RNS Number:3071J
Bema Gold Corporation
21 September 2006



                             Bema Gold Corporation

                                Interim Results



In accordance with AIM Rule 18, Bema Gold Corporation (AIM: BAU) ("Bema" or the
"Company") reports the results from its operations for the second quarter ended
30 June 2006, which also include results for the six month period ended 30 June
2006. All dollar figures are in United States dollars unless otherwise
indicated. Highlights from the quarter and recent subsequent events include:



*   Record quarterly revenue

*   Record mine operating cash flows

*   Commenced draw down of Kupol project loan

*   Completed agreement with Barrick to return 51% interest in Cerro Casale to
    Bema and Arizona Star

*   Completed project development appraisal for Cerro Casale



Gold Revenue



Gold revenue for the second quarter of 2006 increased by 127% over the same
period in 2005 to $50.8 million on sales of 83,765 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, to higher gold sales at the Julietta Mine and to
a $188 per ounce increase in the average realized gold price to $606.

The Refugio Mine (Bema's 50% share) accounted for $16.2  million of gold revenue
from the sale of 26,819 ounces at an average price of $604 per ounce while $16.9
  million was contributed by the Julietta Mine from the sale of 28,658 ounces at
an average price of $591 per ounce. In addition, the Petrex Mines accounted for
$17.7 million of gold revenue from the sale of 28,288 ounces at an average price
of $624 per ounce. The spot price of gold averaged $628 and $427 per ounce in
the second quarter of 2006 and 2005, respectively.

Gold revenue in the second quarter of 2005 was $22.4 million on sales of 53,504
ounces at an average realized price of $418 per ounce.

Gold revenue for the first six months of 2006 was also a record high for the
Company at $97.9 million from the sale of 170,860 ounces at an average price of
$573 per ounce. In the first six months of 2005, Bema reported gold revenue of
$43.8 million from the sale of 105,296 ounces at an average price of $416 per
ounce.



Financial Results

Cash flow from operations, before changes in non-cash working capital, improved
to $10.7 million during the period compared to use of cash of $4.5 million in
the second quarter of 2005. The Company also reported significantly improved
mine operating earnings of $7.2 million in the quarter compared to a mine
operating loss of $5.7 million in the same period last year.  The improved
results in 2006 were mainly due to the recommencement of operations at the
Refugio Mine and to higher spot gold prices.

Net earnings for the quarter, under Canadian GAAP, were $18.1 million ($0.04 per
share) compared with a loss of $12.3 million in the same period last year
(negative $0.03 per share). The adjusted net earnings for the second quarter of
2006 were $21.6 million ($0.05 per share) compared with an adjusted loss of $9.4
million in the same period last year (negative $0.02 per share), if the Canadian
GAAP net earnings/loss were adjusted to exclude certain non-cash items
consisting of unrealized non-hedge derivative losses, stock-based compensation
expense and future income taxes. Net earnings for the second quarter of 2006
included a gain of $21.5 million from the sale of approximately 2.1 million
shares of Arizona Star Resource Corp. ("Arizona Star") for net proceeds of $23
million. The shares of Arizona Star, which Bema held, were considered to be a
non-core asset and following the completion of the agreement with Barrick Gold
Corporation ("Barrick") in the quarter bringing Bema's interest in Cerro Casale
back to 49%, management felt that there was, therefore, no further reason to own
a minority position in Arizona Star.

For the six months ended June 30, 2006, the Company reported adjusted net
earnings of $18.9 million ($0.04 per share) compared with an adjusted loss of
$24 million (negative $0.06 per share) in the 2005 period. For the six months
ended June 30, 2006, under Canadian GAAP, the Company reported a net loss of
$17.4 million (negative $0.04 per share) compared with a net loss of $27.2
million (negative $0.07 per share) in the prior year's period. The Canadian GAAP
net loss in 2006 included a $27.6 million unrealized non-hedge derivative loss
resulting from the mark-to-market adjustment of the Company's non-hedge
derivative financial instruments relating to future hedge positions that do not
qualify for hedge accounting.

Liquidity and Capital Resources



The Company ended the quarter with $67 million in cash and cash equivalents,
compared to $31.2 million at the end of the first quarter of 2006.  Working
capital at the quarter end was $38.9 million compared to working capital of $14
million at the end of March 2006. During the second quarter Bema also commenced
draw down of the $425 million Kupol Project loan.



