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 tonnes, 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, where it will be 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 at $244.2-million.

Duration
Construction started in January 2013 and will continue into the fourth quarter of 2014. It is expected that gold will be produced during the fourth quarter of 2014, with a ramp-up to full production in early 2015.

Latest Developments
B2Gold has announced an initial inferred resource estimate for the recently discovered Wolfshag zone at the Otjikoto gold project of 6.8-million tonnes at 3.2 g/t of gold, containing 703 000 oz of gold.

The Wolfshag zone occurs directly adjacent to the east and north-east portion of the planned Otjikoto deposit openpit, which has an average grade of 1.42 g/t gold.

The initial high-grade inferred resource estimate for the Wolfshag zone indicates the potential for future expansion of gold production and/or increase in the mine life of the Otjikoto gold project.

Based on the positive drill results from the Wolfshag zone to date, the B2Gold plans to expand the Otjikoto mine in 2015, increasing ore throughput from 2.5-million tonnes a year to 3-million tonnes a year.

The increased throughput will be achieved through the installation of a pebble crusher, additional leach tanks and mining equipment at a cost of about $15-million. Once the expansion is completed at the end of 2015, yearly gold production from the main Otjikoto pit alone will increase to about 170 000 oz.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
The Otjikoto mine construction is on budget and on schedule to start production in the fourth quarter of 2014.

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.