Bema boosts stake in El Callao and Puma

To increase its interest in two Vancouver-listed juniors, Bema Gold (BGO-T) has spent $4.8 million in two separate private placements.

Bema bought 2 million units of El Callao Mining (ECM-V) at $1.50 each for a total price of $3 million, and 3 million units of Puma Minerals (PUM-V) at 60 cents for a total price of $1.8 million.

The transaction increases Bema’s stake in El Callao to 40.49% from 36.7%, on a fully diluted basis.

Proceeds will be applied to a feasibility study and exploration drilling at the Lo Increible gold property in Bolivar state, Venezuela. It is expected that geological resource figures will soon be issued for two deposits there: La Victoria and La Cruz.

Bema is El Callao’s largest shareholder and manages its affairs.

The $1.8-Million investment in Puma means that Bema now holds a 36.94% interest in that company. Puma plans to use the funds for drilling at its wholly owned El Torno group of properties in northern Argentina.