Bema Gold Corporation: 2006 Third Quarter Results

    FOR:  BEMA GOLD CORPORATION

TSX, NYSE SYMBOL:  BGO
AIM SYMBOL:  BAU

November 14, 2006

Bema Gold Corporation: 2006 Third Quarter Results

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 14, 2006) - Bema Gold Corporation (TSX:BGO)(NYSE:BGO)(AIM:BAU)
("Bema" or the "Company") reports the results from its operations for the third quarter ended September 30, 2006. All
dollar figures are in United States dollars unless otherwise indicated. Highlights from the quarter and subsequent to
the quarter include:

- Record mine operating earnings

- Completed an equity financing for gross proceeds of approximately Cdn.$132 million ($119 million)

- Commenced trading on the New York Stock Exchange

- Discovered two new zones of high grade gold and silver mineralization at Kupol

- Completed project development appraisal for Cerro Casale

- Completed agreement with Pamodzi Resources for the formation of a new company whose assets will include the Petrex
Mines

Gold Revenue

Gold revenue for the third quarter of 2006 increased by 85% over the same period in 2005 to $50.3 million on sales of
83,164 ounces. The increase in revenue was attributable to the recommencement of commercial production at the Refugio
Mine which occurred in the fourth quarter of 2005 and to a $172 per ounce increase in the average realized gold price
to $604 per ounce.

The Refugio Mine (Bema's 50% share) accounted for $16.8 million of gold revenue from the sale of 28,298 ounces at an
average price of $592 per ounce while $14.1 million was contributed by the Julietta Mine from the sale of 23,538
ounces at an average price of $600 per ounce. In addition, the Petrex Mines accounted for $19.4 million of gold
revenue from the sale of 31,328 ounces at an average price of $618 per ounce. The spot price of gold averaged $622
and $439 per ounce in the third quarter of 2006 and 2005, respectively.

Gold revenue in the third quarter of 2005 was $27.1 million on sales of 62,753 ounces at an average realized price of
$432 per ounce.

Gold revenue for the first nine months of 2006 was a record high for the Company at $148.1 million from the sale of
254,023 ounces at an average price of $583 per ounce. In the first nine months of 2005, Bema reported gold revenue of
$71 million from the sale of 168,049 ounces at an average price of $422 per ounce.

Financial Results

Bema reported net earnings for the quarter, under Canadian GAAP, of $0.2 million ($0.00 per share) compared with a
loss of $24.9 million in the same period last year (negative $0.06 per share). If net earnings under Canadian GAAP
were adjusted to exclude certain non-cash items consisting of unrealized non-hedge derivative gains or losses, stock-
based compensation expense and future income taxes, the adjusted earnings for the third quarter of 2006 would be a
loss of $2.4 million (negative $0.01 per share) compared with an adjusted loss of $12.3 million in the same period
last year (negative $0.03 per share). Cash flow from operations, before changes in non-cash working capital, improved
to $10.5 million during the period compared to use of cash of $4 million in the third quarter of 2005. The Company
also reported improved mine operating earnings of $8.3 million in the quarter compared to a mine operating loss of
$5.8 million in the same period last year. The improved results in 2006 were primarily due to the recommencement of
operations at the Refugio Mine and higher realized gold prices.

For the nine months ended September 30, 2006, the Company reported a net loss, under Canadian GAAP, of $17.2 million
(negative $0.04 per share) on revenue of $148 million compared with a net loss of $52 million (negative $0.13 per
share) on revenue of $71 million for the same period in the prior year. For the nine months ended September 30, 2006,
the Company reported adjusted net earnings of $16.5 million ($0.04 per share) compared with an adjusted loss of $36.2
million (negative $0.09 per share) in the 2005 period. The significant improvement in the Company's net results for
the nine months ended September 30, 2006 over the same period in 2005 was mainly due to an increase in mine operating
earnings of $42.6 million as a result of higher gold production and realized gold prices in 2006. In addition, a gain
of $21.5 million was realized in the second quarter of 2006 from the sale of approximately 2.1 million shares of
Arizona Star Resource Corp., which was offset by an unrealized non-hedge derivative loss of $17.3 million and a
future income tax expense of $7.3 million.

