FOR:  BEMA GOLD CORPORATION

TSX, AMEX SYMBOL:  BGO
AIM SYMBOL:  BAU

May 12, 2006

Bema Gold Corporation: 2006 First Quarter Results

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 12, 2006) - Bema Gold Corporation (TSX:BGO)(AMEX:BGO)(AIM:BAU)
("Bema" or the "Company") reports the results from its operations for the first quarter ended March 31, 2006.
All dollar figures are in United States dollars unless otherwise indicated. Highlights from the quarter and
recent subsequent events included:

- Record quarterly revenue

- Record quarterly gold production

- Improved mine operating earnings

- Improved operating cash flow

- Completed shipping of materials for the 2006 construction program at Kupol

- Received Federal approval of the Russian Feasibility study, a key document for the development of Kupol

- Memorandum of Understanding with Black Empowerment Company for Petrex

- Commenced 2006 exploration program at Kupol

- New vein discovery at Julietta

Gold Revenue

Gold revenue for the first quarter of 2006 increased by 119% over the same period in 2005 to $47.1 million on
sales of 87,095 ounces representing the highest quarterly revenue in Company history. The increase was
attributable to the recommencement of commercial production at the Refugio Mine which occurred in the fourth
quarter of 2005 and to a $125 per ounce increase in the average realized gold price to $540 per ounce.

The Refugio Mine accounted for $17.4 million of gold revenue from the sale of 31,887 ounces at an average price
of $544 per ounce while $11.2 million was contributed by the Julietta Mine from the sale of 21,576 ounces at an
average price of $520 per ounce. In addition, the Petrex Mines accounted for $18.5 million of gold revenue from
the sale of 33,632 ounces at an average price of $550 per ounce. The spot price of gold averaged $554 and $424
per ounce in the first quarter of 2006 and 2005, respectively.

Gold revenue in the first quarter of 2005 was $21.5 million on sales of 51,792 ounces at an average realized
price of $415 per ounce.

Financial Results

Cash flow from operations, before changes in non-cash working capital, improved to $8 million during the period
compared to use of cash of $5.8 million in the first quarter of 2005. The Company also reported significantly
improved mine operating earnings of $6.3 million in the quarter compared to a mine operating loss of $9.3
million in the same period last year. The adjusted net loss for the quarter was $2.6 million ($0.01 per share)
compared to an adjusted loss of $14.6 million in the same period last year ($0.04 per share). Bema also
recorded its largest ever quarterly consolidated gold production during the first quarter producing 89,510
ounces at an operating cash cost of $345(1) per ounce and a total cash cost of $371(1) per ounce which is a $60
per ounce and $49 per ounce improvement, respectively, over the first quarter of 2005.

The adjusted net loss excludes unrealized non-hedge derivative losses, stock-based compensation expense and
future income taxes. For the first quarter of 2006, under Canadian GAAP, the Company reported a net loss of
$35.5 million ($0.078 per share) compared with a net loss of $14.8 million in the prior year's period ($0.03
per share). The GAAP net loss in the quarter included a $30.4 million unrealized non-hedge derivative loss
resulting from the mark-to-market adjustment of the Company's non-hedge derivative financial instruments.
Realization of this mark-to-market adjustment will depend on various factors including future gold and silver
spot prices, lease rates and volatility. If these derivative contracts had qualified for hedge accounting under
Canadian GAAP, the $30.4 million would not have been expensed to Bema's operating results. The Company believes
that its derivative contracts are effective cash flow hedges. For example, future derivative losses, if
incurred, will only be realized on the maturity date of the contracts over the next seven to eight years and
will be offset against a portion of future production. Realized non-hedge derivative gains and losses are
considered to be a better indicator of the actual effects of derivative contracts on the Company's performance.
Bema is required to use derivative financial instruments under project loan documents to manage its exposure to
fluctuations in the market price of gold and silver. However Bema's entire committed gold contracts represent
only 4.5% of the estimated mineral reserves and measured and indicated mineral resources resulting in excellent
exposure to any increases in metal prices.

(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.

