BAU Bema Npv

    FOR:  BEMA GOLD CORPORATION

TSX, AMEX SYMBOL:  BGO
AIM SYMBOL:  BAU

July 24, 2006

Bema Gold Corporation: Cerro Casale Project 'Bema 49%, Arizona Star 51%' Development Appraisal

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 24, 2006) - Bema Gold Corporation ("Bema" or the "Company")
(TSX:BGO)(AMEX:BGO)(AIM:BAU) is pleased to announce the results of a project development appraisal for the
Cerro Casale project. The appraisal conducted by Mine Quarry Engineering Services Inc., analyzed and modified
ore processing concepts and updated the operating and capital costs of the 2000 feasibility study completed by
Placer Dome Inc. and updated by Placer in 2004.

AMEC Technical Services Inc. is completing a National Instrument 43-101 Technical Report on the Cerro Casale
project that will update the NI 43-101 report competed in 2005 and verifies the conclusions of the development
appraisal prepared by Mine Quarry. The final report will be completed and filed on SEDAR within 45 days.

The base case parameters established for the detailed project evaluation 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 scheduled 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 of 1.035 billion tonnes of ore grading on average 0.69 grams per
tonne of gold and 0.25% copper containing 23 million ounces of gold and 6 billion pounds of copper.

The base case for the project development appraisal (100% basis) requires an initial capital investment of
$1.96 billion, generates a pre-tax 100% equity internal rate of return (IRR) of 13.1%, a net present value
(NPV) 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. Assuming
a gold price of $500 per ounce of gold and a copper price of $1.25 per pound, the pre-tax 100% equity IRR is
12.8%, the NPV is $1.26 billion at a 5% discount rate and the cash operating cost (net of copper and silver
credits) is $166 per ounce of gold with a payback period of 5 years. Average gold production is estimated at
990,000 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.

The following cost matrix examines the cash costs and economics of Cerro Casale at various metal prices:

