B2Gold Announces Updated and Significantly Increased Mineral Resource Estimate for the Anaconda Area, Located Near the Fekola Mine, Mali
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B2Gold Announces Updated and Significantly Increased Mineral Resource Estimate for the
Anaconda Area, Located Near the Fekola Mine, Mali
Vancouver, June 21, 2023 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold”
or the “Company”) is pleased to announce an updated and significantly increased Mineral Resource estimate
for the Anaconda Area (the “June 2023 Mineral Resource estimate”), comprised of the Menankoto permit, the
Bantako North permit, and the Bakolobi permit, located approximately 20 kilometers (“km”) from the Fekola
Mine. The updated Mineral Resource estimate includes a significant increase in the laterite, saprolite and
saprock (collectively “oxide”) Mineral Resources, and an initial sulphide Indicated Mineral Resource estimate.
Mineral Resource Update Highlights
• Indicated Resources of 2,030,000 gold ounces, a n 80% increase from the March 2022 Mineral
Resource estimate: June 2023 Mineral Resource estimate, constrained within an optimized pit shell
at a gold price of US$1,800 per ounce, includes Indicated Mineral Resources of 57,100,000 tonnes at
1.11 grams per tonne (“g/t”) gold for a total of 2,030,000 ounces of gold.
• Inferred Resources of 2,000,000 gold ounces: June 2023 Mineral Resource estimate, constrained
within an optimized pit shell at a gold price of US$1,800 per ounce, includes In ferred Mineral
Resources of 46,600,000 tonnes at 1.33 g/t gold for a total of 2,000,000 ounces of gold.
• Anaconda Area Oxide Mineral Resources and the Dandoko Oxide Mineral Resources will form
the basis of the engineering study of a Fekola Regional stand -alone mill and oxide processing
facilities: Construction of a stand-alone oxide mill would constitute Phase II of the Fekola Regional
Development Plan. The engineering study will be based on processing 4 million tonnes per annum
(“Mtpa”) of oxide resources. The Company’s optimization study analysis indicates that the combined
Fekola Mine and Fekola Regional processing facilities could have the potential to produce more than
800,000 ounces of gold per year from the Fekola Complex, subject to delineation of additional mineral
resources and development, completion of feasibility studies, and the rec eipt of all necessary
regulatory approvals and permits.
• Improvement in Anaconda Area Sulphide Mineral Resources total tonnes and grade: Inaugural
sulphide Indicated Mineral Resource estimate of 17,400,000 tonnes at 1. 40 g/t gold for a total of
780,000 ounces of gold. Sulphide Inferred Mineral Resource estimate of 37,100,000 tonnes at 1.44 g/t
gold for a total of 1,720,000 ounces of gold. Sulphide Inferred gold grade improved by 15% from the
March 2022 Mineral Resource estimate.
• Continuity of Anaconda Area Oxide Mineral Resources remains strong at higher cut-off grades:
To highlight the potential for mining and trucking of higher-grade oxide ore from the Anaconda Area
to the Fekola mill before potential completion of the Fekola Regional stand -alone mill and oxide
processing facilities, the oxide Indicated Mineral Resource estimate at a 0.6 g/t gold cut -off grade is
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23,500,000 tonnes at 1.37 g/t gold for a total of 1, 040,000 ounces of gold. Oxide Mineral Resources
at Anaconda Area and Dandoko are anticipated to be mined and processed at a lower per tonne unit
cost relative to Fekola sulphide ore due to being located closer to surface (lower strip ratio) , and
cheaper mining and milling costs. Additionally, there is significant synergies between the Fekola Mine
and the Fekola Regional deposits due to the sharing of existing infrastructure at Fekola.
• Ongoing exploration drilling at Mamba, Cobra and Taipan continues to intersect high grade -
width intervals of oxide and sulphide mineralization that remain open to further ex ploration
success: Since the cut-off date for assays for the June 2023 Mineral Resource estimate, the Company
has continued to expand both oxide and sulphide deposits at the Anaconda Area.
