VANCOUVER, April 17, 2019
/CNW/ - B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG,
NSX: B2G) ("B2Gold" or the "Company") is pleased to announce its
gold production and gold revenue for the first quarter of 2019. All
dollar figures are in United
States dollars unless otherwise indicated.
2019 First Quarter Highlights
- Consolidated gold production of 230,859 ounces, 6% (12,704
ounces) above budget
- Consolidated gold revenue of $302
million on sales of 232,076 ounces (6% or 13,564 ounces
above budget)
- On March 26, 2019, the Company
announced very positive results from the Expansion Study
Preliminary Economic Assessment for the Fekola Mine, including
significant estimated increases in average annual gold production
to over 550,000 ounces per year during the five-year period
2020-2024, and is proceeding with an expansion project to increase
Fekola's processing throughput by 1.5 million tonnes per annum
("Mtpa") to 7.5 Mtpa from the current base rate of 6 Mtpa; the
Company will issue an updated Fekola Expansion Technical Report
pursuant to the requirements of NI 43-101 by May 10, 2019
- For full-year 2019, B2Gold remains well positioned for
continued strong operational and financial performance with
consolidated gold production forecast to be in the range of between
935,000 and 975,000 ounces with cash operating costs (see
"Non-IFRS Measures") forecast to be between $520 and $560 per
ounce and all-in sustaining costs ("AISC") (see "Non-IFRS
Measures") forecast to be between $835 and $875 per
ounce
Gold Production
Consolidated gold production in the first quarter of
2019 was 230,859 ounces, 6% (12,704 ounces) above
budget. Gold production from the Company's Fekola, Masbate,
Otjikoto and El Limon mines all exceeded their targeted production.
The Fekola Mine in Mali and the
Masbate Mine in the Philippines
continued their very strong operational performances, with both
well-above their budgeted production for the quarter. For the first
quarter of 2019, the Fekola Mine produced 110,349 ounces of gold,
well-above budget by 6% (6,724 ounces), and the Masbate Mine
produced 57,481 ounces of gold, significantly above budget by 15%
(7,490 ounces). Compared to the prior-year quarter, gold production
was marginally lower by 8,825 ounces.
Given the gold production outperformance in the first quarter of
2019, mainly at Fekola and Masbate, B2Gold remains well positioned
for continued strong operational and financial performance with
consolidated gold production for full-year 2019 forecast to be in
the range of between 935,000 and 975,000 ounces. For the first-half
of 2019, consolidated gold production is forecast to be between
436,000 and 456,000 ounces of gold before significantly increasing
to between 499,000 and 519,000 ounces in the second-half of 2019.
Consolidated cash costs are projected to remain low in 2019 with
cash operating costs forecast to be between $520 and $560 per
ounce and AISC forecast to be between $835 and $875 per
ounce. As previously released, consolidated gold production for
full-year 2019 is expected to be weighted towards the second-half
of 2019 (approximately 14% higher than the first-half), due to the
planned development of open pits in the first-half of the year and
subsequent ore production from those pits in the second-half (see
"Operations" section below).
If a gold price assumption of $1,300 per ounce is used, the Company expects to
generate cash flows from operations of approximately $410 million for full-year 2019.
Gold Revenue
Consolidated gold revenue in the first quarter of 2019 was
$302 million on sales of 232,076
ounces at an average price of $1,300
per ounce compared to $344 million on
sales of 259,837 ounces at an average price of $1,325 per ounce in the first quarter of 2018.
Gold sales of 232,076 ounces in the first quarter of 2019 were 6%
(13,564 ounces) above budget. Compared to the prior-year quarter,
the decrease in revenue related mainly to the timing of gold
shipments (as the prior-year quarter benefitted from additional
sales of 20,153 ounces generated from the net drawdown of opening
January 1, 2018 gold inventories,
built-up in late 2017 in part as a result of Fekola ramping up to
full steady state production).
Operations
Mine-by-mine gold production in the first quarter 2019 was
as follows (presented on a 100% basis):
Mine
|
Q1
2019 Gold
Production (ounces)
|
Full-year
2019 Forecast Gold
Production (ounces)
|
Fekola
|
110,349
|
420,000 -
430,000
|
Masbate
|
57,481
|
200,000 -
210,000
|
Otjikoto
|
32,712
|
165,000 -
175,000
|
La Libertad
|
18,086
|
95,000 -
100,000
|
El Limon
|
12,231
|
55,000 -
60,000
|
|
|
|
B2Gold
Consolidated
|
230,859
|
935,000 -
975,000
|
Fekola Gold Mine - Mali
The Fekola Mine in Mali had a
very strong start to the year with first quarter gold production of
110,349 ounces, well-above budget by 6% (6,724 ounces), as the
processing facilities continued to outperform. Throughout the
quarter, the operation continued to demonstrate sustained high
processing throughput without reduced recoveries.
