Bema Gold Corporation is engaged in the mining and production of gold and silver, and the acquisition, exploration and development of precious metal properties principally in the Russian Federation, South Africa, Chile and Canada. The Company's principal mineral properties, Julietta, Petrex, Refugio, Aldebaran and Kupol, are held through its principal subsidiaries. The dore produced by the Company at its Julietta and Petrex mines is further refined by third-party refineries before being sold as bullion (99.99% pure gold). The gold bullion is either sold at the spot price or delivered against existing forward sales, call option or put option contracts to one of the various precious metals merchants.