Liquidity and Capital Resources

The Company ended the quarter with $31.2 million in cash and cash equivalents, compared to $76.3 million at the
end of 2005. Working capital at the quarter end was $14 million compared to working capital of $61.3 million at
the end of December 2005. The decrease in working capital was mainly due to expenditures during the quarter
related to the development of the Kupol mine.

Subsequent to the quarter end, Bema drew down $19.5 million of the IFC "C" loan for the development of the
Kupol gold and silver project. The Company is targeting the initial draw down of the main project loans for May
2006.

Julietta Mine, Russia (Bema 90%)

During the quarter, Julietta processed 41,821 tonnes of ore at an average grade of 20.60 grams per tonne,
producing 25,132 ounces of gold at an operating cash cost of $230 per ounce and a total cash cost of $287 per
ounce. Julietta recorded a mine operating profit of $1.1 million for the period compared to a loss of $1.6
million in the first quarter of 2005. Cash flow from operations, before changes in non-cash working capital,
was $5.1 million in the first quarter compared to cash flow of $710,000 for the same period last year. Gold
production increased by 54% over the same period last year due to a 41% improvement in gold grade coupled with
better mill recoveries.

In the first quarter of 2005 Julietta processed 40,307 tonnes of ore at an average grade of 14.67 grams per
tonne, producing 16,300 ounces of gold at an operating cash cost of $270 per ounce and a total cash cost of
$323 per ounce.

During the first quarter a new vein system, known as the Evgenia zone, was discovered at Julietta while
attempting to locate the source of high grade glacially derived boulders in the Engteri area, which represents
the first new discovery of high grade mineralization on the Julietta property since mining began in 2001.

A 15,000 metre infill diamond drill program is currently underway in order to prepare a resource estimate on
the Evgenia zone. The potential also exists to discover more veins within the immediate area as indicated by
the second intersection in hole C-5045 which contains 0.5 metres of 69.9 g/t gold and 55.2 g/t silver,
suggesting the presence of parallel veins. In addition, an earlier drill hole located 500 metres to the south
of Evgenia (C-5008) intersected 9.6 g/t gold and 14.4 g/t silver over 0.80 metres in a brecciated quartz vein
similar to Evgenia. Bema also plans to drill 500 metres to the north where a 2 kilometre long, 100-400 metre
wide rhyolite dyke is strongly altered and hosts a dense network of veins/veinlets identical to those at
surface of Evgenia. These targets will be drill tested in the summer of 2006. Development of the Evgenia vein
could begin in late 2006.

Also during the first quarter, Bema purchased an additional 11% interest in the Julietta Mine from one of the
original partners increasing Bema's ownership of the project to 90%.

Petrex Mines, South Africa (Bema 100%)

Petrex had a mine operating profit of $123,000 in the first quarter of 2006 compared to an operating loss of
$3.1 million during the same period last year. Cash flow from operations, before changes in non-cash working
capital, was $1.9 million in the first quarter compared to cash flow of $1.3 million in the first quarter of
last year. Petrex produced 32,228 ounces of gold during the quarter at a total cash cost of $479 per ounce from
505,411 tonnes of ore milled at an average grade of 2.17 grams per tonne. The Rand dollar exchange rate
continues to negatively affect operating costs however the increased gold price has had a positive affect on
mine operating earnings.

On May 3, 2006 Bema announced 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.

During the first quarter of 2005, Petrex produced 39,043 ounces of gold at a total cash cost of $379 per
ounce(2) from 508,170 tonnes of ore milled at an average grade of 2.39 grams per tonne.

(2) Total cash costs per ounces were adjusted to reflect a cash gain of $82 per ounce gold from the exercise of
South African rand denominated gold put options in the first quarter of 2005.

Refugio Mine, Chile (Bema 50%)

The Refugio Mine had a mine operating profit of approximately $5 million and cash flow from operations, before
changes in non-cash working capital, of $6.8 million for the quarter (Bema's share). The mine produced 64,300
ounces of gold (the Company's 50% share was 32,150 ounces) at an operating and total cash cost per ounce of
$302 and $328, respectively. The facilities crushed and placed 3,124,486 tonnes on the leach pads at an average
grade of 0.70 grams per tonne, averaging 34,700 tonnes per day. This compares to budget of 64,084 ounces of
gold at an operating and total cash cost per ounce of $263 and $287, respectively. Total operating costs were
over budget mainly due to additional contract personnel who remain on site while final construction is being
completed. Additional lime and cyanide were also consumed during the quarter to adjust the pH and to free
cyanide levels in the older sections of the heap. This was a one time cost and consumption levels have now
returned to normal levels.

