B2Gold Announces Positive Initial Open-pit Resource at the Newly-discovered El Limon Central Zone, Nicaragua
News Release
B2Gold Announces Positive Initial Open-pit Resource at the Newly-discovered
El Limon Central Zone, Nicaragua
Vancouver, February 23, 2018 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold”
or the “Company”) announces a positive initial open-pit resource at the newly-discovered El Limon Central zone,
at the El Limon property in Nicaragua, of 5,130,000 t onnes at a grade of 4.92 grams per tonne (“g/t”) of gold
containing 812,000 ounces of gold (refer to table below). This large, good grade new zone has the potential to
decrease the El Limon Mine’s cash operating costs and all-in sustaining costs per ounce, dramatically increase the
El Limon mine life, and could lead to an expansion of the El Limon mill to a higher throughput rate which could
potentially double annual gold production.
The El Limon Central zone, at its closest location, is approximately 150 metres from the El Limon mill facility,
extending southeast and northwest, adjacent to existing plan t and administrative infrastructure. Historical records
indicate that parts of the Central zone had been mined underground in past decades. B2Gold’s recent exploration
work indicates the underground mining was much more limited than previously thought.
The El Limon central vein structure has been drill tested along a 2.2-kilometre strike length so far, and remains
open to depth and along strike, and will be further drill tested during 2018. This structure has experienced some
limited historic mining along its length. Further north, the structure extends along strike and this area is being drill
tested at present.
Highlighted results within the pit include 19.70 metres at 24.24 g/t gold (LIM-17-4119), 24.80 metres at 11.65 g/t
gold (LIM-17-4112), 5.66 metres at 64.76 g/t gold (LIM -16-3984) and 15.70 metres at 20.04 g/t gold (LIM-17-
4069).
Below, and beyond, the resource pit limits to the north, drill highlights include 2.0 metres at 13.43 g/t gold (LIM-
17-4184) and 20.35 metres at 3.0 g/t gold, including 4.1 metres at 6.85 g/t gold (LIM-17-4198). All widths noted
are true widths.
The Mineral Resource estimate was prepared in-house at B2Gold. A total of 248 drill holes (35,871 metres of
drilling) were used in the gold grade estimate with mo re than 75% of the drill meterage (28,078 metres) coming
from diamond drilling, completed by B2Gold. The remainde r of the drilling was completed by previous owners
during the late 1990s through early 2000s.
Inferred Mineral Resources reported at different gold cutoff grades are presentated as a sensitivity case
Cutoff Grade
g/t gold
Tonnes
Grade
g/t gold
Ounces1
0.8 5,560,000 4.62 825,000
1.0 5,330,000 4.78 819,000
1.2 5,130,000 4.92 812,000
1.4 4,950,000 5.05 804,000
1.Mineral Resources are reported in accord ance with NI 43-101 and the 2014 Canadian Ins titute of Mining, Metallurgy and Petrole um “Definition
Standards for Mineral Resources and Mineral Reserves” (CIM Definit ion Standards). Mineral Resources that are not Mineral Reserv es do not have
demonstrated economic viability
Inferred Mineral Resources are amenable to open-pit mini ng methods and are reported within a pit shell run using
a gold price of US$1,400/oz., an average gold recovery of 83.8% (based on preliminary metallurgical testwork),
and recent EL Limon Mine cash operating costs.
The 2017 El Limon budget was increased to USD$7.00 million and included over 30,000 metres of drilling in 157
holes with a focus on the El Limon vein. The 2018 El Limon budget is USD$7.00 million and will include 24,900
metres in 132 holes, again, with a focus on the El Limon vein.
B2Gold is currently conducting add itional metallurgical testing on the El Limon Central ore and a study to
evaluate the potential to expand the El Limon throughput to significantly increase annual gold production and
reduce cash operating costs. The study is expected by mid-2018.
El Limon Tailings Project Update
In 2017, an initial study was completed regarding the pot ential re-processing of the old tailings at the El Limon
Mine. Based on historic mill and drilling records, the taili ngs contain an estimated 9 million to 11 million tonnes
with a potential gold grade of 0.80 g/t to 1.0 g/t. An o ngoing drilling program is underway as part of a feasibility
study which will confirm resources and grades, the optimum grind size, capital costs and final project economics.