The increase in cash and cash equivalents and working capital position in the
quarter resulted from record  mine operating cash flows, the sale of the Arizona
Star shares and the loan proceeds of $200 million received from the initial
drawdown of the Kupol Project loan in May 2006. Part of the loan proceeds was
used to repay the $150 million Kupol Bridge facility.



Operations



Bema's consolidated gold production during the second quarter of 2006 was 79,857
ounces at an operating cash cost of $387(1) per ounce and a total cash cost of
$416(1) per ounce. The increase in per ounce costs in the second quarter
compared to the first quarter of 2006 were mainly due to the poor performance of
the Petrex Mines. In the second quarter of 2005 Bema produced 59,068 ounces of
gold at an operating cash cost of $290(2) per ounce and a total cash cost of
$314(2) per ounce.

Consolidated gold production for the first six months of 2006 was 169,367 ounces
of gold at an operating cash cost of $365 per ounce and a total cash cost of
$392 per ounce.



(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.



(2)Consolidated operating and total cash costs in 2005 were adjusted to reflect
cash gains from the exercise of South African rand denominated gold put options.
The gains for the second quarter of 2005 were $28 per ounce.



Julietta Mine, Russia (Bema 90%)



During the quarter, Julietta processed 42,724 tonnes of ore at an average grade
of 20.39 grams per tonne (g/t) gold and 283.22 g/t silver, producing 25,356
ounces of gold at an operating cash cost (net of silver credits) of $222 per
ounce and a total cash cost of $280 per ounce. Julietta recorded a mine
operating profit of $4 million for the period compared with an operating profit
of $263,000 in the second quarter of 2005. Cash flow from operations, before
changes in non-cash working capital, was $9.5 million in the second quarter
compared to operating cash flow of $3.9 million for the same period last year.

In the second quarter of 2005 Julietta processed 42,272 tonnes of ore at an
average grade of 22.3 g/t, producing 26,941 ounces of gold at an operating cash
cost of $167 per ounce and a total cash cost of $220 per ounce.



For the first six months of 2006 Julietta processed 84,544 tonnes of ore at an
average grade of 20.5 g/t gold, producing 50,488 ounces of gold at an operating
cash cost of $226 per ounce and a total cash cost of $284 per ounce.



An initial resource estimate, utilizing inverse distance squared methodology and
an 8 g/t cutoff grade, was completed on the Evgenya zone during the second
quarter. The zone, which is 5 kilometres northwest of the Julietta Mine, is
estimated to contain an indicated resource of 119,250 tonnes at an average grade
of 14.46 g/t gold and 21.65 g/t silver. The resource estimate was completed
internally with Tom Garagan acting as the Company's Qualified Person. As a
result, the decision was made to explore the vein underground and a portal will
be collared later this year. The zone remains open along strike and several
other veins remain unexplored in this area. Exploration is continuing with on
going drilling at Julietta hill as well as trenching and mapping in the Engteri
area.



Petrex Mines, South Africa (Bema 100%)



Petrex produced 27,894 ounces of gold during the quarter at a total cash cost of
$558 per ounce from 511,219 tonnes of ore milled at an average grade of 1.9 g/t.
Petrex had a mine operating loss of $231,000 in the second quarter of 2006
compared to an operating loss of $2.95 million during the same period last year.
Cash flow from operations, before changes in non-cash working capital, was $1.4
million in the second quarter (excluding the loss from the contingent forwards
which do not qualify for hedge accounting) of 2006 whereas in the second quarter
of last year the Petrex operations consumed cash of $1.6 million, before changes
in non-cash working capital.

The shortfall in production and related higher cash cost per ounce in the second
quarter of 2006 were due to the poor performance of the underground operations
and low mill throughput in June. Delivered grades to the mill were below plan
from all shafts.  Total tonnage from underground was also below budget by
approximately 17.5%.  This resulted in a mill feed grade for the quarter of 1.9
grams of gold per tonne versus a budget of 2.6 grams of gold per tonne. Mill
production in June was 13.4% below budget due to problems with liners in the SAG
mills. The mill is currently producing at budgeted capacity and the increased
gold price has had a positive affect on mine operating earnings.

In the second quarter of 2005 Petrex produced 32,127 ounces of gold at a total
cash cost of $391 per ounce(3) from 516,024 tonnes of ore milled at an average
grade of 2.1 g/t.