Anaconda Area Mineral Resource Estimate
(as at June 15, 2023, reported on a 100% basis; totals may not add to due rounding)
June 2023 Mineral Resource Estimate
March 2022 Mineral Resource Estimate
Category Domain Tonnes Gold Grade
(g/t Au)
Contained
Gold Ounces Tonnes Gold Grade
(g/t Au)
Contained
Gold Ounces
Indicated Oxide 39,700,000 0.98 1,250,000 32,400,000 1.08 1,130,000
Indicated Sulphide 17,400,000 1.40 780,000
Indicated Total 57,100,000 1.11 2,030,000 32,400,000 1.08 1,130,000
June 2023 Mineral Resource Estimate
March 2022 Mineral Resource Estimate
Category Domain Tonnes Gold Grade
(g/t Au)
Contained
Gold Ounces Tonnes Gold Grade
(g/t Au)
Contained
Gold Ounces
Inferred Oxide 9,500,000 0.90 270,000 19,100,000 0.81 500,000
Inferred Sulphide 37,100,000 1.44 1,720,000 44,600,000 1.25 1,790,000
Inferred Total 46,600,000 1.33 2,000,000 63,700,000 1.12 2,280,000
Notes to the Mineral Resource estimates
1. The Qualified Person as defined under National Instrument 43 -101 for the June 2023 Mineral Resource estimate is Andrew Brown, P.Geo.,
B2Gold’s Vice President, Exploration.
2. The Qualified Person as defined under National Instrument 43 -101 for the March 2022 Mineral Resource estimate is Tom Garagan, P.Geo.,
B2Gold’s former Senior Vice President, Exploration
3. Mineral Resources have been classified using the 2014 CIM Definition Standards. Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability.
4. Mineral Resources are reported on a 100% basis. For the Menankoto permit area, B2Gold has an 90% attributable interest; under the applicable
Malian mining legislation, the State of Mali has a 10% free -carried interest with an option to acquire an additional 10% participating interest.
For the Bantako North permit area, B2Gold has an 90% attributable interest; under the applicable Malian mining legislation, the State of Mali
has a 10% free-carried interest with an option to acquire an additional 10% participating interest. For the Bakolobi permit area, B2Gold has an
90% attributable interest; under th e applicable Malian mining legislation, the State of Mali has a 10% free -carried interest with an option to
acquire an additional 10% participating interest.
5. June 2023 Mineral Resource estimates for the Anaconda Area assume an open pit mining method. Pit s hells were run using a gold price of
US$1,800/oz, metallurgical recovery of 94.1%, selling cost of US$161.93/ounce produced which includes royalties, operating cost estimates of
US$1.80-US$2.30/t mined (mining at surface) plus a sinking rate of US$0.0 26/7.5 m depth, US$8. 29-US$13.91/t processed (processing),
US$4.00/t processed (hauling) and US$4.50/t processed (general and administrative).
6. June 2023 Mineral Resource estimates are reported at a cut-off of 0.3 g/t gold for oxide material and a cutoff of 0.5 g/t gold for sulphide material.
7. All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differe nces between
tonnes, grade, and contained metal content.
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Resource Model Methodology
The updated Anaconda Area Mineral Resource models were prepared in-house by B2Gold personnel. Drilling
completed in support of the June 2023 Mineral Resource estimate includes 568 diamond drill holes (135,53 9
meters (“m”)), 2,387 reverse circulation holes (287,770 m) and 3,714 aircore holes (156,625 m) for a total of
6,669 drill holes (579,933 m).
Mineralization and weathering domains were modeled in three-dimensions with mineralization domains used
to control estimation of gold grades. Oxide mineralization was modeled using logged weathering and lithology
codes. Mineralization within the weathered profile is interpreted as an extension to underlying sulphide
mineralization. The main controls on sulphide mineralization are west-dipping shear zones with an underlying
lithological and alteration component.
Assays were capped by mineralization domain, with capping ranging from 1.0 g/t to 12.0 g/t gold in the low
grade zones, 2.0 g/t to 17.0 g/t gold in the medium grade zones and 6.0 g/t to 35.0 g/t gold in the high grade
zones. Gold grades were capped prior to compositing to 2 m. Grades were estimated into the block models
using Ordinary Kriging and Inverse Distance Squared with searches dynamically controlled along main
mineralization zone directions.
Approximately 25,538 bulk density measurements were made at site on drill core samples using the
Archimedes water-displacement method. Nominal drill hole spacing for oxide Indicated Mineral Resources is
aircore, or reverse circulation drilling at 40 x 40 m supplemented by reverse circulation or core drilling at 80 x
80 m, and for Inferred Mineral Resources drill hole spacing is nominally 80 x 80 m.
2023 Mali Exploration Drilling Program
In 2023, B2Gold is conducting a $35 million exploration program at the Fekola Complex, comprised of the
Fekola Mine and the adjacent Cardinal Zone on the Medinandi permit, the Anaconda Area (Bantako North ,
Menankoto, and Bakolobi), and the Dandoko permit. The initial focus of the 178,000 m drill program has been
the Anaconda Area, which include s the Mamba, Adder, Anaconda, Cascabel, Boomslang, Taipan and Cobra
zones.
