Bema Gold/Amax Gold Refugio Mine reaches commercial production.

VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Nov. 14, 1996-- BEMA GOLD CORPORATIO(TSE, AMEX, VSE BGO.) Amax Gold Inc.(NYSE AU, TSE AXG) Amax Gold Inc. ("Amax") and Bema Gold Corporation ("Bema") announced their jointly owned Refugio gold mine in Chile reached commercial production effective October 1, 1996. The Refugio Mine is operated by Cia Minera Maricunga, which is owned 50 percent by Amax and 50 percent by Bema.

All of the mine's crushers are operating and have surpassed design capacity rates of 30,000 tonnes of half-inch ore per day. The mechanical and structural problems at the fine crushing plant, which included collapse of the constructed fill under the fine ore storage bin, have been resolved.

More than 5.5 million tonnes have now been placed on the leach pads, and approximately 64,000 ounces of gold have been recovered to date since the first gold pour in mid-April. Gold recovery from leaching operations has exceeded expectations for the past three months. In October, 16,700 ounces were produced, and cash cost were in line with the mine plan. Production is expected to reach 20,000 ounces per month by December.

Based on the current mine plan, the Refugio Mine is expected to produce an average of 233,000 ounces of gold per year with average cash operating costs of US$235 per ounce.

Amax and Bema also said they intend to commence in late 1996 a drilling and metallurgical testing program on the Pancho Deposit, which is located on the Refugio property about 1 kilometer northeast of the Verde Deposit, which is currently being mined. Previous exploration drilling conducted by Bema on the Pancho Deposit indicated a resource of 75 million tonnes grading .028 ounces per tonne, containing 2.1 million ounces of gold. The Pancho Deposit remains open to the south and east and at depth. Preliminary metallurgical testing of Pancho ore indicates the deposit is amenable to low-cost cyanide heap leach extraction methods. -0-

To the extent Amax Gold makes forward-looking statements, actual results may vary materially therefrom. Refer to the Cautionary Statement in the Company's Form 10-Q for the previous quarter.

Amax Gold Inc. common stock is listed on the New York Stock Exchange, symbol AU, and the Toronto Stock Exchange, symbol AXG. The $3.75 Series B Convertible Preferred Stock is listed on the New York Stock Exchange under the symbol AUPrB.

Bema Gold Corporation trades on the Vancouver, Toronto and American Stock Exchanges, symbol BGO.

AMAX GOLD INC. Scott Shellhaas, President & C.O.O.

BEMA GOLD CORPORATION Clive T. Johnson, Chairman, C.E.O. & President

The Vancouver and Toronto Stock Exchanges neither approve nor disapprove the information contained in this News Release.

CONTACT: Bema Gold Corporation

John Anderson, 604/681-8371

604/681-6209 (FAX)

or

Amax Gold Inc.

Marj Charlier, 303/ 643-5625

303/643-5269 (FAX)