For the first six months of 2006, Petrex milled 1,016,360 tonnes of ore at an
average grade of 2.02 g/t gold, producing 60,122 ounces of gold at a total cash
cost of $515 per ounce.



During the second quarter of 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"), a South African Black Empowerment group.  Under the terms
of the amended MOU, Pamodzi can earn up to 51% of Bema SA by investing a minimum
of ZAR30 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 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. Bema is also
in discussions with the Petrex lenders to convert the $19.2 million of
outstanding Petrex loans as at June 30, 2006 into an equity position in the new
company upon completion of the Pamodzi negotiations.



Third party evaluations of the Bema SA and Pamodzi assets have been completed by
Minxcon (Pty) Ltd ("Minxcon").  These evaluations are being used to help
establish the respective ownership percentages in the new company, and Minxcon
is now preparing an independent competent persons report for the new company.
It is currently anticipated that formal agreements between Pamodzi and Bema SA
can be in place by the end of the third quarter, which would allow for the new
company to be listed on the Johannesburg Stock Exchange during the fourth
quarter.



(3) Total cash cost was adjusted in 2005 to reflect cash gains from the exercise
of South African rand denominated gold put options. The gains for the second
quarter of 2005 were $54 per ounce.



Refugio Mine, Chile (Bema 50%)



The Refugio Mine had a mine operating profit of approximately $3.5 million and
cash flow from operations, before changes in non-cash working capital, of $5.4
million for the quarter (Bema's 50% share). The mine produced 53,214 ounces of
gold (the Company's 50% share was 26,607 ounces) at an operating and total cash
cost per ounce of $365 and $397, respectively. The facilities crushed and placed
3,741,243 tonnes on the leach pads at an average grade of 0.74 g/t, averaging
41,113 tonnes per day.

For the first six months of 2006, Refugio processed 6,856,729 tonnes of ore at
an average grade of 0.72 g/t gold, producing 117,514 ounces of gold (Bema's
share was 58,757) at an operating cash cost of $331 per ounce and a total cash
cost of $359 per ounce.

Refugio gold production was below budget for the first half of 2006 due largely
to lower grade ore being delivered to the heap leach pad caused by the mining
operations being out of sequence with the original plan. Operating costs were
over budget for the same period primarily due to higher than anticipated
maintenance costs and increased reagent prices and consumption. As a result of
these higher costs, combined with the lower ore grade and fewer recoverable
ounces being placed on the heap leach pad in the first half of 2006, Refugio is
now projected to produce 227,000 ounces of gold this year at an average
operating cost of $363 per ounce.

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



Kupol Deposit, Russia (Bema 75%)



Construction activities at Kupol continue to proceed well. The permanent man
camp is at site and is being assembled. Erection of the main processing,
maintenance and administration complex is proceeding as well as concrete
foundation work for the jaw crusher and crusher building. Other activity
includes excavation of the open pit to provide road building material for haul
roads, construction of a water reservoir dam, underground development for the
south portal access area, as well as ongoing excavation at the airstrip.

During the second quarter, Bema was notified that the Russian Federal
Government's Federal Agency of Environmental, Technical and Nuclear Supervision
(known as Rosteknadzor in Russia) had reviewed and approved the Russian
Construction Feasibility Study (known as a TEO-C in Russia) for the Kupol
Project. The TEO-C contains information on geology, mining, milling, tailings
storage, infrastructure, civil defence measures, and environmental protection.
Following the receipt of this approval, Bema commenced drawing down on the $425
million Kupol Project loan (refer to press release dated 05-26-06 for details).



Also in the second quarter Bema announced that, based on the results from the
2005 exploration program, the  previously announced estimated Probable Mineral
Reserves at Kupol increased by 15% adding an additional two years to the mine
life. The following table compares the Probable Mineral Reserves for Kupol, as
of June 3, 2005, to the new Probable Mineral Reserves:


                                             Tonnes        Gold g/t       Gold ounces     Silver g/t    Silver ounces
Probable Mineral Reserves 06/03/05          7,086,898        16.9          3,855,428          214         48,762,434
Probable Mineral Reserves 05/24/06          8,225,200        16.8          4,446,000          205         54,226,000
Changes to Reserves                         1,138,302                       590,572                       5,463,566
% Change                                       16%                            15%                            11%



The new reserves were calculated assuming a $400 per ounce spot gold price and a
$6 per ounce spot silver price using the mine plan and costs as outlined in the
June 2005 Feasibility Study.