Liquidity and Capital Resources

The Company ended the quarter with $138.8 million in cash and cash equivalents, compared to $67.0 million at the end
of the second quarter of 2006. Working capital at the quarter end was $132 million compared to working capital of
$38.9 million at the end of June 2006. The increase in cash and cash equivalents and working capital position in the
quarter resulted from mine operating cash flows and the completion of a "bought deal" financing during the period for
gross proceeds of approximately $119 million (refer to press release dated 07/09/06).

Operations

Bema's consolidated gold production during the third quarter of 2006 was 82,819 ounces representing a 39% increase in
the number of ounces produced over the same period last year as the Refugio Mine recommenced production in the fourth
quarter of 2005. Operating cash cost was $373(1) per ounce and total cash cost was $400(1) per ounce in the third
quarter of 2006. Total cash cost decreased by $16 per ounce in the quarter compared to the second quarter of 2006 due
to the improved performance of the Petrex Mines and the Refugio Mine.

In the third quarter of 2005 Bema produced 59,654 ounces of gold at an operating cash cost of $341(2) per ounce and a
total cash cost of $360(2) per ounce.

Consolidated gold production for the first nine months of 2006 was 252,185 ounces of gold at an operating cash cost
of $368 per ounce and a total cash cost of $395 per ounce.

(1) Operating cash costs are calculated in accordance with the Gold Institute Production Cost Standard and include
direct mining, smelting, refining and transportation costs, less silver by-product credits. Total cash costs,
calculated in accordance with this Standard, include operating cash costs, royalties and production taxes.

(2) Consolidated operating and total cash costs in 2005 were adjusted to reflect cash gains from the exercise of
South African rand denominated gold put options. The gains for the third quarter of 2005 were $16 per ounce.

Julietta Mine, Russia (Bema 90%)

During the quarter, Julietta processed 42,005 tonnes of ore at an average grade of 16.4 grams per tonne ("g/t") gold
and 163.1 g/t silver producing 20,380 ounces of gold at an operating cash cost (net of silver credits) of $295 per
ounce and a total cash cost of $360 per ounce. Julietta recorded a mine operating profit of $0.6 million for the
period compared with an operating profit of $1 million in the third quarter of 2005. Cash flow from operations,
before changes in non-cash working capital, was $1.8 million in the third quarter compared to operating cash flow of
$5.6 million for the same period last year.

In the third quarter of 2005 Julietta processed 43,067 tonnes of ore at an average grade of 19.06 g/t, producing
24,177 ounces of gold at an operating cash cost of $183 per ounce and a total cash cost of $228 per ounce (net of
silver credits).

During the third quarter of 2006, the tailings expansion was completed to increase the storage capacity and new
reagent mixing systems were installed for cyanide mixing and cyanide destruction. These installations will
significantly reduce the quantities of reagents needed and will be reflected in lower milling costs in the future.
The Company has also made the decision to proceed with underground development of the newly discovered Evgenia
deposit, approximately 8 kilometers from Julietta. Equipment has been ordered and development is scheduled to start
in the fourth quarter.

Exploration drilling continued in the third quarter on the west side of Julietta hill on the newly discovered
Nadezhda and V-4W veins. Exploration drilling will recommence in the fourth quarter at the Engteri zone which hosts
the Evgenia deposit and will continue until the end of the year.

For the first nine months of 2006 Julietta processed 126,549 tonnes of ore at an average grade of 19.1 g/t gold,
producing 70,868 ounces of gold at an operating cash cost of $246 per ounce and a total cash cost of $306 per ounce.

Petrex Mines, South Africa (Bema 100%)

Petrex produced 32,672 ounces of gold during the third quarter of 2006 at a total cash cost of $452 per ounce from
530,046 tonnes of ore milled at an average grade of 2.07 g/t. Petrex had a mine operating profit of $2.7 million in
the third quarter of 2006 compared to an operating loss of $3.7 million during the same period last year. Cash costs
decreased by $106 per ounce in the third quarter of 2006 compared to the second quarter of 2006 due mainly to the
depreciation of the South African rand versus the US dollar and a 17% increase in gold production in the quarter.
Cash flow from operations, before changes in non-cash working capital, was $4.5 million in the third quarter of 2006
(excluding the loss from the contingent forwards which do not qualify for hedge accounting). This compares to the
third quarter of last year when the Petrex operations consumed cash of $2.2 million, before changes in non-cash
working capital.