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Figure 1. Fekola Complex Overview.
2023 Anaconda Area Exploration Drilling Program
Mamba Zone (Bantako North and Menankoto permits)
As a significant contributor to the Anaconda Area June 2023 Mineral Resource estimate, the Mamba Zone
continues to be the subject of a focused campaign of infill drilling . Approximately 30,000 m of drilling have
been completed on Mamba to date in 2023. Current drilling is targeting the upgrade of sulphide Inferred Mineral
Resources beneath the portion of the Mamba pit scheduled for the earliest phase of oxide mining. Concurrent
sulphide exploration drilling is ongoing and continues to return high grade-width intersections. Hole MSD_288
returned 1.73 g/t gold over 21.17 m, from 559.10 m, and 5.53 g/t gold over 12.20 m, from 663.90 m , and is
over 300 m down plunge from MSD_241 (8.60 g/t gold over 46.0 m) which was one of the highest gram-meter
intercepts drilled to date in the Anaconda Area . With the recent oxide infill program complete, most of the
recent drilling has been directed at sulphide targets, though several significant intervals of oxide mineralization
have been recently intersected. Mineralization remains open at depth along this shallowly plunging zone.
Selected sulphide and oxide highlights from recent assays at Mamba received after the June 2023 Mineral
Resource estimate cut-off date are presented in the following table.
Table 1. Mamba Drilling Assays Post June 2023 Mineral Resource Estimate.
HoleID From To Meters Gold (g/t) Domain
BND_157 171.66 177.3 5.64 7.42 Sulphide
BND_159 335.3 345.7 10.4 3.48 Sulphide
Incl 336.2 345.7 9.5 3.73 Sulphide
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BND_162 94.8 100.0 5.2 4.10 Sulphide
and 127.25 131.0 3.75 5.90 Sulphide
and 279.04 287.22 8.18 4.42 Sulphide
and 305.30 332.78 27.48 1.20 Sulphide
MSD_288 559.10 580.27 21.17 1.73 Sulphide
and 663.9 676.1 12.2 5.53 Sulphide
MSR_1274 54.0 61.0 7.0 3.28 Oxide
MSR_1276 107.0 136.0 29.0 1.20 Oxide
MSR_1278 56.0 66.0 10.0 3.23 Oxide
MSR_1280 95.0 109.0 14.0 1.48 Oxide
Note: Sulphide composites above 0.6 g/t gold cutoff, applying a maximum internal dilution of 5 m. Higher grade including intervals are
reported above a cutoff of 1.0 g/t gold, applying a maximum internal dilution of 3 m. Oxide composites are reported above a 0.2 g/t
gold cutoff, applying a maximum internal dilution of 3 m. Results are uncapped. True width not known at this time.
Cobra and Taipan Zones (Menankoto and Bakolobi permits)
The Cobra Zone has been a significant contributor to the total oxide Mineral Resource estimate in the Anaconda
Area and continues to generate significant intervals of both oxide- and sulphide-hosted mineralization.
The southernmost portion of Cobra comprises a separate geological structure, which is currently being explored
as the Taipan Zone. Recent drilling on the Cobra and Taipan zones have returned encouraging intervals of
oxide and sulphide mineralization, with Taipan also returning particularly strong sulphide intercepts.
Selected sulphide and oxide highlights from recent assays at Cobra and Taipan received after the June 2023
Mineral Resource estimate cut-off date are presented in the following table.
Table 2. Cobra and Taipan Drilling Assays Post June 2023 Mineral Resource Estimate.
Target HoleID From To Meters Gold (g/t) Domain
Cobra MSD_290 35.2 47.9 12.7 2.98 Oxide
Taipan BKD_002 7.4 21.5 14.1 1.73 Oxide
Taipan BKD_003 15.4 22.1 6.7 7.05 Oxide
Taipan BKD_009 84.66 91.00 6.34 4.21 Sulphide
Taipan Incl 72.36 84.10 11.74 7.45 Sulphide
Note: Sulphide composites above 0.6 g/t gold cutoff, applying a maximum internal dilution of 5 m. Higher grade including intervals are
reported above a cutoff of 1.0 g/t gold, applying a maximum internal dilution of 3 m. Oxide composites are reported above a 0.2 g/t
gold cutoff, applying a maximum internal dilution of 3 m. Results are uncapped. True width not known at this time.
Fekola Regional Development Update
For 2023, the Company has budgeted a total of $63 million for Fekola Regional development. The construction
mobile equipment fleet is now in operation, and construction of the haul roads and mining infrastructure
(warehouse, workshop, fuel depot, and offices) is on schedule to support saprolite production from the Bantako
North permit area as early as the third quarter of 2023.
