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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=-2><B>As filed with the Securities and Exchange
Commission on September 6, 2006&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration No. 333-</B> </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>
<HR WIDTH="100%" SIZE="2" ALIGN="LEFT">
<HR WIDTH="100%" SIZE="1" ALIGN="LEFT"></B> </FONT> </P>

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<A NAME=A002></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="3">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION <BR> </FONT>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">WASHINGTON, D.C. 20549 </FONT> </H1>

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<A NAME=A004></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="4">FORM S-8<BR> </FONT>
<FONT FACE="Times New Roman, Times, Serif" SIZE="3">REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933 </FONT> </H1>

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<A NAME=A006></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="4"><B>BEMA GOLD CORPORATION</B> </FONT>
<FONT FACE="Times New Roman, Times, Serif" SIZE=-2><BR>(Exact
name of Registrant as specified in its charter) </FONT> </P>

<TABLE cellspacing="0" border="0" cellpadding="0" align=center width="65%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="bottom"><FONT SIZE="2"><U>Canada</U> </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom"><FONT SIZE="2"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT SIZE=-2>(State or other jurisdiction of Incorporation or<BR>
organization) </FONT></TD>
    <TD><FONT SIZE=-2>&nbsp; </FONT></TD>
    <TD align="center" valign="top"><FONT SIZE=-2>&nbsp; </FONT></TD>
    <TD><FONT SIZE=-2>&nbsp; </FONT></TD>
    <TD align="center" valign="top"><FONT SIZE=-2>(I.R.S. Employer Identification No.) </FONT></TD>
</TR>
</TABLE>

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<A NAME=A008></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Suite 3100, Three Bentall Centre<BR>
595 Burrard Street <BR>
Vancouver, British Columbia <BR>
<U>Canada, V7X 1J1</U><BR> </FONT>
<FONT FACE="Times New Roman, Times, Serif" SIZE=-2>(Address of Principal Executive Offices) </FONT> </P>

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<A NAME=A011></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>INCENTIVE STOCK OPTION
PLAN APRIL 18, 1995</B> </FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=-2>(Full title of the plan) </FONT> </P>

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<A NAME=A012></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
DL Services, Inc.<BR>
1420 Fifth Avenue, Suite 3400<BR>
<U>Seattle, Washington  98101</U><BR> </FONT>
<FONT FACE="Times New Roman, Times, Serif" SIZE=-2>(Name and address of agent for service) </FONT> </P>

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<A NAME=A014></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>(206) 903-8800</U><BR> </FONT>
<FONT FACE="Times New Roman, Times, Serif" SIZE=-2>(Telephone number, including area code, of agent for service) </FONT> </P>

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<A NAME=A015></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>CALCULATION OF
REGISTRATION FEE </FONT></H1>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=1 ALIGN=CENTER WIDTH=650>
<TR VALIGN=Bottom>
     <TH COLSPAN=1></TH>
     <TH COLSPAN=1></TH>
     <TH COLSPAN=1></TH>
     <TH COLSPAN=1></TH>
     <TH COLSPAN=1></TH></TR>
<TR VALIGN=TOP>
     <TD WIDTH=18% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="-2">Title of Securities to be<BR>Registered(1) </FONT></TD>
     <TD WIDTH=18% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=-2>Amount to<BR>be Registered</FONT></TD>
     <TD WIDTH=22% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="-2">Proposed Maximum Offering<BR>Price Per Share(2) </FONT></TD>
     <TD WIDTH=22% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=-2>Proposed Maximum Aggregate<BR>Offering Price</FONT></TD>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="-2">Amount of<BR>Registration Fee(2) </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=-2>Common Shares not subject<BR>to outstanding options</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=-2><BR>5,940,000 shares</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=-2><BR>US$5.00</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=-2><BR>US$29,700,000</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=-2><BR>US$3,178</FONT></TD></TR>
</TABLE>
<BR>