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 (4) and total
cash cost of $88 per ounce(4). 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.



A $7.8 million dollar exploration program consisting of 20,000 metres of diamond
drilling commenced in the second quarter focusing on other vein targets outside
the main Kupol vein and at depth beneath the main Kupol vein.  The results from
the first phase of drilling will be released today prior to the second quarter
conference call.



(4)Net of silver credits assuming a silver price of $6.00.

Cerro Casale, Chile (Bema 49%)

During the quarter, Bema entered into definitive agreements with Barrick and
Arizona Star to complete the acquisition of Barrick's (formerly Placer Dome
Inc.'s) 51% of the shares of Compania Minera Casale ("CMC"), the owner of the
Cerro Casale Project. The definitive agreements were entered into pursuant to
the agreement in principle with Placer Dome to sell its interest in CMC
announced on October 26, 2005.



Subsequent to quarter end Bema announced 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 (for details please refer to
the press release dated 07-24-06).



AMEC E&C Services Inc. ("AMEC") has reviewed the development appraisal by Mine
and Quarry Services and is updating the National Instrument 43-101 Technical
Report supporting disclosure of the Project's mined resources and reserves,
previously filed on March 24, 2005.  AMEC has verified the principal conclusions
of the Mine and Quarry appraisal, with some modifications, and these conclusions
support the disclosure of revised resources and reserves.  The final report is
expected to be completed and filed on SEDAR within 45 days from July 24, 2006.



Cerro Casale, discovered by Bema in 1996, is one of the world's largest
undeveloped gold and copper deposits with an estimated mineral reserve of 1.035
billion tonnes of ore grading on average 0.69 g/t of gold and 0.25% copper
containing 23 million ounces of gold and 5.8 billion pounds of copper. This
mineral reserve is based the recent project development appraisal using the
updated capital and cash operating cost estimates set out in the project base
case which assumes metal prices of $450 per ounce of gold and $1.50 per pound of
copper. According to the development appraisal, the mine is projected to produce
approximately 990,000 ounces of gold and 294 million pounds of copper annually
for 17 years with operating costs projected at $107 per ounce of gold, net of
copper credits. The base case (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% and a net present value ("NPV") of $1.35 billion at a 5%
discount rate and has a payback of 4.9 years.



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



Gold Forward and Option Contracts

In the second quarter the Company completed the Kupol project hedging program as
required by the lenders and does not intend to enter into any additional hedge
contacts relating to the Kupol project. Please see the table below for details
regarding the Company's gold and silver derivative contracts outstanding at June
30, 2006.


                                                     2006             2007              2008            2009-2012


Gold
Forward contracts (ounces)                           49,125           15,050            28,750            197,250
Average price per ounce                            $ 403            $ 390             $ 513             $ 563

Put options purchased
   $290 strike price (ounces)                        11,130           21,342            38,646            -
   $390 to $422 strike price (ounces)                34,000           68,000            38,500            -
   $470 to $500 strike price (ounces)                -                -                 6,250             623,565

Call options sold (ounces)                           34,500           59,000            41,500            418,430
Average price per ounce                            $ 497            $ 462             $ 475             $ 676

Contingent forwards sold (maximum)
    $350 strike price (ounces)                       18,000           36,000            33,000            99,000

Silver
Forward contracts (ounces)                           200,000          -                 -                2,700,000
Average price per ounce                            $ 7.75           $ -               $ -               $ 8.20

Put options purchased (ounces)                       300,000          -                 -                 8,100,000
Average price per ounce                            $ 6.34           $ -               $ -               $ 9.67

Call options sold (ounces)                           300,000          -                 -                 8,100,000
Average price per ounce                            $ 7.65           $ -               $ -               $ 13.83


Outlook

Bema continues to focus on optimizing production from existing mines; completing
the agreement to restructure the Petrex Mines ownership; and continuing
construction and exploration of the Kupol Project. The Company is also focused
on pursuing a joint venture agreement for the development of the Cerro Casale
deposit; further exploration drilling near the Julietta Mine and at the Refugio
Mine; and pursuing 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.



Ongoing exploration for Bema's projects are being validated by a Quality Control
("QC") program, 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 technical reports for the Kupol project dated/filed on April 4, 2005
and July 5, 2005. For Julietta, the Independent Qualified Person ("QP") is Brian
Scott.  For Kupol, the QP is Tom Garagan.  For Cerro Casale, the Independent QP
is Larry Smith of AMEC.



