Name of the Project
El Limon gold mine expansion.

Location
Nicaragua.

Client
B2Gold Corporation.

Project Description
Metallurgical test results indicate that the existing El Limon plant could be expanded from 485 000 t/y to 600 000 t/y by upgrading the crushing system, adding a pebble crusher in the semiautogenous grinding mill, adding a new thickener, and upgrading the cyclones and leach circuit. The finer grind will be achieved by adding a third stage of grinding to the milling circuit. The fine grind capability will also allow for the retreatment of old tailings at the end of the mine life with only minor plant modifications.

Further, results indicate that there will be a significant improvement in recovery for El Limon Central pit ore and also an improvement for the Santa Pancha recoveries at finer grind sizes.

The El Limon Central zone has a mineral resource of 5.13-million tonnes at a grade of 4.92 g/t, containing 812 000 oz of gold. Combined with the inferred mineral resources from underground, the study focused on about six-million tonnes at a grade of 4.3 g/t gold, containing about 829 000 oz of gold.

The mine life is expected to be extended over ten years, and by a further 11 years by processing historic mine tailings.

Projected total gold production is estimated at 750 000 oz of gold over ten years of mining and 985 000 oz of gold over 21 years.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an estimated after-tax net present value, at a 5% discount rate, of more than $135-million and an internal rate of return of about 28%.

Value
The project has an estimated expansion capital cost of $35-million over a period of about 16 months for plant upgrades and expansion.

Duration
Not stated.

Latest Developments
None stated.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
B2Gold Corporation manager, investor relations and public relations Katie Bromley, tel +1604681 8371 or email investor@b2gold.com.