Name and Location
Otjikoto gold project, Namibia.

Client
B2Gold.

Project Description
A feasibility study on the Otjikoto project, located about 300 km north of Windhoek, Namibia’s capital, has demonstrated the robust economics of the project.

The mine plan is based on probable mineral reserves of 29.4-million tons, grading
1.42 g/t for 1.341-million ounces of gold at a stripping ratio of 5.59:1 to be mined over an initial 12-year period.

Average yearly production for the first five years is estimated at 141 000 oz/y of gold.

The gold project will be developed as an openpit mine, with run-of-mine ore trucked to the plant, crushed and then treated in a grinding circuit using conventional semiautogenous grinding and ball mills, and a carbon-in-leach recovery process.

Value
The total preproduction capital costs are estimated to be $244.2-million.

Duration
Construction has started and is scheduled for completion in the fourth quarter of 2014, when mill production will begin.

Latest Developments
All necessary government permits and licences have been received.

An aggressive exploration drilling programme continues on the success of the high-grade Wolfshag zone, which was discovered in late 2012 and is adjacent to the planned Otjikoto pit. These positive results indicate significant exploration upside and the potential to outline additional resources, which could lead to the expansion of throughput capacity and an increase in average yearly gold production.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
B2Gold VP investor relations, Ian MacLean, tel +1 604 681 8371, fax +1 604 681 6209 or email investor@b2gold.com.