For the first quarter of 2019, mill throughput was 1.73 million
tonnes, exceeding budget by 25% and the prior-year quarter by 31%.
Overall mill throughput increased during the quarter from past
quarters due to a combination of factors. Metallurgy was favourable
and excellent recoveries were achieved with a grind coarser than
planned (approximately 12% of the feed came from weathered
saprolite ore which requires little grinding), low-grade ore feed
during the quarter (coming mostly from upper elevations in the pit)
appears to have been softer than anticipated, and overall feed size
to the plant was finer than budgeted. In addition, fine-tuning of
the plant circuit by the operators also played a role in the
positive plant performance. Given the plant's ability to process
significantly higher-than-budgeted throughput during this period,
the Company took the decision to add lower grade material from the
stockpiles to the plant feed. This resulted in higher gold
production at a lower average grade and is expected to result in
marginally higher cash operating costs per ounce for the quarter.
The average grade processed was 2.11 g/t (compared to budget of
2.48 g/t). Gold grades from the mine continue to reconcile closely
to the block model. Gold recoveries in the quarter averaged 94.1%
(compared to budget of 94.0% and 94.8% in the first quarter of
2018).
For full-year 2019, the Fekola Mine is expected to produce
between 420,000 and 430,000 ounces of gold at cash operating costs
of between $370 and $410 per ounce and AISC of between $625 and $665 per
ounce. Gold production is scheduled to be weighted towards
the second-half of the year (as new high-grade ore production from
Phase 4 of the Fekola Pit is scheduled to begin in the second-half
of 2019). For the first-half of 2019, the Fekola Mine is forecast
to produce between 205,000 and 210,000 ounces of gold before
increasing to between 215,000 and 220,000 ounces in the second-half
of 2019.
On March 26, 2019, the Company
announced very positive results from the Expansion Study
Preliminary Economic Assessment ("PEA") for the Fekola Mine. As a
result, the Company is proceeding with an expansion project to
increase processing throughput by 1.5 Mtpa to 7.5 Mtpa from the
current base rate of 6 Mtpa. The PEA took into account the
significant increase in the Fekola Mineral Resource announced on
October 25, 2018. Based on the PEA,
once this expansion is complete, the Fekola Mine is expected to
produce more gold over a longer life, with more robust economics
and higher average annual gold production, revenues and cash flows
than the previous Life-of-Mine ("LoM"). Project economic highlights
from the PEA include: estimated optimized LoM extended into 2030,
including significant estimated increases in average annual gold
production to over 550,000 ounces per year during the five-year
period 2020-2024 and over 400,000 ounces per year over the LoM
(2019-2030), projected gold production of approximately five
million ounces over the new mine life of 12 years of mining and
processing (including 2019), an increase in project pre-tax net
present value of approximately $500
million versus the comparable amounts in the Company's
latest AIF Mineral Reserve LoM model (filed on SEDAR on
March 20, 2019) (assuming an
effective date of January 1, 2019, a
gold price of $1,300 per ounce and a
discount rate of 5%) and forecast LoM pre-tax net present value of
over $2.2 billion. The processing
upgrade will focus on increased ball mill power, with upgrades to
other components including a new cyclone classification system,
pebble crushers, and additional leach capacity to support the
higher throughput and increase operability. The capital costs of
this mill expansion are estimated to be less than $50 million, with spending evenly split between
2019 and 2020. Critical path items include ball mill motors and the
lime slaker, both of which are expected to be commissioned in the
third quarter of 2020. With public release of the PEA results,
B2Gold has filed a Material Change Report and will issue an updated
Fekola Expansion Technical Report pursuant to the requirements of
NI 43-101 by May 10, 2019.
Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability. The Expansion Study PEA is
preliminary in nature and includes Indicated and Inferred Mineral
Resources. Inferred Mineral Resources are considered too
speculative geologically to have economic considerations applied to
them that would enable them to be categorized as Mineral Reserves.
Consequently, there is no certainty that the Expansion Study
Preliminary Economic Assessment will be realized.