Based on B2Gold's preliminary planning, the Anaconda Area could provide selective higher grade saprolite
material (average annual grade of up to 2.2 g/t gold) to be trucked approximately 20 km and fed into the Fekola
mill at a rate of up to 1.5 Mtpa. Trucking of selective higher grade saprolite material from the Anaconda Area
to the Fekola mill will increase the ore processed a nd has the potential to generate approximately 80,000 to
100,000 ounces of initial gold production per year from Fekola Regional sources (Fekola Regional Phase I).
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Initial saprolite production from the Bantako North permit is expected to contribute approxi mately 18,000
ounces of gold in 2023, with Fekola Regional production levels continuing to progress through 2024.
Preliminary results of a Fekola Complex optimization study indicate that there is a significant opportunity to
increase gold production and resource utilization with the addition of oxide processing capacity. The Company
is progressing an engineering study of a Fekola Regional stand -alone mill and oxide processing facilities
(expected to be located on the Anaconda Area). Construction of a stand-alone oxide mill would constitute Phase
II of the Fekola Regional Development Plan. The engineering study will be based on processing 4 Mtpa of
oxide resources. Results of the study are expected in the fourth quarter of 2023. In addition, Fekola Complex
optimization work continues to maximize project value from all the various oxide and sulphide material sources
including the Fekola Pit, Fekola Underground, Cardinal Pit, and the Bantako North, Menankoto, Bakolobi and
Dandoko permits. The Company’s concept ual analysis indicates that the combined Fekola Mine and Fekola
Regional processing facilities could have the potential to produce more than 800,000 ounces of gold per year
from the Fekola Complex, subject to delineation of additional mineral resources and development, completion
of feasibility studies, and the receipt of all necessary regulatory approvals and permits.
QA/QC on Sample Collection and Assaying
The primary assay laboratory for Bantako North and Menankoto exploration samples is SGS Laboratories in
Bamako, Mali. The Fekola Mine laboratory and Bureau Veritas laboratories in Abidjan, Cote d’Ivoire have
served as alternate laboratories. At each laboratory samples are prepared and analyzed using 50-gram fire assay
with atomic absorption and/or gravimetric finish. Umpire assaying of exploration samples is conducted on a
quarterly basis. SGS Bamako is accredited under ISO17025 and is an independent laboratory. The Fekola Mine
laboratory currently holds no accreditations and is not independent of B2Gold. Bureau Veritas Abidjan
laboratory is independent of B2Gold and is operating to the guidelines of ISO9001 and ISO17025 protocols in
accordance with procedures specified within the Bureau Veritas group.
Quality assurance and quality control procedures include the systematic insertion of blanks, standards and
duplicates in the sample sequence. The results of the control samples are evaluated on a regular basis with
partial batches re -analyzed and/or resubmitted on exploration samples, as needed. All results stated in this
announcement have been accepted according to B2Gold’s quality assurance and quality control protocols.
Qualified Persons
Andrew Brown, Vice President of Exploration at B2Gold, a qualified person under National Instrument 43 -
101, has reviewed and approved the scientific information related to exploration and mineral resource
matters contained in this news release.
Bill Lytle, Senior Vice President and Chief Operating Officer, a qualified person under N ational Instrument
43-101, has reviewed and approved the scientific and technical information related to operations matters
contained in this news release.
About B2Gold Corp.
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007,
today, B2Gold has operating gold mines in Mali, Namibia and the Philippines and numerous exploration and
development projects in various countries including Canada, Mali, Colombia, Finland and Uzbekistan. B2Gold
forecasts total consolidated gold production of between 1,000,000 and 1,080,000 ounces in 2023.
ON BEHALF OF B2GOLD CORP.
“Clive T. Johnson”
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President & Chief Executive Officer
For more information on B2Gold please visit the Company website at www.b2gold.com or contact:
Michael McDonald Cherry DeGeer
VP, Investor Relations & Corporate Development Director, Corporate Communications
+1 604-681-8371 +1 604-681-8371
[email protected] [email protected]
The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information
contained in this news release.
Production results and production guidance presented in this news release reflect total production at the mines B2Gold
operates on a 100% project basis. Please see our Annual Information Form dated March 16, 2023 for a discussion of our
ownership interest in the mines B2Gold operates.