     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=-2>(1) </FONT> </TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=-2>
Common Shares without par value offered by Bema Gold Corporation (the
&#147;Company&#148;) pursuant to the Incentive Stock Option Plan April 18, 1995,
as amended (the &#147;Plan&#148;). </FONT> </P></TD>
          </TR>
          </TABLE>

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          <TR VALIGN=TOP>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=-2>(2) </FONT> </TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=-2>
The proposed maximum offering price per share and the registration fee were
calculated in accordance with rule 457(c) and (h) based on the average of the
high and low prices for the Registrant&#146;s common shares on August 29, 2006, as
reported on the American Stock Exchange, which was US$5.00 per share. </FONT> </P></TD>
          </TR>
          </TABLE>
          <BR>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART II. &nbsp;&nbsp;&nbsp;INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT </FONT></H1>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 3. &nbsp;&nbsp;&nbsp;Incorporation of Documents
by Reference. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following documents, which have
been filed with the Securities and Exchange Commission (the &#147;Commission&#148;) by the
Company, are incorporated by reference in this registration statement, as of their
respective dates: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Company&#146;s Annual Report on Form 40-F for the fiscal year ended December
          31, 2005; </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          All other reports filed pursuant to Section 13(a) or 15(d) of the Securities
          Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), since the end
          of the fiscal year covered by the annual report incorporated by reference herein
          pursuant to (a) above; and </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The description of the Company&#146;s securities contained in the Company&#146;s
          registration statement on Form 20-F filed with the Securities and Exchange
          Commission on February 4, 1992, including any amendment or report filed for the
          purpose of updating such description. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All documents filed by the Company
pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date hereof
and prior to the filing of a post-effective amendment which indicates that all securities
offered have been sold or which deregisters all securities then remaining unsold shall be
deemed to be incorporated by reference herein and to be a part hereof from the date of
filing of such documents. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 4. &nbsp;&nbsp;&nbsp;Description of
Securities. </FONT></H1>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not Applicable </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 5. &nbsp;&nbsp;&nbsp;Interests of
Named Experts and Counsel. </FONT></H1>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>None </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 6. &nbsp;&nbsp;&nbsp;Indemnification
of Directors and Officers. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The By-laws of the Company provide
that, subject to the <I>Canada Business Corporation Act</I> (the &#147;Company Act&#148;),
the Company shall indemnify a director or officer or a former director or officer of the
Company, or another individual who acts or acted at the Company&#146;s request as a
director or officer, or an individual acting in a similar capacity, of another entity, and
such person&#146;s heirs and legal representatives, against all costs, charges and
expenses, including an amount paid to settle an action or satisfy a judgment, reasonably
incurred by such individual in respect of any civil, criminal, administrative,
investigative or other proceeding in which such individual is involved because of that
association with the Company or other entity, provided that the individual acted honestly
and in good faith with a view to the best interests of the Company, or, as the case may
be, to the best interests of the other entity for which the individual acted as a director
of officer or in a similar capacity at the Company&#146;s request, and in the case of a
criminal or administrative action or proceeding that is enforced by a monetary penalty,
the individual had reasonable grounds for believing that the individual&#146;s conduct was
lawful. The Company shall also indemnify such person in such other circumstances as the
Company Act permits or requires. Nothing in the Company&#146;s By-laws limits the right of
any person entitled to indemnity to claim indemnity apart from the provisions of the
foregoing. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Under the Company Act, the Company
may indemnify a present or former director or officer or another person who acts or acted
at the Company&#146;s request as a director or officer, or an individual acting in a
similar capacity, of another entity, against all costs, charges and expenses, including an
amount paid to settle an action or satisfy a judgment, reasonably incurred by the person,
in respect of a civil, criminal, administrative, investigative or other proceeding in
which the person is involved because of that association with the Company or other entity,
provided that: (a) the person acted honestly and in good faith with a view to the best
interests of the Company or, as the case may be, to the best interests of the other entity
for which the person acted as a director or officer or in a similar capacity at the
Company&#146;s request; and (b) in the case of a criminal or administrative action or
proceeding that is enforced by a monetary penalty, the person had reasonable grounds for
believing that the person&#146;s conduct was lawful. The Company may advance monies to
such persons for the costs, charges and expenses of any such </FONT></P>
<BR><BR>