Conference Call Details

Bema will host a conference call and webcast to discuss second quarter results
on Monday, August 14th 2006 at 2:30pm PT / 5:30pm ET. You may access the call by
dialing the operator at 416-695-5261 or toll free at 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



For more information please visit www.bema.com or to speak to a representative
please contact:



Ian MacLean

Vice President, Investor Relations

604-681-8371, investor@bemagold.com



The Toronto Stock Exchange neither approves nor disapproves the information
contained in this News Release. Bema Gold Corporation trades on the Toronto
Stock Exchange (TSX) and the New York Stock Exchange (NYSE). 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 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 of gold production, costs of
production, drilling and development programs 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 mineral 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  United States 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.


BEMA GOLD CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

For the periods ended June 30
(Unaudited)
(in thousands of United States dollars, except shares and per share
amounts)

                                                                   Second Quarter                        Six Months
                                                                2006            2005               2006           2005

GOLD REVENUE                                              $   50,797      $   22,357        $    97,868      $  43,835
                                                                                                   

EXPENSES
              Operating costs                                 33,824          19,509             66,633          41,212
              Depreciation and depletion                       9,235           5,042             16,779           8,932
              Accretion of asset retirement obligations          438             423                874             829
              Refugio re-start of operations                       -           3,023                -             7,211

              Other                                               96              83                 96             648

                                                              43,593          28,080             84,382          58,832


MINE OPERATING INCOME (LOSS)                                   7,204          (5,723)            13,486         (14,997)


OTHER EXPENSES (INCOME)
              General and administrative                       2,850           2,371              6,100           5,044
              Interest and financing costs                     1,683           1,416              3,324           2,625
              General exploration                                315             381                500             650
              Stock-based compensation                         6,265           1,721              7,686           2,573
              Foreign exchange (gains)/ losses                (1,837)            181             (2,282)             20
              Other                                             (501)           (111)              (918)           (123)

                                                               8,775           5,959             14,410          10,789

LOSS BEFORE TAXES AND OTHER ITEMS                             (1,571)        (11,682)              (924)        (25,786)

Unrealized non-hedge derivative gains/ (losses)                2,736          (1,638)           (27,637)         (3,249)
Realized non-hedge derivative (losses)/ gains                 (4,277)            116             (8,061)          1,829
Investment gains                                              22,758             630             22,758             756
Equity in losses of associated companies                         (16)            (41)               (82)            (53)
Write-down of net smelter royalty                                  -               -                  -          (3,099)



EARNINGS (LOSS) BEFORE TAXES AND OTHER ITEMS                  19,630         (12,615)           (13,946)        (29,602)

Current income taxes                                          (1,604)           (108)            (2,453)           (180)
Future income tax (expense)/ recovery                             25             378             (1,008)          2,621


NET EARNINGS (LOSS) FOR THE PERIOD                          $ 18,051     $   (12,345)       $   (17,407)   $    (27,161)


EARNINGS (LOSS) PER COMMON SHARE - basic and diluted        $   0.04     $     -0.03        $     -0.04    $      -0.07

Weighted average number of common shares
   outstanding (in thousands)                                459,700         400,684            457,527          400,593




BEMA GOLD CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS

For the periods ended June 30
(Unaudited)
(in thousands of United States dollars)

                                                                     Second Quarter                     Six Months
                                                                 2006             2005               2006        2005

OPERATING ACTIVITIES
   Net earnings (loss) for the period                       $  18,051     $    (12,345)     $     (17,407) $  (27,161)
   Non-cash charges (credits)
      Depreciation and depletion                                9,235            5,042             16,779       8,932
      Amortization of deferred financing costs                     73              115                146         160
      Accretion of convertible notes                              670              447              1,334         888
      Accretion of asset retirement obligations                   438              423                874         829
      Equity in losses of associated companies                     16               41                 82          53
      Derivative instruments                                     (761)           1,379             30,777       2,880
      Investment gains                                        (22,758)            (630)           (22,758)       (756)
      Stock-based compensation                                  6,265            1,721              7,686       2,573
      Future income tax expense/ (recovery)                       (25)            (378)             1,008      (2,621)
      Write-down of net smelter royalty                             -                -                  -       3,099
      Other                                                      (537)            (321)               115         762
   Change in non-cash working capital                             384           (2,493)            (4,889)     (5,707)

