BAU Bema Npv

RNS Number:8744B
Bema Gold Corporation
11 August 2004



                               Joint News Release
      Victoria Announces CDN$4,000,000 Million Private Placement with Bema

Vancouver, August 11, 2004 - Victoria Resource Corporation (TSX-V: VIT) is
pleased to announce that the company has agreed, subject to regulatory approval,
to a non brokered private placement offering with majority shareholder Bema Gold
Corporation (TSX / AMEX: BGO, AIM: BAU) for 2,424,242 million units priced at
$1.65 per unit for proceeds of $4,000,000 million. The units are priced at a 18%
premium to the ten day average closing price (July 27, 2004- August 10, 2004) of
the shares of Victoria and will be comprised of one common share and one half
share purchase warrant. Each whole warrant will be exercisable to acquire an
additional share at a price of $2.25 for a two year period.

Bema previously held 30% of Victoria's issued and outstanding share capital. The
2,424,242 million units together with Bema's prior shareholdings will result in
Bema owning a total of 14,542,599 common shares representing 33% of Victoria's
issued and outstanding common shares.

Victoria will use the proceeds from this private placement for drilling on the
Mill Canyon property in Nevada and general corporate purposes. Mill Canyon is a
gold and silver exploration property located in the Cortez Mountains of North
Central Nevada on the Battle Mountain Gold Belt. The property is adjacent to the
old Cortez and Horse Canyon Mines and 1.6 kilometres east of Placer Dome's
Cortez Hills gold discovery.

Drilling to date has identified two target areas at Mill Canyon, the Open Cut
zone and the RJR zone. The RJR zone was recently discovered through initial deep
drilling of a large, decalcified area associated with a structural intersection
system mapped in late 2003. The system is 820 metres south east of the similarly
structured, Open Cut zone, which was the focus of initial Mill Canyon drilling
that yielded several high grade gold intercepts (please refer to press release
dated February 26, 2004). Hole OC-36 at the RJR zone intersected a 355 metre
wide intense alteration and mineralized zone which contained a high grade gold
intercept of 10.4 grams per tonne gold over 24.9 metres (for full results please
refer to news release dated June 30, 2004).

Victoria has completed a follow up hole to OC-36 called RJR-1 in which several
anomalous low grade gold zones were found to occur for 249 metres within the
hole. RJR-1 intersected a wide calcite halo zone above the mineralized zone
encountered in OC-36. Victoria is planning subsequent holes based on the
geometry of the structural systems obtained from down-hole measurements in both
holes. These measurements confirm north to south striking, steeply southwest
dipping tabular structural zones throughout the RJR mineralized zone. Drilling
continues at Mill Canyon with two diamond drill rigs, one to test the Open Cut
zone at depth, and the second to further explore the RJR zone.

Drill core is logged, photographed and cut in half with a diamond saw on site.
One half of the HQ diameter core is shipped to BSI-Inspectorate Laboratory in
Reno, Nevada. Analysis by BSI Labs includes gold fire assay with atomic
absorption (AA) and gold fire assay with gravimetric analysis on all samples
grading greater than 3.0 grams per tonne gold. Victoria uses certified control
standards, duplicates and coarse field blanks inserted into the sample stream to
the lab to monitor lab performance. The qualified person under National
Instrument 43-101 is Tom Garagan, P.Geo.

For further information on Victoria or Bema please email investor@bemagold.com
or visit our website at www.bema.com or www.victoriaresource.com. To speak to a
representative of the Company please contact:

Ian MacLean                                      Derek Iwanaka
Manager, Investor Relations                      Investor Relations
(604) 681-8371                                   (604) 681-8371

The Toronto Stock Exchange neither approves nor disapproves the information
contained in this News Release.
The TSX Venture Exchange neither approves nor disapproves the information
contained in this News Release.

Some of the statements contained in this release are forward-looking statements,
such as estimates and statements that describe the Company's future plans,
objectives or goals, including words to the effect that the Company or
management expects a stated condition or result to occur. Since forward-looking
statements address future events and conditions, by their very nature, they
involve inherent risks and uncertainties. Actual results in each case could
differ materially from those currently anticipated in such statements.



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

END
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