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<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II-1 </FONT></P>
<BR><BR>



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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>proceeding.&nbsp;
          The individual shall repay the monies if the individual does not fulfill the
          conditions set out in (a) and (b) above. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Under the Company Act, the Company
may, with the approval of a court, indemnify a person referred to in the foregoing
paragraph or advance monies also as referred to in the foregoing paragraph, in respect of
an action by or on behalf of the Company or other entity to procure judgment in its favor,
to which the person is made a party because of the person&#146;s association with the
Company or other entity, against all costs, charges and expenses reasonably incurred by
such person in connection with such action, provided that the person fulfills the
conditions set out (a) and (b) above. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A person referred to above is
entitled to indemnity from the Company in respect of all costs, charges and expenses
reasonably incurred by such party in connection with the defense of any civil, criminal,
investigative or other proceeding to which such party is subject because of the
person&#146;s association with the Company or other entity, provided that the party
seeking indemnity: (i) was not judged by the court or other competent authority to have
committed any fault or omitted to do anything that the individual ought to have done; and
(ii) fulfills the conditions set out in (a) and (b) above. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company, an individual or an
entity referred to above may apply to a court for an order approving an indemnity. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company has entered into
indemnification agreements with certain of its directors, including directors who are also
officers of the Company. Pursuant thereto, the Company has undertaken to indemnify such
persons against any and all claims, including expenses in connection therewith, of any
kind arising out of or in connection with such person&#146;s acts or omissions as a
director or officer of the Company. The Company shall and the director may apply to the
appropriate court for approval of such indemnification, at the Company&#146;s expense. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company maintains Directors&#146;
and Officers&#146; Liability Insurance for its Directors. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 7. &nbsp;&nbsp;&nbsp;Exemption from
Registration Claimed. </FONT></H1>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not Applicable </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 8. &nbsp;&nbsp;&nbsp;Exhibits. </FONT></H1>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>Exhibit Number</U></B><BR> </FONT> </TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD WIDTH=70% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>Exhibit</U></B><BR> </FONT> </TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=2>&nbsp;</TH>
     <TH COLSPAN=2>&nbsp;</TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4.1 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Incentive Stock Option Plan April 18, 1995,
as amended </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=2>&nbsp;</TH>
     <TH COLSPAN=2>&nbsp;</TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.1 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Opinion of Gowling Lafleur Henderson LLP</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=2>&nbsp;</TH>
     <TH COLSPAN=2>&nbsp;</TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">23.1 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consent of PricewaterhouseCoopers LLP </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=2>&nbsp;</TH>
     <TH COLSPAN=2>&nbsp;</TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">23.2 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consent of Gowling Lafleur Henderson LLP (Included in Exhibit 5.1) </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=2>&nbsp;</TH>
     <TH COLSPAN=2>&nbsp;</TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">24.1 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Power of Attorney (See page II-5 of this registration statement) </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
</TABLE>
<BR>




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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9. &nbsp;&nbsp;&nbsp;Undertakings. </FONT></H1>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Company hereby undertakes: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          To file, during any period in which offers or sales are being made, a
          post-effective amendment to this registration statement: </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          To include any prospectus required by Section 10(a)(3) of the Securities Act of
          1933, as amended (the &#147;Securities Act&#148;); </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          To reflect in the prospectus any facts or events arising after the effective
          date of the registration statement (or the most recent post-effective amendment
          thereof) which, individually or in the aggregate, represent a fundamental change
          in the information set forth in the registration statement. Notwithstanding </FONT></P>
<BR><BR>