Cash costs remain high at Petrex largely due to the poor performance of the underground operations. At number one
shaft, fifteen days of production were lost in September 2006 due to major maintenance requirements in the shaft. A
large percentage of the shaft guides had to be replaced and the shaft spillage arrangement required modifications. At
month end, this shaft was back to full production. All shafts continued to be hindered from a shortage of manpower.
Jongingozi, the underground mine contractor, has been recruiting additional workers from neighboring countries in an
attempt to resolve this issue. Jongingozi has also increased wages in an attempt to be more competitive in the labour
market.

In the third quarter of 2005 Petrex produced 35,477 ounces of gold at a total cash cost of $449 per ounce(3) from
546,004 tonnes of ore milled at an average grade of 2.23 g/t.

For the first nine months of 2006, Petrex milled 1,546,676 tonnes of ore at an average grade of 2.04 g/t gold,
producing 92,794 ounces of gold at a total cash cost of $493 per ounce.

On October 9, 2006, the Company's 100% owned subsidiary Bema Gold SA (Pty) Limited ("Bema SA"), owner/operator of the
Petrex Mines, signed a Sale of Shares and Claims Agreement with Pamodzi Resources (Pty) Limited ("Pamodzi"), a South
African Black Empowerment group. Under the terms of this agreement, Pamodzi can earn up to 51% of the shares of Bema
SA by investing a minimum of ZAR75 million in cash and by vending additional assets into Bema SA. The objective of
this agreement is to improve the economics of the Petrex Mines and increase production by investing in underground
development work to access higher grade ore, and to qualify Bema SA as a Black Economic Empowerment Company ("BEE")
under South African laws. It is the intent of Bema SA and Pamodzi to list this new entity on the Johannesburg Stock
Exchange during the fourth quarter of 2006 with an ultimate goal of acquiring and consolidating other mining
interests in the East Rand mining district.

Closing of this agreement is expected to occur by mid December 2006 and is subject to certain conditions, including
due diligence, Board and regulatory approvals. The Company has also agreed with the Petrex lenders to convert the
$18.8 million of outstanding Petrex loans as at September 30, 2006 into a 14% equity position in the new company,
which is valued at a 35% discount, upon completion of the Pamodzi negotiations and listing of the new entity.

Pamodzi is a black empowerment resources company controlled by historically disadvantaged South Africans. Pamodzi's
ownership of more than 26% of Bema SA will allow the Company to convert its old order mining rights to new order
mining rights well before the deadline imposed by South African Mining laws. As the new company will qualify as a BEE
owned and controlled entity, it is expected that additional opportunities will be available to the new company that
would not have otherwise been available to Bema SA.

(3) Total cash cost was adjusted in 2005 to reflect cash gains from the exercise of South African rand denominated
gold put options. The gains for the third quarter of 2005 were $27 per ounce.

Refugio Mine, Chile (Bema 50%)

The Refugio Mine had a mine operating profit of approximately $5.0 million and cash flow from operations, before
changes in non-cash working capital, of $6.1 million for the quarter (Bema's share). The mine produced 59,533 ounces
of gold (the Company's share was 29,767 ounces) at an operating and total cash cost per ounce of $341 and $370,
respectively.

Ore crushed and stacked on the heap during the third quarter of 2006 exceeded budget by 16.5% due to improved
maintenance and consistent plant performance. The facilities crushed and placed 3,962,389 tonnes on the leach pads at
an average grade of 0.70 g/t. The plant averaged over 43,069 tonnes per day compared to a budget of 36,957 tonnes per
day. However, the ore feed grade to the plant was approximately 24% below budget mainly due to the mining operations
being out of sequence with the original plan and reduced cutoff grades resulting from higher metal prices. Crushing
and leaching operations have performed extremely well during the Chilean winter and unit operating costs continue to
decline.

The Refugio Mine has excellent exploration potential and the joint venture partners (Bema and Kinross) have agreed to
a $2.9 million exploration budget for 2006. An 18,000 metre phase I drill program designed to infill a portion of the
Pancho Deposit and explore its margins was completed during the third quarter and a $600,000 phase II program has
commenced to infill critical areas. Metallurgical testing on the phase I samples are ongoing.

For the first nine months of 2006, Refugio processed 10,828,118 tonnes of ore at an average grade of 0.71 g/t gold,
producing 177,048 ounces of gold (Bema's share was 88,524 ounces) at an operating cash cost of $334 per ounce and a
total cash cost of $363 per ounce.

