Issue of Equity

    FOR:  BEMA GOLD CORPORATION

TSX, NYSE SYMBOL:  BGO
AIM SYMBOL:  BAU

August 17, 2006

Bema Enters "Bought Deal" Financing Agreement for CDN$ 115 Million

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 17, 2006) - Bema Gold Corporation (TSX:BGO)(NYSE:BGO)(AIM:BAU)
is pleased to announce that it has entered into an agreement for a "bought deal" financing with a syndicate of
Canadian underwriters which have agreed to purchase 18.4 million units of Bema at a purchase price of $6.25 per
unit, for aggregate gross proceeds in the amount of $115 million. Each unit will consist of a common share of
the Company and a one half of one share purchase warrant. Each whole warrant will entitle the holder to
subscribe for a common share of Bema at a price of $10.00 for a period of five years from the Closing Date.
Bema plans to use the net proceeds of this financing for further exploration and development of the Kupol
Property in Russia and for general corporate purposes.

The offering is scheduled to close on or about September 7th, 2006 and is subject to certain conditions
including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto
Stock Exchange and the securities regulatory authorities.

On Behalf of BEMA GOLD CORPORATION

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

Bema Gold Corporation trades on the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE).
Symbol: BGO. Bema Gold also trades on the London Stock Exchange's Alternative Investment Market (AIM). 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