Bema Gold Corporation: CDN$132 Million Bought Deal Financing Closes

    FOR:  BEMA GOLD CORPORATION

TSX, NYSE SYMBOL:  BGO
AIM SYMBOL:  BAU

September 7, 2006

Bema Gold Corporation: CDN$132 Million Bought Deal Financing Closes

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 7, 2006) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE
SERVICES.

Bema Gold Corporation ("Bema") (TSX:BGO)(NYSE:BGO)(AIM:BAU) is pleased to announce that it has closed
the previously announced bought deal financing with a syndicate of investment dealers co-led by GMP
Securities L.P., Genuity Capitals Markets and BMO Nesbitt Burns Inc. and including Canaccord Capital
Corporation, Haywood Securities Inc., Orion Securities Inc., RBC Dominion Securities Inc. and UBS
Securities Canada Inc. (collectively, the "Underwriters"). As a result, Bema issued 18,400,000 units
("Units") at Cdn$6.25 per Unit for aggregate gross proceeds of Cdn$115,000,000. In addition, the
Underwriters exercised an over-allotment option to purchase an additional 2,760,000 Units at the
offering price for additional gross proceeds of Cdn$17,250,000. Each Unit consists of one common share
of Bema and one-half of a share purchase warrant. Each whole warrant is exercisable to purchase an
additional common share of Bema at a price of Cdn$10.00 for a period of five years. The warrants will
trade on the Toronto Stock Exchange.

In consideration for their services, the Underwriters received a cash commission equal to 4.5% of the
gross proceeds from the offering.

The net proceeds from the offering will be for further exploration, development and construction of
Bema's Kupol property in Russia and for general corporate purposes.

The securities offered have not been registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent registration or an applicable
exemption from registration requirements.

On behalf of BEMA GOLD CORPORATION

Clive Johnson, Chairman, C.E.O. & President

Bema Gold Corporation trades on the Toronto Stock Exchange and the New York Stock Exchange under the
symbol BGO. Bema also trades on the London Stock Exchange's Alternative Investment Market (AIM) under
the symbol BAU.


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FOR FURTHER INFORMATION PLEASE CONTACT:

Bema Gold Corporation
Ian MacLean
Vice President, Investor Relations
[phone]
[e-mail]
www.bema.com

The Toronto Stock Exchange neither approves nor disapproves the information contained in this news
release.

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Bema Gold Corporation