Kupol Deposit, Russia (Bema 75%)

For the quarter ended September 30, 2006, the Company expended approximately $83.5 million (including $8.6 million of
capitalized interest expense and other Kupol project financing costs and $2.3 million of Russian value added tax) on
the development and construction of the Kupol Mine in far-eastern Russia. Major procurement of equipment, consumables
and supplies for the 2006 and 2007 construction seasons was completed and shipping to the port of Pevek was commenced
during the quarter. All supplies are expected to be offloaded in Pevek in the fourth quarter of 2006.

Construction activities during the third quarter of 2006 included ongoing construction of the Kupol airstrip, site
roads, drainage ditches and surface runoff impoundments. Underground development for the south portal access area is
progressing with both the main haulage and ventilation declines advancing according to schedule. The permanent man
camp, including power supply, water supply, heating and sewage treatment systems was commissioned and all employees
and contractors have been moved from the temporary man camp to the new facility. The main processing, maintenance and
administration complex building as well as the crusher building have been erected. Work is now proceeding on setting
the jaw crusher, ball mill and SAG mill. Work is also progressing on installing a heating system and constructing
interior divisions within the main building as well as installation of the arctic corridor between the camp and mill.

The construction cost to completion of the Kupol mill facilities, underground development, mining equipment, tailings
pond, man camp, air strip and the open pit pre-strip has increased 16% from $387.8 million to $451.1 million. The man
camp was completed on budget and the mill facilities are also projected to be completed on budget. Mining equipment
has increased by $14.5 million as additional winter road maintenance, underground and open pit equipment needs have
been identified. Higher labour rates, transportation costs and fuel prices account for most of the remaining variance
from budget, affecting under ground and open pit mining as well as tailings pond construction. Total project funding
requirements for the Kupol project have increased by 17% from $512.8 million to $599.0 million, which includes
financing costs of $72.8 million, start up working capital of $67.6 million, duties and property taxes of $12.3
million and a contingency of $7.5 million. More than half of the $86.2 million increase, $48.6 million, relates to
fuel and other start-up working capital consumables that will be charged to operating costs from June 2008 to May
2009.

On September 26, 2006, the Company announced that Chukotka Mining and Geological Company ("CMGC") was awarded two new
licenses surrounding and adjacent to, the Kupol project where Bema is currently developing the Kupol Mine. With the
acquisition of these two licenses, Kupol West and Kupol East, CMGC increases its overall land position in the Kupol
Project area from approximately 17.5 square kilometers to an approximate combined 425.5 square kilometers. The Kupol
West and East licenses were awarded to CMGC which is 75% owned by the Company and 25% owned by the government of
Chukotka, through an auction and tender by the Russian Federal Agency for Management of Mineral Resources. The Kupol
West license surrounds the original Kupol project area and represents an expansion of the existing property from
approximately 17.5 square kilometers to an approximate 231.5 square kilometers. The new license area also covers the
potential northern and southern extensions of the main Kupol vein. Previous Russian surface exploration sampling had
identified four gold/silver prospects in the area covered by the license. The Kupol East license is situated 3.5
kilometers to the east of the Kupol West boundary and covers an additional area of 194 square kilometers. Previous
Russian exploration work has identified two gold/silver prospects. The Company intends to commence extensive
exploration programs on the Kupol West and East licenses in 2007 consisting of mapping, surface sampling, geophysics,
trenching and diamond drilling.

Cerro Casale, Chile (Bema 49%)

On July 24, 2006, the Company announced the results of a project development appraisal for the Cerro Casale project.
The appraisal conducted by Mine Quarry Engineering Services Inc. ("Mine Quarry"), analyzed and modified ore
processing concepts and updated the projected operating and capital costs of the 2000 feasibility study completed by
Placer Dome and updated by Placer Dome in 2004. AMEC Technical Services Inc. has completed a National Instrument 43-
101 ("NI 43-101") Technical Report on the Cerro Casale project that updates the NI 43-101 report completed in 2005
and verifies the conclusions of the development appraisal prepared by Mine Quarry.

The base case parameters established for the detailed project development appraisal includes open pit mining, heap
leaching of oxide ores at 75,000 tonnes per day and milling and flotation of mixed and sulphide ores at 150,000
tonnes per day using two grinding lines, each consisting of one semi-autogenous mill and two ball mills. The open pit
operations were redesigned and rescheduled to optimize the effect of heap leaching the oxides ore.