                                                               11,051           (6,999)            13,747     (16,069)

FINANCING ACTIVITIES
   Common shares issued, net of issue costs                     8,732              525             10,797         531
   Kupol project loan financing                               219,820                -            219,820           -   
                              
   Kupol bridge financing/ (repayment)                       (150,000)          32,500           (150,000)     36,500
   Refugio working capital loans/ (repayment)                  (2,300)           6,000             (2,850)      6,000
   Capital lease repayments                                      (854)            (891)            (2,562)     (1,709)
   Financing costs                                             (5,884)          (3,248)            (9,284)     (3,255)

                                                               69,514           34,886             65,921      38,067

INVESTING ACTIVITIES
   Kupol development and construction                         (51,294)         (36,015)           (87,245)    (57,708)
   Kupol exploration                                           (1,418)          (5,499)            (1,898)     (8,419)
   Julietta Mine                                                 (816)            (510)            (1,907)     (1,779)
   Julietta exploration                                        (1,090)          (1,894)            (2,746)     (3,409)
   Refugio Mine                                                  (603)          (4,201)            (5,029)    (13,359)
   Refugio exploration                                           (593)              -                (593)          -
   Petrex Mines                                                  (461)          (1,311)            (2,201)     (2,732)
   Petrex exploration                                               -             (414)                -         (776)
   Acquisition, exploration and development                    (2,094)          (1,366)            (2,896)     (3,458)
   Investment purchases in associated company                  (2,025)            (902)            (2,025)       (902)
   Restricted cash                                             (7,500)              -              (7,500)          -
   Proceeds on sales of investments                            22,963               -              22,963           -
   Net repayments of promissory notes by affiliated
   companies                                                      224               -               2,224           -
   Other                                                         (108)            (957)              (115)     (1,418)

                                                              (44,815)         (53,069)           (88,968)    (93,960)

Increase (decrease) in cash and cash equivalents               35,750          (25,182)            (9,300)    (71,962)

Cash and cash equivalents, beginning of period                 31,216           40,331             76,266      87,111

Cash and cash equivalents, end of period                     $ 66,966       $   15,149         $   66,966   $  15,149



BEMA GOLD CORPORATION
CONSOLIDATED BALANCE SHEETS

(Unaudited)
(in thousands of United States dollars)

                                                                        As at                         As at
                                                                       June 30                     December 31
                                                                         2006                         2005
ASSETS
Current
   Cash and cash equivalents                                     $     66,966                      $ 76,266
   Restricted cash                                                      7,500                             -
   Accounts receivable                                                 10,727                        11,507
   Marketable securities, at cost
   (Market value - $17.2 million; December 31, 2005 - $16.5
   million)                                                             3,553                         3,553
   Inventories                                                         33,462                        30,844
   Other                                                                7,558                         4,604

                                                                      129,766                       126,774

Investments                                                            14,684                        12,946
Property, plant and equipment                                         692,637                       583,736
Unrealized fair value of non-hedge derivative assets                   22,543                         2,449
Deferred derivative losses                                              3,946                         4,614
Future income tax assets                                                5,100                         5,100
Other assets                                                           70,442                        58,093

                                                                $     939,118                      $793,712

LIABILITIES
Current
   Accounts payable                                             $      58,003                      $ 36,515
   Current portion of long-term debt                                   32,895                        28,964

                                                                       90,898                        65,479

Unrealized fair value of non-hedge derivative liabilities             117,169                        66,966
Long-term debt                                                        283,849                       222,429
Future income tax liabilities                                          36,281                        30,007
Asset retirement obligations                                           20,028                        19,710
Other liabilities                                                       1,279                         1,129

                                                                      549,504                       405,720

SHAREHOLDERS' EQUITY
Capital stock
   Issued - 460,898,837 common shares (December 31, 2005 -
      452,583,503)                                                    693,437                       674,176
Value assigned to share purchase warrants and stock options            38,119                        32,919
Convertible notes and debt                                             18,849                        24,281
Deficit                                                              (360,791)                     (343,384)

                                                                      389,614                       387,992
                                                                 
                                                                 $    939,118                 $     793,712



Approved by the Directors

"Clive T. Johnson"                                         "Robert J. Gayton"
Clive T. Johnson                                           Robert J. Gayton






                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

IR EASNFASNKEFE

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