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<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II-2 </FONT></P>
<BR><BR>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of securities offered
would not exceed that which was registered) and any deviation from the low or high and of
the estimated maximum offering range may be reflected in the form of prospectus filed with
the Commission pursuant to Rule 424(b) if, in the aggregate, the change in volume and
price represents no more than 20% change in the maximum aggregate offering price set forth
in the &#147;Calculation of Registration Fee&#148; table in the effective registration
statement; </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          To include any material information with respect to the plan of distribution not
          previously disclosed in the registration statement or any material change to
          such information in the registration statement; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>provided, however,</I> that
paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration statement is on Form
S-3 or Form S-8 and the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed with or furnished to the
Commission by the Company pursuant to Section 13 or Section 15(d) of the Exchange Act that
are incorporated by reference in this registration statement. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          That for the purpose of determining any liability under the Securities Act, each
          such post-effective amendment shall be deemed to be a new registration statement
          relating to the securities offered therein, and the offering of such securities
          at that time shall be deemed to be the initial bona fide<I> </I>offering
          thereof. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          To remove from registration by means of a post-effective amendment any of the
          securities being registered which remain unsold at the termination of the
          offering. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Company hereby undertakes that, for purposes of determining any liability
          under the Securities Act, each filing of the Company&#146;s annual report
          pursuant to Section 13(a) or Section 15(d) of the Exchange Act, (and, where
          applicable, each filing of an employee benefit plan&#146;s annual report
          pursuant to section 15(d) of the Exchange Act) that is incorporated by reference
          in the registration statement shall be deemed to be a new registration statement
          relating to the securities offered therein, and the offering of such securities
          at that time shall be deemed to be the initial bona fide<I> </I>offering
          thereof. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Insofar as indemnification for liabilities arising under the Securities Act may
          be permitted to directors, officers and controlling persons of the Company
          pursuant to the foregoing provisions, or otherwise, the Company has been advised
          that in the opinion of the Commission such indemnification is against public
          policy as expressed in the Securities Act and is, therefore, unenforceable. In
          the event that a claim for indemnification against such liabilities (other than
          the payment by the Company of expenses incurred or paid by a director, officer
          or controlling person of the Company in the successful defense of any action,
          suit or proceeding) is asserted by such director, officer or controlling person
          in connection with the securities being registered, the Company will, unless in
          the opinion of its counsel the matter has been settled by controlling precedent,
          submit to a court of appropriate jurisdiction the question of whether such
          indemnification by it is against public policy as expressed in the Act and will
          be governed by the final adjudication of such issue. </FONT></P>
<BR><BR>



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<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II-3 </FONT></P>
<BR><BR>




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<!-- MARKER FORMAT-SHEET="Head Major Center Bold" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The
Registrant</U>. Pursuant to the requirements of the Securities Act of 1933, the Company
certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-8 and has duly caused this registration statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of Vancouver, Province
of British Columbia, on this 31st day of August, 2006. </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=1></TH>
     <TH COLSPAN=1></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>BEMA GOLD CORPORATION<BR><BR><BR></B> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By:<U>&nbsp;&nbsp;/s/ Roger Richer
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Roger Richer, Vice President, Administration,</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General Counsel and Secretary</FONT></TD></TR>
</TABLE>
<BR><BR><BR><BR>



<!-- MARKER FORMAT-SHEET="Para Default" FSL="Default" -->
<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>II-4 </FONT></P>
<BR><BR>