Based on the updated capital and cash operating cost estimates set out below and base case metal prices of $450 per
ounce of gold and $1.50 per pound of copper, this appraisal has confirmed the previously defined Cerro Casale proven
and probable mineral reserves estimated at 1.035 billion tonnes of ore grading on average 0.69 grams per tonne of
gold and 0.25% copper containing approximately 23 million ounces of gold and 5.8 billion pounds of copper. The base
case for the project development appraisal (100% basis) requires an estimated initial capital investment of $1.96
billion, generates a projected pre-tax 100% equity internal rate of return of 13.1%, a net present value of $1.35
billion at a 5% discount rate and a cash operating cost (net of copper and silver credits) of $107 per ounce of gold.
The project life is projected at 17 years with a payback period of 4.9 years. Average gold production is projected at
approximately one million ounces per year and copper production at 294 million pounds per year. Total metal
production for the project is estimated to be 16.9 million ounces of gold, 5 billion pounds of copper and 28.5
million ounces of silver.

Gold Forward and Option Contracts

The Company has completed the Kupol project hedging program as required by the lenders and does not intend to enter
into any additional hedge contracts relating to the Kupol project. Bema's entire committed gold contracts represent
approximately 4% of the Company's estimated mineral reserves and measured and indicated mineral resources. Please see
the table below for details regarding the Company's gold and silver derivative contracts outstanding at September 30,
2006.

/T/

                             2006     2007     2008   2009-2012      Total
                           -----------------------------------------------

Gold
Forward contracts
 (ounces)                  34,500   29,050   38,750     197,250    299,550
Average price per
 ounce                     $  458    $ 359    $ 509     $   563    $   524

Put options purchased
 $290 strike price
  (ounces)                  5,565   21,342   38,646           -     65,553
 $390 to $422 strike
  price (ounces)           17,000   68,000   38,500           -    123,500
 $470 to $500 strike
  price (ounces)                -        -    6,250     623,565    629,815

Call options sold
 (ounces)                  14,750   59,000   42,750     418,430    534,930
Average price per ounce    $  462    $ 462    $ 477     $   676    $   631

 Contingent forwards sold
  (maximum)
 $350 strike price
  (ounces)                  9,000   36,000   33,000      99,000    177,000

Silver
Forward contracts
 (ounces)                 300,000        -        -   2,700,000  3,000,000
Average price per ounce    $ 7.78    $   -    $   -     $  8.20    $  8.16

Put options purchased
 (ounces)                 150,000        -        -   8,100,000  8,250,000
Average price per
 ounce                     $ 6.34    $   -    $   -     $  9.67    $  9.61

Call options sold
 (ounces)                 150,000        -        -   8,100,000  8,250,000
Average price per
 ounce                     $ 7.65    $   -    $   -     $ 13.83    $ 13.72

/T/

Subsequent Event (Acquisition of Bema by Kinross)

On November 6, 2006, Bema and Kinross Gold Corporation ("Kinross") announced that their Boards of Directors had
unanimously approved Kinross' acquisition of Bema. The acquisition will be completed by way of a shareholder-approved
plan of arrangement whereby each common share of Bema will be exchanged for 0.441 of a Kinross common share
representing a 34 per cent premium to the 20-day volume weighted average price of Bema's common shares on the TSX.
Upon completion of this transaction, 61 per cent of Kinross will be held by existing Kinross shareholders and 39 per
cent by existing Bema shareholders. In addition, following completion of the transaction, all outstanding options and
warrants of Bema will be exercisable to acquire that number of common shares of Kinross determined by reference to
the share exchange ratio. Other terms of the transaction include an agreement by Bema to pay a break fee to Kinross
under certain circumstances in the amount of Cdn.$79 million. Bema has also provided Kinross with certain other
customary rights, including a right to match competing offers.