Masbate Gold Mine - the
Philippines
The Masbate Mine in the
Philippines continued its very strong operational
performance into the first quarter of 2019, producing 57,481 ounces
of gold, 15% (7,490 ounces) above budget and 8% (4,334 ounces)
higher compared to the prior-year quarter. Gold production was
significantly above budget due to both higher-than-expected head
grade and recovery, as ore grade, oxide ore tonnage and total ore
tonnage mined from the Main Vein Pit were all better than
modelled.
Masbate's gold production for the quarter resulted from
processing 1.83 million tonnes (compared to budget of 1.85 million
tonnes and 1.79 million tonnes in the first quarter of 2018) at an
average grade of 1.32 g/t (compared to budget of 1.20 g/t and 1.17
g/t in the first quarter of 2018) and average gold recoveries of
73.8% (compared to budget of 69.7% and 78.5% in the first quarter
of 2018). Oxide ore represented 31% of the processed tonnage for
the quarter (versus budget of 8% and 78% in the first quarter of
2018). As planned, compared to the first quarter of 2018, gold
grades increased while recoveries decreased, as higher-grade
transition/fresh ore was mainly mined from the Main Vein Pit in the
first quarter of 2019 (whereas the prior-year quarter included
lower-grade oxide ore mined from the Colorado Pit).
The Masbate expansion project for the upgrade of the processing
plant to 8.0 Mtpa was completed in early 2019. With the expansion
now fully commissioned and online, Masbate's annual gold production
is projected to average approximately 200,000 ounces per year
during the mining phase and above 100,000 ounces per year when the
low-grade stockpiles are processed in the subsequent period after
open-pit mining activities have ceased.
For full-year 2019, the Masbate Mine is expected to produce
between 200,000 and 210,000 ounces of gold, primarily from the Main
Vein Pit, at cash operating costs of between $625 and $665 per
ounce and AISC of between $860 and
$900 per ounce.
Otjikoto Gold Mine - Namibia
The Otjikoto Mine in Namibia
also had a solid first quarter, producing 32,712 ounces of gold (Q1
2018 – 39,499 ounces), 4% (1,275 ounces) above budget. This was
attributable to above budget mining tonnage from the Otjikoto Pit
and higher-than-budgeted processed grade. As previously released,
Otjikoto's full-year 2019 gold production is scheduled to be
significantly weighted towards the second-half of the year, as a
higher-grade zone of the Otjikoto Pit is forecast to be processed
in the third quarter of 2019 and high-grade ore production from
Phase 2 of the Wolfshag Pit is scheduled to begin in late 2019.
During the first quarter of 2019, the Otjikoto Mine processed
0.8 million tonnes (comparable to budget and the prior-year
quarter) at an average grade of 1.29 g/t (compared to budget of
1.19 g/t and 1.51 g/t in the first quarter of 2018) and average
gold recoveries of 98.6% (compared to budget of 98.0% and 98.7% in
the first quarter of 2018).
For full-year 2019, the Otjikoto Mine is forecast to produce
between 165,000 and 175,000 ounces of gold, primarily from the
Otjikoto Pit, at cash operating costs of between $520 and $560 per
ounce and AISC of between $905 and
$945 per ounce. For the first-half of
2019, the Otjikoto Mine is forecast to produce between 66,000 and
71,000 ounces of gold before significantly increasing to between
99,000 and 104,000 ounces in the second-half of 2019.
La Libertad Gold Mine -
Nicaragua
La Libertad Mine in Nicaragua
produced 18,086 ounces of gold (Q1 2018 – 19,367 ounces) in the
first quarter of 2019, 14% (2,899 ounces) below budget. Gold
production at La Libertad was affected by lower-than-planned grade
from the San Diego Pit, which was partly offset by
higher-than-planned ore tonnage and grade from the San Juan Pit. As
previously released, La Libertad's full-year 2019 gold production
is scheduled to be weighted towards the second-half of the year, as
La Libertad's production forecast assumes that production will
start from the new Jabali Antenna Pit in the second-half of 2019
(dependent upon the successful completion of resettlement
activities and receipt of the Jabali Antenna open pit permit).
During the quarter, the Company concluded an agreement for
Jabali Antenna with the small miners in the area, and successfully
conducted the public consultation that is required for issuance of
a mine permit. The Company anticipates receiving the permit in time
to start production from the pit in the second-half of
2019.