Based on the initial study completed in 2017, the Company believes that the project has the potential to produce
an average of approximately 20,000 to 25,000 ounces of gold and 70,000 to 80,000 ounces of silver per year for
approximately 9 to 11 years. The concep t is to regrind the old tailings to a much finer grind size, process them
through a new CIP plant and place the tailings in a new lin ed tailings storage facility. The potential quantity and
grade included in the initial study is conceptual in nature , and there has been insufficient exploration to date to
define a Mineral Resource, and it is unc ertain if further exploration will result in the target being delineated as a
Mineral Resource.
The El Limon Mine has produced over 3 million ounces of gold since 1941, principally from the veins of El
Limon, Talavera and Santa Pancha, the current focus of production. B2Gold purchased the mine in 2009, with the
acquisition of Central Sun Mining, and the 19,200-hectare El Limon Mine is 95% B2Gold and 5% IMISA. The
2018 production forecast is between 55,000 to 60,000 ounces of gold.
B2Gold’s Quality Assurance/Quality Control
The primary laboratory for El Limon drilling program is Bureau Veritas Minerals in Vancouver, Canada. Core
samples are prepared at El Limon preparation facility with the pulp sent to Vancouver and analysed using 30g fire
assay with atomic absorption finish as well as multi-ele ment ICP-MS analyses. SGS Laboratories in Medellin,
Colombia, is the umpire laboratory.
Quality assurance and quality control procedures include the systematic insertion of blanks, standards and
duplicates into the core sample strings. The results of th e control samples are evaluated on a regular basis with
batches re-analysed and/or resubmitted as needed. All results stated in this announcement have passed B2Gold's
quality assurance and quality control ("QA/QC") protocols.
Tom Garagan, Senior Vice President of Exploration, is the Qualified Person as defined under National Instrument
43-101, who has reviewed and approved the contents of this news release.
About B2Gold
Headquartered in Vancouver, Canada, B2Gold Corp. is the world’s new senior gold producer. Founded in 2007,
today, B2Gold has five operating gold mines and numer ous exploration and development projects in various
countries including Nicaragua, the Philippines, Namibia, Mali, Burkina Faso, Colombia and Finland. With the
large, low-cost Fekola Mine now in production, B2Gold is well positioned in achievi ng transformational growth
in 2018. In 2018, with the planned first full year of production from the Fekola Mine, consolidated gold
production is forecast to be betw een 910,000 and 950,000 ounces. This represents an increase in annual
consolidated gold production of approximately 300,000 ounces for the Company in 2018 versus 2017.
ON BEHALF OF B2GOLD CORP.
“Clive T. Johnson”
President and Chief Executive Officer
For more information on B2Gold please visit the Company website at www.b2gold.com or contact:
Ian MacLean Katie Bromley
Vice President, Investor Relations Mana ger, Investor Relations & Public Relations
604-681-8371 604-681-8371
[email protected] [email protected]
The Toronto Stock Exchange and the NYSE American LLC neither approve nor disapprove the information contained in this
news release.
This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-
looking statements”) within the meaning of applicable Canadian and United States securities legislation, including
projections, guidance, forecasts, estimates and other statem ents regarding future financial and operational performance,
events, production, mine life, revenue, cash flows, costs and the results of exploration, including, the potential for large, good
grade new zone to decrease El Limon’s cash operating costs, to increase its mine life by several years and to expand its mill
to a higher throughput rate to potentially double annual gold production; timing of further drill testing; the results of an
initial study completed in 2017 and the potential to produce an average of approximately 20,000 to 25,000 ounces of gold
and 70,000 to 80,000 ounces of silver per year for approximately 9 to11 years; 2018 production forecast of 55,000 to 60,000
ounces of gold; achievement of growth in 2018 and the consolidated forecasted gold production of between 910,000 and
950,000 ounces. Estimates of mineral resources and reserves, including the new inferred mineral resource estimate at El
Limon, are also forward-looking statements because they constitute projections regarding the amount of minerals that may
be encountered in the future and/or the anticipated economics of production, should a production decision be made. All
statements in this news release that address events or developments that we expect to occur in the future are forward-looking
statements. Forward-looking statements are statements that are not historical facts and are generally, although not always,
identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”,
“budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or
conditions “will”, “would”, “may”, “could”, “should” or “might ” occur. All such forward-looking statements are based on
the opinions and estimates of management as of the date such statements are made. Forward-looking statements necessarily
involve assumptions, risks and uncertainties, certain of which are beyond B2Gold’s control, including risks and assumptions
associated with the volatility of metal prices and our common shares; risks and dangers inherent in exploration, development
and mining activities; uncertainty of reserve and resource es timates; risk of not achieving production, cost or other
estimates; risk that actual production, development plans and costs differ materially from the estimates in our feasibility
studies; risks related to hedging activities and ore purchase commitments; the ability to obtain and maintain any necessary