The acquisition of Bema is subject to the parties completing due diligence and entering into a further definitive
agreement providing for the specific mechanics for completing the transaction. The Board of Directors of Bema has
unanimously recommended the transaction to shareholders and will sign support agreements in favour of the
transaction. The acquisition is subject to all requisite regulatory approvals, third party consents and other
conditions customary in transactions of this nature. The acquisition is expected to require the approval of (i) at
least two-thirds of the votes cast by Bema shareholders present in person or by proxy at a meeting expected to be
held in January 2007; and (ii) a majority of the votes cast by Bema shareholders present in person or by proxy at
such meeting, excluding votes cast by those Bema shareholders required to be excluded pursuant to the minority
approval provisions of Ontario Securities Commission Rule 61-501 and Regulation Q-27 of the Autorite des marches
financiers. A proxy circular, setting out details of the transaction and voting procedures, is expected to be mailed
to Bema shareholders in December 2006. Kinross will select one Bema nominee to be included in Kinross' management
slate of Directors to be nominated for election at Kinross' next annual shareholders' meeting. Until such time, the
Bema nominee shall sit as an observer on the Kinross board.

In connection with this transaction, it is anticipated that the existing Bema management will form a new company
("NewCo") that will purchase certain Bema assets for aggregate consideration of $20 million, including:

- An exploration alliance in Chukotka aimed at developing future gold opportunities

- An exploration joint venture in northern Colombia with AngloGold Ashanti Limited

- All of the shares of Bema SA owned by Bema

Kinross will have a right to maintain a 9.9 per equity interest in NewCo and an option to acquire up to a 19.9 per
cent of NewCo in any initial public offering.

The Bema Board of Directors has unanimously approved this transaction and an independent advisor has provided an
opinion that the transaction consideration to be received by Bema shareholders is fair from a financial point of
view. Bema management believes that the two companies create an excellent combination due to complementary strengths,
geographic synergies and similar growth profiles. Bema shareholders are getting an attractive premium to become part
of a stronger company that will create near and long-term value for all shareholders.

Ongoing exploration for Bema's projects is being validated by a Quality Control ("QC") program, which has been
designed in concert with an independent consultant to meet or exceed the requirements of NI 43-101. This QC program
includes the use of certified standard reference samples, coarse field blank material and duplicate sampling as
described at length in earlier news releases and in the technical reports for the Kupol project dated/filed on April
4, 2005 and July 5, 2005. For Julietta, the Independent Qualified Person ("QP") is Brian Scott. For Kupol, the QP is
Tom Garagan. For Cerro Casale, the Independent QP is Larry Smith of AMEC.

Conference Call Details

Bema will host a conference call and webcast to discuss second quarter results on Tuesday, November 14th 2006 at
2:00pm PT / 5:00pm ET. You may access the call by dialing the operator at 416-695-5261 or toll free at 1-877-888-3490
prior to the scheduled start time. A playback version of the call will be available for one week after the call at
416-695-5275, or within North America call toll free 1-888-509-0081. The webcast can be accessed from Bema's web site
at www.bema.com.

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.

Some of the statements contained in this release are "forward-looking statements" within the meaning of Canadian
securities legislation and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or
achievements to differ materially from the anticipated results, performance or achievements expressed or implied by
such forward-looking statements. Forward-looking statements in this release include statements regarding: the
Company's projections of gold production costs of production drilling and development programs and financings.
Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties
such as: risks relating to estimates of mineral reserves, mineral deposits and production costs; mining and
development risks; the risk of commodity price fluctuations; political and regulatory risks; and other risks and
uncertainties detailed in the Company's Form 40-F Annual Report for the year ended December 31, 2005, which has been
filed with the United States Securities and Exchange Commission, and the Company's Renewal Annual Information Form
for the year ended December 31, 2005, which is an exhibit to the Company's Form 40-F and is available at the SEDAR
website at www.sedar.com. The Company disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.

/T/

BEMA GOLD CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
For the periods ended September 30
(Unaudited)
(in thousands of United States dollars,
 except shares and per share amounts)

                                      Third Quarter            Nine Months
                                    2006       2005        2006       2005
                                    ----       ----       ----        ----
GOLD REVENUE                    $ 50,256  $  27,146   $ 148,124  $  70,981
                                --------  ---------   ---------  ---------

EXPENSES
 Operating costs                  33,008     23,466      99,641     64,678
 Depreciation and depletion        7,898      5,927      24,677     14,859
 Accretion of asset retirement
  obligations                        436        419       1,310      1,248
 Refugio re-start of operations        -      3,044           -     10,255
 Other                               626        112         722        760
                                --------  ---------   ---------  ---------
                                  41,968     32,968     126,350     91,800
                                --------  ---------   ---------  ---------