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<BR><BR>





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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>POWER OF ATTORNEY </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
person whose signature appears below constitutes and appoints Clive T. Johnson and Roger
Richer, or either of them, his attorney-in-fact, with the power of substitution, for them
in any and all capacities, to sign any amendments to this registration statement, and to
file the same, with exhibits thereto and other documents in connection therewith, with the
Commission, hereby ratifying and confirming all that said attorneys-in-fact, or their
substitute or substitutes, may do or cause to be done by virtue hereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act, this registration statement has been signed by
the following persons in the capacities and on the date indicated. </FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2></TH>
     <TH COLSPAN=2></TH></TR>
<TR VALIGN=TOP>
     <TD WIDTH=37% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>Signature</U></B> </FONT> </TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=45% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>Title</U></B> </FONT> </TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>Date<BR><BR></U></B> </FONT> </TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>
/s/ Clive T. Johnson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chairman, President, Chief Executive Officer</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>August 28, 2006</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Clive T. Johnson</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>and Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Principal Executive Officer)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>
/s/ Mark A. Corra&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vice President, Finance</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>August 28, 2006</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mark A. Corra</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Principal Financial Officer and Accounting</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Officer)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>
/s/ Thomas I.A. Allen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>August 21, 2006</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Thomas I.A. Allen</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>
/s/ R. Stuart Angus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>August 28, 2006</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>R. Stuart Angus</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>
/s/ Robert M.D. Cross&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>August 7, 2006</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Robert M.D. Cross</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>
/s/ Robert J. Gayton&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>August 11, 2006</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Robert J. Gayton</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>
/s/ Jerry R. Korpan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>August 6, 2006</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jerry R. Korpan</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN=top>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>
/s/ Cole E. McFarland&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director<BR>
(Authorized U.S. Representative)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>August 4, 2006</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cole E. McFarland</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>
/s/ Eulogio Perez&#150;Cotapos&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>August 4, 2006</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Eulogio Perez-Cotapos</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>
/s/ Barry D. Rayment&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>August 5, 2006</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Barry D. Rayment</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>
<BR><BR><BR>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>EXHIBIT INDEX</B> </FONT> </P>
<BR>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TD WIDTH=20% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>Exhibit Number</U></B><BR> </FONT> </TD>
        <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD WIDTH=70% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B><U>Exhibit</U></B><BR> </FONT> </TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=2>&nbsp;</TH>
     <TH COLSPAN=2>&nbsp;</TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4.1 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Incentive Stock Option Plan April 18, 1995,
as amended </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=2>&nbsp;</TH>
     <TH COLSPAN=2>&nbsp;</TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5.1 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Opinion of Gowling Lafleur Henderson LLP</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=2>&nbsp;</TH>
     <TH COLSPAN=2>&nbsp;</TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">23.1 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consent of PricewaterhouseCoopers LLP </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=2>&nbsp;</TH>
     <TH COLSPAN=2>&nbsp;</TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">23.2 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Consent of Gowling Lafleur Henderson LLP (Included in Exhibit 5.1) </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=2>&nbsp;</TH>
     <TH COLSPAN=2>&nbsp;</TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">24.1 </FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Power of Attorney (See page II-5 of this registration statement) </FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
</TABLE>
<BR>
<BR>


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[{"type": "S-8", "sequence": "1", "filename": "bemas8_08282006.htm", "secsgml_size_bytes": 56905}]
{"company-data": {"conformed-name": "BEMA GOLD CORP /CAN/", "cik": "0000879338", "assigned-sic": "1040", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-137131", "film-number": "061076585"}, "business-address": {"street1": "SUITE 3100, THREE BENTALL CENTRE", "street2": "595 BURRARD STREET", "city": "VANCOUVER", "state": "A1", "zip": "V7X 1J1", "phone": "604-681-8371"}, "mail-address": {"street1": "SUITE 3100, THREE BENTALL CENTRE", "street2": "595 BURRARD STREET", "city": "VANCOUVER", "state": "A1", "zip": "V7X 1J1"}, "former-company": [{"former-conformed-name": "AM", "date-changed": "19950531"}, {"former-conformed-name": "BEMA GOLD CORP", "date-changed": "19940301"}]}
As filed with the Securities and Exchange
Commission on September 6, 2006         
               
               Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
BEMA GOLD CORPORATION
(Exact
name of Registrant as specified in its charter)
Canada
N/A
(State or other jurisdiction of Incorporation or
organization)
(I.R.S. Employer Identification No.)
Suite 3100, Three Bentall Centre
595 Burrard Street
Vancouver, British Columbia
Canada, V7X 1J1
(Address of Principal Executive Offices)
INCENTIVE STOCK OPTION
PLAN APRIL 18, 1995
(Full title of the plan)
DL Services, Inc.
1420 Fifth Avenue, Suite 3400
Seattle, Washington  98101
(Name and address of agent for service)
(206) 903-8800
(Telephone number, including area code, of agent for service)
CALCULATION OF
REGISTRATION FEE
Title of Securities to be
Registered(1)
Amount to
be Registered
Proposed Maximum Offering
Price Per Share(2)
Proposed Maximum Aggregate
Offering Price
Amount of
Registration Fee(2)
Common Shares not subject
to outstanding options
5,940,000 shares
US$5.00
US$29,700,000
US$3,178
(1)
Common Shares without par value offered by Bema Gold Corporation (the
"Company") pursuant to the Incentive Stock Option Plan April 18, 1995,
as amended (the "Plan").
(2)
The proposed maximum offering price per share and the registration fee were
calculated in accordance with rule 457(c) and (h) based on the average of the
high and low prices for the Registrant's common shares on August 29, 2006, as
reported on the American Stock Exchange, which was US$5.00 per share.
PART II.    INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
Item 3.    Incorporation of Documents
by Reference.
The following documents, which have
been filed with the Securities and Exchange Commission (the "Commission") by the
Company, are incorporated by reference in this registration statement, as of their
respective dates:
(a)       
          The Company's Annual Report on Form 40-F for the fiscal year ended December
          31, 2005;
(b)       
          All other reports filed pursuant to Section 13(a) or 15(d) of the Securities
          Exchange Act of 1934, as amended (the "Exchange Act"), since the end
          of the fiscal year covered by the annual report incorporated by reference herein
          pursuant to (a) above; and
(c)       
          The description of the Company's securities contained in the Company's
          registration statement on Form 20-F filed with the Securities and Exchange
          Commission on February 4, 1992, including any amendment or report filed for the
          purpose of updating such description.
All documents filed by the Company
pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date hereof
and prior to the filing of a post-effective amendment which indicates that all securities
offered have been sold or which deregisters all securities then remaining unsold shall be
deemed to be incorporated by reference herein and to be a part hereof from the date of
filing of such documents.
Item 4.    Description of
Securities.
Not Applicable
Item 5.    Interests of
Named Experts and Counsel.
None
Item 6.    Indemnification
of Directors and Officers.
The By-laws of the Company provide
that, subject to the
Canada Business Corporation Act
(the "Company Act"),
the Company shall indemnify a director or officer or a former director or officer of the
Company, or another individual who acts or acted at the Company's request as a
director or officer, or an individual acting in a similar capacity, of another entity, and
such person's heirs and legal representatives, against all costs, charges and
expenses, including an amount paid to settle an action or satisfy a judgment, reasonably
incurred by such individual in respect of any civil, criminal, administrative,
investigative or other proceeding in which such individual is involved because of that
association with the Company or other entity, provided that the individual acted honestly
and in good faith with a view to the best interests of the Company, or, as the case may
be, to the best interests of the other entity for which the individual acted as a director
of officer or in a similar capacity at the Company's request, and in the case of a
criminal or administrative action or proceeding that is enforced by a monetary penalty,
the individual had reasonable grounds for believing that the individual's conduct was
lawful. The Company shall also indemnify such person in such other circumstances as the
Company Act permits or requires. Nothing in the Company's By-laws limits the right of
any person entitled to indemnity to claim indemnity apart from the provisions of the
foregoing.
Under the Company Act, the Company
may indemnify a present or former director or officer or another person who acts or acted
at the Company's request as a director or officer, or an individual acting in a
similar capacity, of another entity, against all costs, charges and expenses, including an
amount paid to settle an action or satisfy a judgment, reasonably incurred by the person,