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 has commenced and
is designed to infill a portion of the Pancho Deposit and explore its margins.

Kupol Deposit, Russia (Bema 75%)

During the quarter Bema commenced shipping all of the material needed for the 2006 construction program.
Subsequent to the quarter end Bema completed a successful shipping season with over 2500 loads of fuel,
equipment, construction material and supplies delivered to Kupol over 430 kilometres of winter roads from the
port city of Pevek, Russia. Construction activities during the quarter included construction and maintenance of
the winter road from Pevek, the beginning of excavation of the open pit to provide road building material for
haul roads, the beginning of the excavation for the south portal underground access area, as well as ongoing
excavation at the airstrip. The permanent man camp and the mill building were also delivered to the site and
installation is now in progress.

Based on the Feasibility Study completed in June 2005, the Kupol Mine is projected to produce more than 550,000
ounces of gold annually, over the initial 6.5 year mine life, with operating cash costs of $47 per ounce(3) and
total cash cost of $88 per ounce(3). With the receipt of the final construction permit from the Russian Federal
Government in April 2006, Kupol is on schedule to commence production in mid 2008.

Subsequent to the end of the first quarter, in early May, the 2006 exploration program at Kupol commenced with
one drill rig currently operating which will ultimately increase to three. The $7.8 million dollar exploration
program will consist of 20,000 metres of diamond drilling and the focus will be other vein targets outside the
main Kupol vein and at depth beneath the main Kupol vein.

(3) Net of silver credits assuming a silver price of $6.00

Cerro Casale, Chile (Bema 24%)

In November 2005, Bema, Arizona Star Resource Corp. and Placer Dome Ltd. reached an agreement in principle
whereby Placer would sell its 51% interest in the Cerro Casale project to Bema and Arizona Star in return for
contingent payments. However, before completing the agreement Placer was acquired by Barrick Gold Corporation.
Bema plans to complete the original agreement with Barrick and pursue potential partnerships with senior mining
companies. While finalizing the agreement, Bema and Arizona Star are updating the feasibility study for Cerro
Casale.

Cerro Casale, discovered by Bema in 1996, is one of the world's largest undeveloped gold and copper deposits,
with an estimated mineral reserve (100%) of 1.035 billion tonnes containing 23 million ounces of gold and 6
billion pounds of copper with an average grade of 0.69 g/t gold and a copper grade of 0.26%. According to the
feasibility study updated by Placer Dome Inc. in March 2004, the mine was projected to produce approximately
975,000 ounces of gold annually for 18 years with operating costs projected at $115 per ounce, net of copper
credit at $0.95 per pound and silver credit at $5.50 per ounce.

Gold Forward and Option Contracts

The Company intends to deliver into all of the outstanding Julietta Mine forward sales contracts on the
designated maturity dates out to 2006. Please see the table below for details regarding the Company's gold and
silver derivative contracts outstanding at March 31, 2006.

/T/

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

Gold
Forward contracts
 (ounces)                     51,800   15,050   16,500       158,500
Average price per ounce     $    388 $    390 $    511   $       509

Put options purchased
 $290 strike price
  (ounces)                    17,460   21,342   38,646             -
 $390 to $422 strike
  price (ounces)              51,000   68,000   38,500             -
 $470 to $500 strike
  price (ounces)                   -        -    6,250       390,765

Call options sold (ounces)    44,250   59,000   41,500       302,030
Average price per ounce     $    462 $    462 $    475   $       590

Contingent forwards
 sold (maximum)
 $350 strike price (ounces)   27,000   36,000   33,000        99,000

Silver
Forward contracts (ounces)   200,000        -        -     2,700,000
Average price per ounce     $   7.70 $      - $      -   $      8.20

Put options purchased
 (ounces)                    450,000        -        -     5,400,000
Average price per ounce     $   6.34 $      - $      -   $      8.50

Call options sold (ounces)   450,000        -        -     5,400,000
Average price per ounce     $   7.65 $      - $      -   $     12.25

/T/

Outlook

For the remainder of the year Bema will focus on optimizing production from existing mines; completing the
agreement to restructure the Petrex Mines ownership; continuing construction and exploration of the Kupol
Project; pursuing a joint venture agreement for the development of Cerro Casale; further exploration drilling
near the Julietta Mine and at the Refugio Mine; and finally the Company will pursue additional growth
opportunities, through potential acquisitions of exploration and development projects.