MINE OPERATING INCOME (LOSS)       8,288     (5,822)     21,774    (20,819)
                                --------  ---------   ---------  ---------

OTHER EXPENSES (INCOME)
 General and administrative        2,917      2,279       9,017      7,323
 Interest and financing costs      1,584      1,336       4,908      3,961
 General exploration                 354        185         854        835
 Stock-based compensation          1,436        600       9,122      3,173
 Foreign exchange
  (gains)/ losses                   (211)       794      (2,493)       814
 Other                            (1,313)       178      (2,231)        55
                                --------  ---------   ---------  ---------
                                   4,767      5,372      19,177     16,161
                                --------  ---------   ---------  ---------

EARNINGS (LOSS) BEFORE TAXES
 AND OTHER ITEMS                   3,521    (11,194)      2,597    (36,980)

Unrealized non-hedge
 derivative gains/ (losses)       10,315    (10,921)    (17,322)   (14,170)
Realized non-hedge derivative
 (losses)/ gains                  (4,100)    (1,604)    (12,161)       225
Investment gains                   1,305          -      24,063        756
Equity in losses of
 associated companies               (424)       (17)       (506)       (70)
Write-down of mineral
 properties and net
 smelter royalty                  (2,040)         -      (2,040)    (3,099)
                                --------  ---------   ---------  ---------

EARNINGS (LOSS) BEFORE TAXES       8,577    (23,736)     (5,369)   (53,338)

Current income taxes              (2,096)       (48)     (4,549)      (228)
Future income tax
 (expense)/ recovery              (6,288)    (1,091)     (7,296)     1,530
                                --------  ---------   ---------  ---------

NET EARNINGS (LOSS)
 FOR THE PERIOD                 $    193  $ (24,875)  $ (17,214) $ (52,036)
                                --------  ---------   ---------  ---------
                                --------  ---------   ---------  ---------

EARNINGS (LOSS)
 PER COMMON SHARE -
 basic and diluted              $   0.00  $   (0.06)  $   (0.04) $   (0.13)
                                --------  ---------   ---------  ---------
                                --------  ---------   ---------  ---------

Weighted average number
 of common shares outstanding
 (in thousands)                  466,552    401,177     460,548    400,790
                                --------  ---------   ---------  ---------
                                --------  ---------   ---------  ---------


BEMA GOLD CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the periods ended September 30
(Unaudited)
(in thousands of United States dollars)

                                      Third Quarter            Nine Months
                                    2006       2005        2006       2005
                                    ----       ----       ----        ----

OPERATING ACTIVITIES
 Net earnings (loss)
  for the period                $    193  $ (24,875)  $ (17,214) $ (52,036)
 Non-cash charges (credits)
  Depreciation and depletion       7,898      5,927      24,677     14,859
  Amortization of deferred
   financing costs                    74         17         220        177
  Accretion of convertible notes     679        422       2,013      1,310
  Accretion of asset retirement
   obligations                       436        419       1,310      1,248
  Equity in losses of
   associated companies              424         17         506         70
  Derivative instruments          (7,443)    12,677      23,334     15,557
  Investment gains                (1,305)         -     (24,063)      (756)
  Stock-based compensation         1,436        600       9,122      3,173
  Future income tax
   expense/ (recovery)             6,288      1,091       7,296     (1,530)
  Write-down of mineral
   properties and net
   smelter royalty                 2,040          -       2,040      3,099
  Other                             (183)      (289)        (68)       473
 Change in non-cash
 working capital                  (7,247)     1,989     (12,136)    (3,718)
                                --------  ---------   ---------  ---------
                                   3,290     (2,005)     17,037    (18,074)
                                --------  ---------   ---------  ---------

FINANCING ACTIVITIES
 Common shares issued,
  net of issue costs             113,729        156     124,526        687
 Kupol project loan financing     40,000          -     259,820          -
 Kupol bridge
  financing/ (repayment)               -     67,500    (150,000)   104,000
 Minority partner's (25%)
  equity contribution in
  Kupol project                   16,861          -      16,861          -
 Refugio working capital
  loans/ (repayment)              (2,625)     5,050      (5,475)    11,050
 Capital lease repayments           (854)         -      (3,416)    (1,709)
 Financing costs                    (432)      (587)     (9,716)    (3,842)
 Julietta project loan
  repayments                           -     (1,500)          -     (1,500)
                                --------  ---------   ---------  ---------
                                 166,679     70,619     232,600    108,686
                                --------  ---------   ---------  ---------