permits, consents or authorizations required for mining activ ities; uncertainty about the outcome of negotiations with the
Government of Mali; risks related to environmental regula tions or hazards and compliance with complex regulations
associated with mining activities; the ability to replace mi neral reserves and identify acquisition opportunities; unknown
liabilities of companies acquired by B2Go ld; ability to successfully integrate ne w acquisitions; fluctu ations in exchange
rates; availability of financing; risks re lating to financing and debt; risks relate d to operations in foreign and developing
countries and compliance with foreign laws; risks related to remote operations and the availability of adequate
infrastructure, fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or
cost increases in necessary equipment, su pplies and labour; regulatory, political and country risks; risks related to reliance
upon contractors, third parties and joint venture partners; challenges to title or surface rights; dependence on key personnel
and ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather
conditions; litigation risk; competition with other mining companies; changes in tax laws; community support for our
operations including risks related to strikes and the halting of su ch operations from time to tim e; risks related to failures o f
information systems or information security threats; ability to maintain adequate internal control over financial reporting as
required by law; risks relating to compliance with anti-corruption laws; as well as other factors identified and as described
in more detail under the heading “Risk Factors” in B2Gold’s most recent Annual Information Form and B2Gold’s other
filings with Canadian securities regulators and the U.S. S ecurities and Exchange Commission (the “SEC”), which may be
viewed at www.sedar.com and www.sec.gov, respectively (the “Websites”). The list is not exhaustive of the factors that may
affect the Company’s forward-looking statements. There can be no assurance that such statements will prove to be accurate,
and actual results, perf ormance or achievements could differ materially from those expressed in, or implied by, these
forward-looking statements. Accordingly, no assurance can be given that any even ts anticipated by the forward-looking
statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. The
Company’s forward-looking statements reflect current expectations regarding future events and operating performance and
speak only as of the date hereof and the Company does not assume any obligation to update forward-looking statements if
circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law.
The Company’s forward-looking statements are based on the applicable assumptions and factors management considers
reasonable as of the date hereof, based on the information available to management at such time. These assumptions and
factors include, but are not limited to, assumptions and factors related to the Company's ability to carry on current and
future operations, including development an d exploration activities; the timing, exten t, duration and eco nomic viability of
such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates,
projections, forecasts, studies and asse ssments; the Company’s ab ility to meet or achieve es timates, projections and
forecasts; the availability and cost of inputs; the price and market for outputs, including gold; the timely receipt of necessary
approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable
terms when required; the current and future social, economic and political conditions and other assumptions and factors
generally associated with the mining industry. For the reasons set forth above, undue reliance should not be placed on
forward-looking statements. Production results and the Compan y’s guidance presented in this news release reflect total
production at the mines the Company operates on a 100% basis.
Cautionary Note to United States Investors
The disclosure in this news release and in the documents described in this news release regarding mineral properties was
prepared in accordance with Canadian National Instrument 43-101 (“NI 43-101”), which differs significantly from the
requirements of the SEC set out in Industry Guide 7. Accord ingly, such disclosure may not be comparable to similar
information made public by companies that report in accordance with U.S. standards.
The Company has prepared its public disclosures in accord ance with Canadian securities laws, which differ in certain
respects from U.S. securities laws. In particular, this news release refers to “mineral res ources” and “inferred mineral
resources”. While these categories of mineralization are reco gnized and required by Canadian securities laws, they are not
recognized by the SEC and are not normally permitted to be disclosed in SEC filings by U.S. companies. U.S. investors are
cautioned not to assume that any part of a “mineral resource” or “inferred mineral resource” will ever be converted into a
“reserve.” In addition, “reserves” reported by the Company und er Canadian standards may not qualify as reserves under
SEC standards. Under SEC standards, mineralization may not be classified as a “reserve” unless the mineralization can be
economically and legally extracted or produced at the time th e “reserve” determination is ma de. Accordingly, information
contained or referenced in this news release containing de scriptions of the Company’s mineral deposits may not be
compatible to similar information made public by U.S. companies subject to the reporting and disclosure requirements of
U.S. federal securities laws, rules and re gulations. “Inferred mineral resources” have a great amount of uncertainty as to
their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of
an inferred mineral resource will ever be upgraded to a higher ca tegory. Historical results or feasibility models presented
herein are not guarantees or expectations of future performance.