Bema's current producing assets combined with future anticipated production from the Kupol project have Bema on
track to become a low cost million ounce per year gold producer by mid 2008.

All technical results contained in this news release have been validated by a Quality Control program ("QC"),
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 recently released technical
reports for the Kupol project on April 4, 2005 and July 5, 2005. This QC program also contains material
referenced from the Julietta Mine technical report which was reported March 1, 2002 and prepared by SRK
Consulting. For Julietta, the Independent Qualified Person ("QP") is Bill Crowl of Gustavsons and the Bema QP
is Brian Scott. For Kupol, the Bema QP is Tom Garagan. For Petrex, the Independent QP is Bill Crowl of
Gustavsons and the Bema QP is Brian Scott. For Refugio, the Independent QP is Wes Hanson of Kinross and the
Bema QP is Brian Scott. For Cerro Casale, the Independent QP is Larry Smith of AMEC and Tom Garagan, Vice
President of Exploration for Bema Gold Corporation, is the Qualified Person for this exploration project.

Conference Call Details

Bema will host a conference call and webcast to discuss first quarter results on Thurday, May 11, 2006 at 2:00
pm PDT / 5:00 pm EDT. You may access the call by calling the operator at 416-695-5261 or toll free 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 American Stock Exchange (AMEX).
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 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, costs of production, drilling and
development program 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 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 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 three months ended March 31
(Unaudited)
(in thousands of United States dollars,
 except shares and per share amounts)

                                            2006                2005
                                            ----                ----

GOLD REVENUE                           $  47,071          $   21,478
                                       ---------          ----------
EXPENSES
 Operating costs                          32,809              21,703
 Depreciation and depletion                7,544               3,890
 Accretion of asset retirement
  obligations                                436                 406
 Refugio re-start of operations                -               4,188
 Other                                         -                 565
                                       ---------          ----------
                                          40,789              30,752
                                       ---------          ----------

MINE OPERATING INCOME (LOSS)               6,282              (9,274)
                                       ---------          ----------

OTHER EXPENSES (INCOME)
 General and administrative                3,250               2,673
 Interest and financing costs              1,641               1,209
 Stock-based compensation                  1,421                 852
 General exploration                         185                 269
 Foreign exchange gains                     (445)               (161)
 Other                                      (417)                (12)
                                       ---------          ----------
                                           5,635               4,830
                                       ---------          ----------

INCOME (LOSS) BEFORE TAXES
 AND OTHER ITEMS                             647             (14,104)

Unrealized non-hedge derivative losses   (30,373)             (1,611)
Realized non-hedge derivative
 (losses)/gains                           (3,784)              1,713
Investment gains                               -                 126
Equity in losses of associated companies     (66)                (12)
Write-down of net smelter royalty              -              (3,099)
                                       ---------          ----------

LOSS BEFORE INCOME TAXES                 (33,576)            (16,987)

Current income taxes                        (849)                (72)
Future income taxes (expense)/
 recovery                                 (1,033)              2,243
                                       ---------          ----------

LOSS FOR THE PERIOD                    $ (35,458)         $  (14,816)
                                       ---------          ----------
                                       ---------          ----------

LOSS PER COMMON SHARE - basic
 and diluted                           $  (0.078)         $   (0.037)
                                       ---------          ----------
                                       ---------          ----------

Weighted average number of
 common shares outstanding
 (in thousands)                          455,331             400,501
                                       ---------          ----------
                                       ---------          ----------


BEMA GOLD CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months ended March 31
(Unaudited)
(in thousands of United States dollars)