INVESTING ACTIVITIES
 Kupol development and
  construction                   (83,471)   (55,826)   (170,716)  (113,534)
 Kupol exploration                (7,365)    (7,309)     (9,263)   (15,728)
 Julietta Mine                    (2,424)      (720)     (4,331)    (2,499)
 Julietta exploration             (1,029)    (1,963)     (3,775)    (5,372)
 Refugio Mine                       (512)    (1,559)     (5,541)   (14,918)
 Refugio exploration                (744)         -      (1,337)         -
 Petrex Mines                       (921)    (1,540)     (3,122)    (4,272)
 Petrex exploration                    -       (326)          -     (1,102)
 Acquisition, exploration
  and development                 (1,592)    (1,479)     (4,488)    (4,937)
 Investment purchases in
  associated company                   -          -      (2,025)      (902)
 Restricted cash                       -          -      (7,500)         -
 Proceeds on sales of
  investments                          -          -      22,963          -
 Net repayments of promissory
  notes by affiliated companies       (7)         -       2,217          -
 Other                               (86)       (35)       (201)    (1,453)
                                --------  ---------   ---------  ---------
                                 (98,151)   (70,757)   (187,119)  (164,717)
                                --------  ---------   ---------  ---------

Increase (decrease) in
 cash and cash equivalents        71,818     (2,143)     62,518    (74,105)

Cash and cash equivalents,
 beginning of period              66,966     15,149      76,266     87,111
                                --------  ---------   ---------  ---------

Cash and cash equivalents,
 end of period                 $ 138,784  $  13,006   $ 138,784  $  13,006
                                --------  ---------   ---------  ---------
                                --------  ---------   ---------  ---------


BEMA GOLD CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands of United States dollars)

                                                As at                As at
                                         September 30          December 31
                                                 2006                 2005
ASSETS
Current
 Cash and cash equivalents              $     138,784          $    76,266
 Restricted cash                                7,500                    -
 Accounts receivable                           10,937               11,507
 Marketable securities
  (Market value - $16.7 million;
  December 31, 2005 - $16.5 million)            3,553                3,553
 Inventories                                   32,151               30,844
 Other                                         11,835                4,604
                                        -------------          -----------
                                              204,760              126,774

Investments                                    19,299               12,946
Property, plant and equipment                 768,300              583,736
Unrealized fair value of
 non-hedge derivative assets                   17,088                2,449
Deferred derivative losses                      3,562                4,614
Future income tax assets                        7,100                5,100
Other assets                                   67,751               58,093
                                        -------------          -----------
                                        $   1,087,860          $   793,712
                                        -------------          -----------
                                        -------------          -----------

LIABILITIES
Current
 Accounts payable                       $      42,970          $    36,515
 Current portion of long-term debt             29,827               28,964
                                        -------------          -----------
                                               72,797               65,479

Unrealized fair value of non-hedge
 derivative liabilities                       103,888               66,966
Long-term debt                                323,770              222,429
Future income tax liabilities                  44,578               30,007
Asset retirement obligations                   20,435               19,710
Non-controlling interest                       16,153                    -
Other liabilities                               1,268                1,129
                                        -------------          -----------
                                              582,889              405,720
                                        -------------          -----------

SHAREHOLDERS' EQUITY
Capital stock
 Issued - 482,249,130 common shares
 (December 31, 2005 - 452,583,503
 common shares)                               792,676              674,176
Value assigned to share purchase
 warrants and stock options                    54,044               32,919
Convertible notes and debt                     18,849               24,281
Deficit                                      (360,598)            (343,384)
                                        -------------          -----------
                                              504,971              387,992
                                        -------------          -----------
                                        $   1,087,860          $   793,712
                                        -------------          -----------
                                        -------------          -----------


Approved by the Directors

Clive T. Johnson                 Robert J. Gayton

/T/



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FOR FURTHER INFORMATION PLEASE CONTACT:

Bema Gold Corporation
Ian MacLean
Vice President, Investor Relations
[phone]

OR

Bema Gold Corporation
Kerry Suffolk
Manager, Investor Relations
[phone]
Email: [e-mail]
Website: 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