BEMA GOLD - 1995 SECOND QUARTER FINANCIAL RESULTS.

VANCOUVER--(BUSINESS WIRE)--AUGUST 22, 1995--BEMA GOLD CORP. (TSE, AMEX, VSE:BGO) For the six months ended June 30, 1995 Bema Gold Corporation ("the Company") recorded a net loss of $1,169,000 or $0.02 per share compared to a net profit of $1,574,000 or $0.03 per share for the same period in 1994. Substantially all of the difference is due to a book gain recorded on consolidation in 1994 due to a private placement by an affiliate company, El Callao Mining Corp. ("El Callao Mining"). The share issue by El Callao Mining was at a price of $4.50 per share and substantially increased the per share net book value of the company.

The Company's net loss for the second quarter of 1995 was $1,249,000 or $0.02 per share compared to $758,000 or $0.01 per share in 1994. The increase in the 1995 second quarter loss was partially due to a $291,000 increase in interest expense relating to the Company's outstanding convertible debentures issued in late 1994.

The Company announced that Fluor Daniel Chile, S.A. had informed Compania Minera Maricunga ("CMM"), jointly owned by Bema Gold and Amax Gold Inc., that construction of the Refugio Mine, Chile is six to eight weeks ahead of the original schedule of December 17, 1995. Based on this revised schedule, the first gold production from the Refugio Mine is expected by late 1995. As of June 30, 1995, $57.7 million had been spent, by the Company, on the Refugio Mine construction. This represents the Company's 50% share of Refugio Mine costs.

Positive results were received in the period by the Company from the metallurgical testing of ore from the Cerro Casale Deposit on the Aldebaran Project in the Maricunga District of northern Chile. The Aldebaran property is held 51% by Arizona Star Resource Corp., a company in which Bema Gold is the majority shareholder and manages all the affairs of the company. Bema Gold has an option to acquire the remaining 49% interest in the Aldebaran property. The property is located some 30 kilometers south of the Refugio property. The metallurgical test results from the Cerro Casale Deposit indicate that gold can be extracted without fine crushing which significantly improves the economics of the deposit. The Cerro Casale Deposit contains a mineable reserve of 2.0 million ounces of gold. Furthermore, encouraging drilling results were received from the initial drill program on the newly discovered Cerro Roman Zone located some 5 kilometers northeast of Cerro Casale Deposit.

Exploration continued during the period on El Callao Mining's Lo Increible Project in Venezuela. El Callao Mining is an affiliate company of Bema Gold. Results from a detailed in-fill drilling program at the La Victoria Deposit showed an average gold grade of 9.5 grams of gold per tonne; this is a 50% increase over previous grade estimates.

Subject to completing a milling agreement and obtaining operating permits, El Callao Mining plans to produce 26,000 ounces of gold per year by mining at La Victoria and delivering ore to a local mill. -0- EDITOR'S NOTE: The Vancouver and Toronto Stock Exchanges neither approve nor disapprove the information contained in the News Release. Bema Gold Corporation trades on the Vancouver, Toronto and American Stock Exchanges, symbol - BGO.

ON BEHALF OF MANAGEMENT

Roger Richer Secretary

CONTACT: Michael Hopley, [phone]