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; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated
financial and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining
and non -sustaining) and operating costs, including projected cash operating costs and AISC, and budgets on a
consolidated and mine by mine basis; future or estimated mine life, metal price assumptions, ore grades or sources, gold
recovery rates, stripping ratios, throughput, ore processing; statements regarding anticipated exploration, drilling,
development, construction, permitting and other activities or achievements of B2Gold; and including, without limitation:
projected g old production, cash operating costs and AISC on a consolidated and mine by mine basis in 2023, total
consolidated gold production of between 1,000,000 and 1,080,000 ounces in 2023; the potential for Fekola Regional
(Anaconda Area) to provide saprolite mat erial to feed the Fekola mill starting in the third quarter of 2023; initial
production from the Bantako North permit area contributing 18,000 ounces in 2023 and ramping up in 2024; the timing
and results of a study for the Fekola Regional (Anaconda Area) t o review the project economics of a stand -alone oxide
mill; the potential for the Fekola complex to produce 800,000 ounces of gold per year; the potential payment of future
dividends, including the timing and amount of any such dividends, and the expectati on that quarterly dividends will be
maintained at the same level; and B2Gold's attributable share of Calibre’s production. 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", "estima te", "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 associated with or related to: the volatility of metal prices and B2Gold's common shares;
changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve
and resource estimates; not achieving production, cost or other estimates; actual production, development plans and costs
differing materially from the estimates in B2Gold's feasibility and other studies; the ability to obtain and maintain any
necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and
compliance with complex regulations associated with mining activities; climate change and climate change regulations;
the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies
acquired by B2Gold; the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability
of financing; financing and debt activities, including potential restrictions imposed on B2Gold's operations as a result
thereof and the ability to generate sufficient cash flows; operations in foreign and developing countries and the compliance
with foreign laws, including those associated with operations in Mali, Namibia, the Philippines and Colombia and
including risks related to changes in foreign law s and changing policies related to mining and local ownership
requirements or resource nationalization generally; 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, supplies and labour; regulatory, political and country risks, including local instability
or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; the
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lack of sole decision -making authority related to Filminera Resources Corporation, which owns the Masbate Project;
challenges to title or surface rights; the dependence on key personnel and the 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; community support for B2Gold's operations, including risks related to strikes and the halting of
such operations from time to time; conflicts with small scale miners; failures of information systems or information
security threats; the ability to maintain adequate internal controls over financial reporting as required by law, including
Section 404 of the Sarbanes-Oxley Act; compliance with anti -corruption laws, and sanctions or other similar measures;
social media and B2Gold's reputation; risks affecting Calibre having an impact on the value of the Company's investment
in Calibre, and potential dilution of our equity interest in Calibre; 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, B2Gold's current Form
40-F Annual Report and B2Gold's other filings with Canadian securities regulators and the U.S. Securities 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 B2Gold's forward-looking statements.
B2Gold'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 B2Gold's ability to carry on current and future
operations, including: development and exploration activities; the timing, extent, duration and economic viability of such
operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates,
projections, forecasts, studies and assessments; B2Gold's ability to meet or achieve estimates, projections and forecasts;
the availability and c ost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation
levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability
to obtain timely financing on re asonable terms when required; the current and future social, economic and political
conditions; and other assumptions and factors generally associated with the mining industry. B2Gold's forward -looking
statements are based on the opinions and estimates of management and reflect their current expectations regarding future
events and operating performance and speak only as of the date hereof. B2Gold 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. There can be no assurance that forward-looking statements will prove to be accurate, and
actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-
looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements
will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. For the reasons set
forth above, undue reliance should not be placed on forward-looking statements.
Non-IFRS Measures This news release includes certain terms or performance measures commonly used in the mining
industry that are not defined under International Financial Reporting Standards ("IFRS"), including "cash operating
costs", "all -in sustaining costs" (or "AISC"), and “cash flow provided by operating activities before working capital
adjustments”. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may
not be comparable to similar measures employed by other companies. The data presented is intended to provide additional
information and should not be considered in isolation or as a substitute for m easures of performance prepared in
accordance with IFRS and should be read in conjunction with B2Gold's consolidated financial statements. Readers should
refer to B2Gold's Management Discussion and Analysis, available on the Websites, under the heading "No n-IFRS
Measures" for a more detailed discussion of how B2Gold calculates certain of such measures and a reconciliation of
certain measures to IFRS terms.
Cautionary Statement Regarding Mineral Reserve and Resource Estimates
The disclosure in this news release was prepared in accordance with Canadian National Instrument 43-101, which differs
significantly from the requirements of the United States Securities and Exchange Commission ("SEC"), and resource and
reserve information contained or referenced in this news release may not be comparable to similar information disclosed
by public companies subject to the technical disclosure requirements of the SEC. Historical results or feasibility models
presented herein are not guarantees or expectations of future performance..