For full-year 2019, La Libertad Mine is expected to produce
between 95,000 and 100,000 ounces of gold at cash operating costs
of between $840 and $880 per ounce and AISC of between $1,150 and $1,190
per ounce. For the first-half of 2019, La Libertad Mine is forecast
to produce between 43,000 and 45,000 ounces of gold before
increasing to between 52,000 and 55,000 ounces in the second-half
of 2019.
El Limon Gold Mine - Nicaragua
El Limon Mine in Nicaragua
produced 12,231 ounces of gold (Q1 2018 – 13,529 ounces) in the
first quarter of 2019, slightly above budget. During the quarter,
ore production from the new Limon Central Pit commenced with 49,000
tonnes mined at an average grade of 3.43 g/t. Development of the
Limon Central Pit remains the focus of surface operations at El
Limon Mine, the Santa Pancha underground mine continues to operate
normally and development of the Veta Nueva underground mine is
proceeding as planned. As previously released, El Limon's full-year
2019 gold production is scheduled to be weighted towards the
second-half of the year, as high-grade ore production from the new
Limon Central Pit is scheduled to fully come online at the
beginning of the second-half of 2019.
For full-year 2019, El Limon is expected to produce between
55,000 and 60,000 ounces of gold at cash operating costs of between
$720 and $760 per ounce and AISC of between $1,005 and $1,045
per ounce. For the first-half of 2019, El Limon Mine is forecast to
produce between 22,000 and 25,000 ounces of gold before increasing
to between 33,000 and 35,000 ounces in the second-half of 2019.
Outlook
Looking forward in 2019, B2Gold will continue to maximize cash
flows and maintain a strong financial position by continuing the
impressive operational and financial performance from our existing
mines, continue to reduce overall debt levels, pursue internal
growth through further exploration, development and expansion of
existing projects, and pursuit of greenfield exploration projects
alone or in joint ventures.
The Company has recently commenced the mill expansion at the
Fekola Mine. In the second quarter of 2019, the Company expects to
complete an updated Preliminary Economic Assessment for the 49%
owned Gramalote project in Colombia. If the Gramalote updated Preliminary
Economic Assessment is positive, the Company will consider, with
its joint venture partner AngloGold Ashanti, whether to proceed to
a final feasibility study. In addition, in 2019 B2Gold's
exploration team will continue exploration at Fekola, further
defining the Fekola North extension zone which remains open and
drill beneath the shallow Anaconda saprolite zone, and also further
test other targets on the Fekola property.
Qualified Persons
Peter D. Montano, P.E., the Project Director of B2Gold, a
qualified person under NI 43-101, has approved the scientific and
technical information related to operations matters contained in
this news release.
John Rajala, Vice President of
Metallurgy at B2Gold, a qualified person under NI 43-101, has
approved the scientific and technical information regarding
engineering matters related to Fekola expansion studies.
First Quarter 2019 Financial Results - Conference Call
Details
B2Gold will release its first quarter 2019 financial results
after the North American markets close on Tuesday, May 7, 2019.
B2Gold executives will host a conference call to discuss the
results on Wednesday, May 8,
2019, at 10:00 am PDT/1:00 pm EDT. You
may access the call by dialing the operator at +1 647-788-4919
(local or international) or toll free at +1 877-291-4570 prior to
the scheduled start time, or you may listen to the call via webcast
by clicking here
https://www.investornetwork.com/event/presentation/46549. A
playback version will be available for two weeks after the call at
+1 416-621-4642 (local or international) or toll free at +1
800-585-8367 (passcode 9459299).
