | 661.81 | 203 | 2100N | 90 | -55 |
| KP03-141 | 29,436,414.97 | 7,411,901.87 | 649.2 | 85.34 | 1900N | 270 | -55 |
| KP03-142 | 29,436,246.61 | 7,411,213.21 | 548.6 | 77.4 | 1212.5N | 270 | -55 |
| KP03-143 | 29,436,486.52 | 7,411,797.61 | 637.25 | 281.94 | 1800N | 270 | -65 |
| KP03-144 | 29,436,526.30 | 7,413,299.38 | 570.55 | 340.46 | 3300N | 270 | -65 |
| KP03-145 | 29,436,013.27 | 7,410,612.51 | 572.55 | 79 | 600N | 270 | -55 |
| KP03-146 | 29,436,166.00 | 7,411,142.00 | 542.9 | 50 | 1150N | 270 | -55 |
| KP03-147 | 29,436,425.61 | 7,411,874.84 | 647.97 | 101.8 | 1875N | 270 | -55 |
| KP03-148 | 29,435,979.58 | 7,410,278.60 | 533.9 | 50 | 275N | 90 | -55 |
| KP03-149 | 29,436,590.00 | 7,413,100.00 | 601.2 | 3.05 | 3100N | 270 | -65 |
| KP03-150 | 29,436,395.90 | 7,411,824.34 | 639.96 | 78.03 | 1825N | 270 | -54 |
| KP03-151 | 29,436,417.39 | 7,411,800.33 | 635.41 | 120.7 | 1800N | 270 | -60.5 |
| Bema has installed an on site preparation and fire assay laboratory due to the project's remote location. The lab is managed by an experienced Russian fire assayer and overseen by an independent consultant. Bema has also retained an independent consultant (the “Consultant”) to ensure the lab is operated to the level of North American standards and that a comprehensive |
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quality control program is run by the lab. The Kupol lab is operated as an independent lab and no Bema personnel are permitted unsupervised access. Drill samples have been prepped on site under the supervision of the independent North American consultant and reviewed on site by a representative of the Consultant who visited the site during lab start-up. Samples are crushed in two passes within a jaw crusher to 80% passing 2 mm. Approximately 800 grams are split off the coarse crush and pulverized to 95% passing 150 mesh. A 200 gram pulverized sample is split and packaged for the analytical lab. All results released in this news release have been validated by Bema’s Quality Control Program (“QC”) which has been designed in concert with an independent consultant to meet or exceed the requirements of NI 43-101. This QC program includes the use of certified standard reference samples, coarse field blank material and duplicate sampling. Tom Garagan, Vice President of Exploration for Bema Gold Corporation, is the Qualified Person for this exploration project. The Kupol project is a joint venture between Bema and the Government of Chukotka. Bema has the option to acquire a 75% interest in the property from the government. | |
| Item 6: | Reliance on Section 85(2)(BC) of the Securities Act (British Columbia) or Section 118(2) of the Securities Act (Alberta) or Section 84(2) of the Securities Act (Saskatchewan) or Section 75(3) of the Securities Act (Ontario) or Section 73 of the Securities Act (Quebec) or Section 81(3) of the Securities Act (Nova Scotia) Not applicable. |
| Item 7: | Omitted Information Not applicable |
| Item 8: | Senior Officers The following senior officer of the Issuer is knowledgeable about the material change and may be contacted by the Commission at the following address and telephone number: Roger Richer, Vice-President, Administration, General Counsel and Secretary |
| Item 9: | Statement of Senior Officer The foregoing accurately discloses the material changes referred to herein. |
DATED at Vancouver, British Columbia, this 24th day of October, 2003.
| “Roger Richer” | |
| Roger Richer, Vice President of Administration, | |
| General Counsel and Secretary |
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IT IS AN OFFENCE FOR A PERSON TO MAKE A STATEMENT IN A DOCUMENT REQURIED TO BE FILED OR FURNISHED UNDER THE ACT OR THESE REGULATIONS THAT, AT THE TIME AND IN THE LIGHT OF THE CIRCUMSTANCES UNDER WHICH IT IS MADE IS A MISREPRESENTATION. [SASK/NFLD]