                                            2006                2005
                                            ----                ----
OPERATING ACTIVITIES
 Loss for the period                   $ (35,458)         $  (14,816)
 Non-cash charges (credits)
  Depreciation and depletion               7,544               3,890
  Amortization of deferred
   financing costs                            73                  45
  Accretion of convertible notes             624                 441
  Accretion of asset retirement
   obligations                               436                 406
  Equity in losses of associated
   companies                                  66                  12
  Derivative instruments                  31,538               1,501
  Investment gains                             -                (126)
  Write-down of net smelter royalty            -               3,099
  Stock-based compensation                 1,421                 852
  Future income taxes (recovery)/
   expense                                 1,033              (2,243)
  Other                                      692               1,083
 Change in non-cash working capital       (5,273)             (3,214)
                                       ---------          ----------
                                           2,696              (9,070)
                                       ---------          ----------

FINANCING ACTIVITIES
 Common shares issued, net of
  issue costs                              2,065                   6
 Refugio working capital loans repayment    (550)                  -
 Financing costs                          (3,400)                  -
 Capital lease repayments                 (1,708)               (818)
 Kupol bridge financing                        -               4,000
 Other                                         -                  (7)
                                       ---------          ----------
                                          (3,593)              3,181
                                       ---------          ----------

INVESTING ACTIVITIES
 Kupol development and construction      (35,951)            (21,693)
 Kupol exploration                          (480)             (2,920)
 Julietta Mine                            (1,091)             (1,269)
 Julietta exploration                     (1,656)             (1,515)
 Petrex Mines                             (1,740)             (1,421)
 Petrex exploration                            -                (362)
 Refugio Mine                             (4,426)             (9,158)
 Acquisition, exploration and
  development                               (802)             (2,092)
 Repayment of promissory note by
  affiliated company                       2,000                   -
 Other                                        (7)               (461)
                                       ---------          ----------
                                         (44,153)            (40,891)
                                       ---------          ----------

Decrease in cash and cash equivalents    (45,050)            (46,780)

Cash and cash equivalents,
 beginning of period                      76,266              87,111
                                       ---------          ----------

Cash and cash equivalents,
 end of period                         $  31,216         $    40,331
                                       ---------          ----------
                                       ---------          ----------


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

                                           As at               As at
                                        March 31         December 31
                                            2006                2005
ASSETS
Current
 Cash and cash equivalents             $  31,216          $   76,266
 Accounts receivable                      11,666              11,507
 Marketable securities, at cost
 (Market value - $18.6 million;
 December 31, 2005 - $16.5 million)        3,553               3,553
 Inventories                              32,381              30,844
 Other                                     6,158               4,604
                                       ---------          ----------
                                          84,974             126,774

Investments                               12,880              12,946
Property, plant and equipment            616,216             583,736
Unrealized fair value of non-hedge
 derivative assets                         6,707               2,449
Deferred derivative losses                 4,297               4,614
Future income tax assets                   5,100               5,100
Other assets                              65,344              58,093
                                       ---------          ----------
                                       $ 795,518          $  793,712
                                       ---------          ----------
                                       ---------          ----------

LIABILITIES
Current
 Accounts payable                      $  34,114          $   36,515
 Current portion of long-term debt        36,909              28,964
                                       ---------          ----------
                                          71,023              65,479

Unrealized fair value of non-hedge
 derivative liabilities                  102,446              66,966
Long-term debt                           213,465             222,429
Future income tax liabilities             31,040              30,007
Asset retirement obligations              20,176              19,710
Other liabilities                          1,222               1,129
                                       ---------          ----------
                                         439,372             405,720
                                       ---------          ----------

SHAREHOLDERS' EQUITY
Capital stock
 Issued - 455,747,259 common shares
 (December 31, 2005 - 452,583,503)       682,252             674,176
Value assigned to share purchase
 warrants and stock options               33,887              32,919
Convertible notes and debt                18,849              24,281
Deficit                                 (378,842)           (343,384)
                                       ---------          ----------
                                         356,146             387,992
                                       ---------          ----------
                                      $  795,518         $   793,712
                                       ---------          ----------
                                       ---------          ----------

Approved by the Directors

Clive T. Johnson      Robert J. Gayton

/T/

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

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

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

-0-

                                                                
Bema Gold Corporation



                                                                

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