BAU Bema Npv

    FOR:  BEMA GOLD CORPORATION

TSX, AMEX SYMBOL:  BGO
AIM SYMBOL:  BAU

May 3, 2006

Bema Signs Memorandum of Understanding to Bring Black Empowerment Company into the Petrex Mines

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 3, 2006) - Bema Gold Corporation (TSX:BGO)(AMEX:BGO)(AIM:BAU)
is pleased to announce that its 100% owned subsidiary Bema Gold SA (Pty) Limited ("Bema SA", owner/operator of
the Petrex Mines) has signed a memorandum of understanding ("MOU") with Pamodzi Resources (Pty) Limited
("Pamodzi"). Under the terms of the MOU, Pamodzi can earn up to 51% of Bema SA by investing a minimum of ZAR50
million (US$8.3 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 in the near future with an ultimate goal of consolidating
with other mining interests in the East Rand mining district. This agreement is subject to certain conditions,
including due diligence, Board and regulatory approvals and formal documentation.

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 Bema to convert its old order mining rights to new
order mining rights well before the deadline imposed by law. As the new company will qualify as a BEE entity
and subject to Pamodzi completing the purchase of up to 51% of Bema SA, a BEE controlled entity, it is expected
that additional opportunities will potentially be available to the new company that would not have otherwise
been available to Bema SA.

On Behalf Of Bema Gold Corporation

Clive Johnson, Chairman, CEO, President

Some of the statements contained in this release are "forward-looking statements" within the meaning of
Canadian Securities law requirements 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 regarding gold production in future periods.
Factors that could cause actual results to differ materially from anticipated results include risks and
uncertainties such as: risks relating to estimates of reserves, mineral deposits and production costs; mining
and development risks; the risk of commodity price fluctuations; political and regulatory risks; risks of
obtaining required operating permits 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 Securities and Exchange
Commission, and the Company's Annual Information Form for the year ended December 31, 2005, which is available
under the Company's name 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.


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FOR FURTHER INFORMATION PLEASE CONTACT:

Bema Gold Corporation
Ian MacLean
Manager, Investor Relations
(604) 681-8371
investor@bemagold.com
www.bema.com

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Bema Gold Corporation



                                                                

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