/T/

--------------------------------------------------------------------
Copper                                   Gold Price ($/oz-Au)
($/    Economic          -------------------------------------------
pound) Factors   Units       400      450      500      550      600
--------------------------------------------------------------------
1.00   NPV 5%    M$      ($  297)  $  194   $  684   $1,175   $1,665
       -------------------------------------------------------------
       IRR       %           2.8%     6.4%     9.5%    12.4%    15.1%
       -------------------------------------------------------------
       Cash Cost $/oz-Au  $  224   $  224   $  224   $  224   $  224
       -------------------------------------------------------------
       Payback   Years      14.1      8.6      6.9      5.0      4.5
--------------------------------------------------------------------
1.25   NPV 5%    M$       $  281   $  771   $1,262   $1,752   $2,243
       -------------------------------------------------------------
       IRR       %           6.9%    10.0%    12.8%    15.4%    17.9%
       -------------------------------------------------------------
       Cash Cost $/oz-Au  $  166   $  166   $  166   $  166   $  166
       -------------------------------------------------------------
       Payback   Years       8.2      6.7      5.0      4.4      4.0
--------------------------------------------------------------------
1.50   NPV 5%    M$       $  858   $1,348   $1,839   $2,329   $2,820
       -------------------------------------------------------------
       IRR       %          10.4%    13.1%    15.7%    18.1%    20.4%
       -------------------------------------------------------------
       Cash Cost $/oz-Au  $  107   $  107   $  107   $  107   $  107
       -------------------------------------------------------------
       Payback   Years       6.5      4.9      4.4      4.0      3.5
--------------------------------------------------------------------
1.75   NPV 5%    M$       $1,435   $1,926   $2,416   $2,907   $3,397
       -------------------------------------------------------------
       IRR       %          13.4%    15.9%    18.3%    20.6%    22.8%
       -------------------------------------------------------------
       Cash Cost $/oz-Au  $   48   $   48   $   48   $   48   $   48
       -------------------------------------------------------------
       Payback   Years       4.9      4.4      4.0      3.5      3.2
--------------------------------------------------------------------
2.00   NPV 5%    M$       $2,012   $2,503   $2,993   $3,484   $3,974
       -------------------------------------------------------------
       IRR       %          16.2%    18.5%    20.8%    23.0%    25.1%
       -------------------------------------------------------------
       Cash Cost $/oz-Au ($   11) ($   11) ($   11) ($   11) ($   11)
       -------------------------------------------------------------
       Payback   Years       4.4      4.0      3.6      3.2      2.8
--------------------------------------------------------------------
2.25   NPV 5%    M$       $2,589   $3,080   $3,570   $4,061   $4,551
       -------------------------------------------------------------
       IRR       %          18.7%    21.0%    23.1%    25.2%    27.2%
       -------------------------------------------------------------
       Cash Cost $/oz-Au ($   69) ($   69) ($   69) ($   69) ($   69)
       -------------------------------------------------------------
       Payback   Years       4.0      3.6      3.2      2.9      2.6
--------------------------------------------------------------------
2.50   NPV 5%    M$       $3,167   $3,657   $4,148   $4,638   $5,129
       -------------------------------------------------------------
       IRR       %          21.1%    23.2%    25.3%    27.3%    29.2%
       -------------------------------------------------------------
       Cash Cost $/oz-Au ($  128) ($  128) ($  128) ($  128) ($  128)
       -------------------------------------------------------------
       Payback   Years       3.6      3.2      2.9      2.6      2.4
--------------------------------------------------------------------
2.75   NPV 5%    M$       $3,744   $4,234   $4,725   $5,215   $5,706
       -------------------------------------------------------------
       IRR       %          23.4%    25.4%    27.4%    29.3%    31.2%
       -------------------------------------------------------------
       Cash Cost $/oz-Au ($  187) ($  187) ($  187) ($  187) ($  187)
       -------------------------------------------------------------
       Payback   Years       3.2      2.9      2.7      2.4      2.2
--------------------------------------------------------------------
3.00   NPV 5%    M$       $4,321   $4,812   $5,302   $5,793   $6,283
       -------------------------------------------------------------
       IRR       %          25.5%    27.4%    29.4%    31.2%    33.1%
       -------------------------------------------------------------
       Cash Cost $/oz-Au ($  245) ($  245) ($  245) ($  245) ($  245)
       -------------------------------------------------------------
       Payback   Years       2.9      2.7      2.4      2.3      2.1
--------------------------------------------------------------------

/T/

This economic analysis is excluding taxes, working capital, royalties and financing costs. Unit operating costs
per ounce of gold were calculated using copper (at various prices per pound) and silver ($7.50 per ounce)
revenues as a credit against operating costs.

The concept of heap leaching the oxide ore commencing over one year prior to the start-up of milling has
significantly improved the project economics. This effectively eliminates pre-stripping, provides early
revenue, creates a second cash flow stream once the mills are on line, and eliminates the need to blend the
oxide ore with the sulphide mill feed resulting in increased copper head grades and improved concentrate
grades. In summary, the early production years of the project are expected to be significantly improved. Heap
leach processing the oxide ore had been briefly considered by Placer Dome Inc. during the original 2000
feasibility study but was not pursued because the better economic case for the project was to mill all of the
ore types given the capital and operating costs at that time.

Sulphide copper concentrate will be produced and shipped off site for smelting and refining. Dore bars will be
produced on site by heap leaching the oxide ore and cyanide leaching the cleaner tails.

Bema intends to enter into discussions with major mining companies regarding potential partnerships for the
development of Cerro Casale.

Larry Smith is the Qualified Person that is supervising the preparation this National Instrument 43-101
Technical Report being prepared in support of the project development appraisal.

All dollars figures are in United States dollars unless otherwise indicated.

Clive Johnson, Chairman, CEO, President

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 regarding gold production, capital costs and operating cost 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 financing and 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.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

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

                                                                
Bema Gold Corporation



                                                                

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