VANCOUVER--(BUSINESS WIRE)--May 24, 1996--BEMA GOLD CORPORATION (TSE, VSE, AMEX:BGO) The bought deal financing announced by Bema Gold on April 18, 1996 was closed on May 15, 1996.

Three million Bema shares were issued for total gross proceeds of $15 million which will be used for Bema Gold's portion of the current Cerro Casale drilling program on the Aldebaran Property, Chile (49 percent Bema Gold/51 percent Arizona Star Resource Corp.) as well as a $3 million private placement in Arizona Star by Bema and general corporate purposes.

On Behalf of BEMA GOLD CORPORATION Clive T. Johnson Chairman, C.E.O. and President -0- EDITOR'S NOTE:The Vancouver and Toronto Stock Exchanges neither approve nor disapprove the information contained in this News Release. Bema Gold Corporation trades on the Vancouver, Toronto and American Stock Exchanges. Symbol - BGO