in respect of a civil, criminal, administrative, investigative or other proceeding in
which the person is involved because of that association with the Company or other entity,
provided that: (a) the person acted honestly and in good faith with a view to the best
interests of the Company or, as the case may be, to the best interests of the other entity
for which the person acted as a director or officer or in a similar capacity at the
Company's request; and (b) in the case of a criminal or administrative action or
proceeding that is enforced by a monetary penalty, the person had reasonable grounds for
believing that the person's conduct was lawful. The Company may advance monies to
such persons for the costs, charges and expenses of any such
II-1
proceeding. 
          The individual shall repay the monies if the individual does not fulfill the
          conditions set out in (a) and (b) above.
Under the Company Act, the Company
may, with the approval of a court, indemnify a person referred to in the foregoing
paragraph or advance monies also as referred to in the foregoing paragraph, in respect of
an action by or on behalf of the Company or other entity to procure judgment in its favor,
to which the person is made a party because of the person's association with the
Company or other entity, against all costs, charges and expenses reasonably incurred by
such person in connection with such action, provided that the person fulfills the
conditions set out (a) and (b) above.
A person referred to above is
entitled to indemnity from the Company in respect of all costs, charges and expenses
reasonably incurred by such party in connection with the defense of any civil, criminal,
investigative or other proceeding to which such party is subject because of the
person's association with the Company or other entity, provided that the party
seeking indemnity: (i) was not judged by the court or other competent authority to have
committed any fault or omitted to do anything that the individual ought to have done; and
(ii) fulfills the conditions set out in (a) and (b) above.
The Company, an individual or an
entity referred to above may apply to a court for an order approving an indemnity.
The Company has entered into
indemnification agreements with certain of its directors, including directors who are also
officers of the Company. Pursuant thereto, the Company has undertaken to indemnify such
persons against any and all claims, including expenses in connection therewith, of any
kind arising out of or in connection with such person's acts or omissions as a
director or officer of the Company. The Company shall and the director may apply to the
appropriate court for approval of such indemnification, at the Company's expense.
The Company maintains Directors'
and Officers' Liability Insurance for its Directors.
Item 7.    Exemption from
Registration Claimed.
Not Applicable
Item 8.    Exhibits.
Exhibit Number
Exhibit
4.1
Incentive Stock Option Plan April 18, 1995,
as amended
5.1
Opinion of Gowling Lafleur Henderson LLP
23.1
Consent of PricewaterhouseCoopers LLP
23.2
Consent of Gowling Lafleur Henderson LLP (Included in Exhibit 5.1)
24.1
Power of Attorney (See page II-5 of this registration statement)
Item 9.    Undertakings.
(a)       
          The Company hereby undertakes:
(1)       
          To file, during any period in which offers or sales are being made, a
          post-effective amendment to this registration statement:
(i)       
          To include any prospectus required by Section 10(a)(3) of the Securities Act of
          1933, as amended (the "Securities Act");
(ii)       
          To reflect in the prospectus any facts or events arising after the effective
          date of the registration statement (or the most recent post-effective amendment
          thereof) which, individually or in the aggregate, represent a fundamental change
          in the information set forth in the registration statement. Notwithstanding
II-2
the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of securities offered
would not exceed that which was registered) and any deviation from the low or high and of
the estimated maximum offering range may be reflected in the form of prospectus filed with
the Commission pursuant to Rule 424(b) if, in the aggregate, the change in volume and
price represents no more than 20% change in the maximum aggregate offering price set forth
in the "Calculation of Registration Fee" table in the effective registration
statement;
(iii)       
          To include any material information with respect to the plan of distribution not
          previously disclosed in the registration statement or any material change to
          such information in the registration statement;
provided, however,
that
paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration statement is on Form
S-3 or Form S-8 and the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed with or furnished to the