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
|
Manager,
Investor Relations & Public Relations
|
|
604-681-8371
|
604-681-8371
|
|
imaclean@b2gold.com
|
kbromley@b2gold.com
|
|
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 20, 2019 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
events, gold production and sales,
revenues and cash flows, capital and operating costs,
including projected cash operating costs and AISC, and
budgets; statements regarding future or estimated
mine life, metal price assumptions, ore
grades or sources, stripping ratios, throughput,
ore processing; statements regarding anticipated
exploration, drilling, development, construction, permitting and
other activities or achievements of B2Gold;
and including, without limitation: B2Gold remaining well positioned
for continued strong operational and financial performance for the
full-year of 2019; the new high-grade ore production expected from
Phase 4 of the Fekola Pit which is scheduled to begin in the
second-half 2019; the results of the Fekola expansion study
indicating estimated increases in annual gold production, an
extension in Fekola's life-of-mine to 2030 and an increase in
project pre-tax net present value; the expansion project at Fekola,
which is expected to increase processing throughput and produce
more gold over a longer life with more robust economics and higher
average gold production, revenues and cash flows than the previous
life-of-mine, with such processing upgrade focussing on increased
ball mill power, a new cyclone classification system, pebble
crushers additional leach capacity and the commissioning
of ball mill motors and lime slaker in 2020; the release of an
updated Fekola Expansion Technical Report and the timing
thereof; the continued development of the Fekola Pit Stage 4;
further exploration at Fekola; production at the Masbate Mine
being projected to average approximately 200,000 ounces per year
during the mining phase and above 100,000 ounces per year when the
low-grade stockpiles are processed at the end of the open-pit mine
life; higher-grade zone of the Otjikoto Pit being forecast to be
processed in the third quarter of 2019; high-grade ore production
from Phase 2 of the Wolfshag Pit being scheduled to begin in late
2019; the anticipated timing of receipt of the Jabali Antenna
Pit permit and the start of production therefrom; the development
of surface operations at the Limon Central Pit, the continued
operation of the Santa Pancha underground mine and development of
the Veta Nueva underground mine; high-grade ore production
from the new Limon Central Pit being scheduled to commence at the
beginning of the second-half of 2019; B2Gold's consolidated
gold production and the gold production at each of the Fekola Mine,
La Libertad, Otjikoto Mine and El Limon being weighted in the
second-half of 2019; the expected development of open pits in the
first half of 2019 and subsequent ore production therefrom in the
second-half of 2019; the expected completion of an updated
Preliminary Economic Assessment for Gramalote in the second quarter
of 2019, and the potential to proceed to a final feasibility study
for Gramalote with AngloGold Ashanti; B2Gold remaining focused on
maximizing cash flows by continuing its impressive operational and
financial performance from existing mines, reducing overall debt
and pursuing its own internal growth projects through exploration,
development and expansion of existing projects and pursuit of other
opportunities; and the release of B2Gold's first quarter 2019
financial results and the expected timing thereof.
Estimates of mineral resources and reserves 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 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
studies; the ability to obtain and maintain any necessary permits,
consents or authorizations required for mining activities; the
current ongoing instability in Nicaragua and the ramifications thereof;
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, Nicaragua and
Burkina Faso and including risks
related to changes in foreign laws 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 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 final outcome of the audit by the Philippines
Department of Environment and Natural Resources in relation to the
Masbate Project; 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; 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 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.
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" and "all-in sustaining costs" (or
"AISC"). 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 measures 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
"Non-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 Note to United States
Investors
The disclosure in this news release
was prepared in accordance with Canadian National Instrument 43-101
("NI 43-101"), which differs significantly from the current
requirements of the SEC set out in Industry Guide 7. Accordingly,
such disclosure may not be comparable to similar information made
public by companies that report in accordance with Industry Guide
7. In particular, this news release may refer to "mineral
resources" or "inferred mineral resources". While these categories
of mineralization are recognized and required by Canadian
securities laws, they are not recognized by Industry Guide 7 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, this news release uses the
terms "reserves" and "mineral reserves" which are reported by the
Company under Canadian standards and may not qualify as reserves
under Industry Guide 7. Under Industry Guide 7, mineralization may
not be classified as a "reserve" unless the mineralization can be
economically and legally extracted or produced at the time the
"reserve" determination is made. Accordingly, information contained
or referenced in this news release containing descriptions 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 Industry Guide 7. "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 category. Disclosure of
"contained ounces" in a resource is permitted disclosure under
Canadian reporting standards; however, Industry Guide 7 normally
only permits issuers to report mineralization that does not
constitute "reserves" by Industry Guide 7 standards as in-place
tonnage and grade without reference to unit measures. Further,
while NI 43-101 permits companies to disclose economic projections
contained in preliminary economic assessments and pre-feasibility
studies, which are not based on "reserves", U.S. companies have not
generally been permitted to disclose economic projections for a
mineral property in their SEC filings prior to the establishment of
"reserves." Historical results or
feasibility models presented herein are not guarantees or
expectations of future performance.
View original
content:http://www.prnewswire.com/news-releases/b2gold-corp-reports-continued-strong-gold-production--revenue-for-q1-2019-quarterly-gold-production-of-231-000-oz-6-above-budget-well-on-track-to-meet-guidance-of-935-000-975-000-oz-of-gold-production-300834104.html
SOURCE B2Gold Corp.