Issue of Equity

    FOR:  BEMA GOLD CORPORATION

TSX, NYSE SYMBOL:  BGO
AIM SYMBOL:  BAU

August 17, 2006

News Release Update: Bema Grants Underwriters Over Allotment Option

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 17, 2006) - Bema Gold Corporation (TSX:BGO)(NYSE:BGO)(AIM:BAU)
announces that in addition to the 18.4 million unit financing announced earlier this morning the Company has
also granted the Underwriters an "over-allotment" option to purchase up to an additional 2,760,000 units at the
Offering Price exercisable within 30 days after the Closing of the Offering. The units are priced at $6.25 per
unit. 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 previously announced 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