Commission by the Company pursuant to Section 13 or Section 15(d) of the Exchange Act that
are incorporated by reference in this registration statement.
(2)       
          That for the purpose of determining any liability under the Securities Act, each
          such post-effective amendment shall be deemed to be a new registration statement
          relating to the securities offered therein, and the offering of such securities
          at that time shall be deemed to be the initial bona fide
offering
          thereof.
(3)       
          To remove from registration by means of a post-effective amendment any of the
          securities being registered which remain unsold at the termination of the
          offering.
(b)       
          The Company hereby undertakes that, for purposes of determining any liability
          under the Securities Act, each filing of the Company's annual report
          pursuant to Section 13(a) or Section 15(d) of the Exchange Act, (and, where
          applicable, each filing of an employee benefit plan's annual report
          pursuant to section 15(d) of the Exchange Act) that is incorporated by reference
          in the registration statement shall be deemed to be a new registration statement
          relating to the securities offered therein, and the offering of such securities
          at that time shall be deemed to be the initial bona fide
offering
          thereof.
(h)       
          Insofar as indemnification for liabilities arising under the Securities Act may
          be permitted to directors, officers and controlling persons of the Company
          pursuant to the foregoing provisions, or otherwise, the Company has been advised
          that in the opinion of the Commission such indemnification is against public
          policy as expressed in the Securities Act and is, therefore, unenforceable. In
          the event that a claim for indemnification against such liabilities (other than
          the payment by the Company of expenses incurred or paid by a director, officer
          or controlling person of the Company in the successful defense of any action,
          suit or proceeding) is asserted by such director, officer or controlling person
          in connection with the securities being registered, the Company will, unless in
          the opinion of its counsel the matter has been settled by controlling precedent,
          submit to a court of appropriate jurisdiction the question of whether such
          indemnification by it is against public policy as expressed in the Act and will
          be governed by the final adjudication of such issue.
II-3
SIGNATURES
The
Registrant
. Pursuant to the requirements of the Securities Act of 1933, the Company
certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-8 and has duly caused this registration statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of Vancouver, Province
of British Columbia, on this 31st day of August, 2006.
BEMA GOLD CORPORATION
By:
/s/ Roger Richer
Roger Richer, Vice President, Administration,
General Counsel and Secretary
II-4
POWER OF ATTORNEY
Each
person whose signature appears below constitutes and appoints Clive T. Johnson and Roger
Richer, or either of them, his attorney-in-fact, with the power of substitution, for them
in any and all capacities, to sign any amendments to this registration statement, and to
file the same, with exhibits thereto and other documents in connection therewith, with the
Commission, hereby ratifying and confirming all that said attorneys-in-fact, or their
substitute or substitutes, may do or cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act, this registration statement has been signed by
the following persons in the capacities and on the date indicated.
Signature
Title
Date
/s/ Clive T. Johnson
Chairman, President, Chief Executive Officer
August 28, 2006
Clive T. Johnson
and Director
(Principal Executive Officer)
/s/ Mark A. Corra
Vice President, Finance
August 28, 2006
Mark A. Corra
(Principal Financial Officer and Accounting
Officer)
/s/ Thomas I.A. Allen
Director
August 21, 2006
Thomas I.A. Allen
/s/ R. Stuart Angus
Director
August 28, 2006
R. Stuart Angus
/s/ Robert M.D. Cross
Director
August 7, 2006
Robert M.D. Cross
/s/ Robert J. Gayton
Director
August 11, 2006
Robert J. Gayton
/s/ Jerry R. Korpan
Director
August 6, 2006
Jerry R. Korpan
/s/ Cole E. McFarland
Director
(Authorized U.S. Representative)
August 4, 2006
Cole E. McFarland
/s/ Eulogio Perez–Cotapos
Director
August 4, 2006
Eulogio Perez-Cotapos
/s/ Barry D. Rayment
Director
August 5, 2006
Barry D. Rayment
II-5
EXHIBIT INDEX
Exhibit Number
Exhibit
4.1
Incentive Stock Option Plan April 18, 1995,
as amended
5.1
Opinion of Gowling Lafleur Henderson LLP
23.1
Consent of PricewaterhouseCoopers LLP
23.2
Consent of Gowling Lafleur Henderson LLP (Included in Exhibit 5.1)
24.1
Power of Attorney (See page II-5 of this registration statement)
II-6