B2Gold Corp. (TSX:BTO) (NYSE AMERICAN:BTG) (NSX:B2G) (“B2Gold” or
the “Company”), is pleased to announce that the first gold pour at
the Fekola Gold Mine (“Fekola”) occurred on October 7, 2017,
approximately three months ahead of schedule. Commissioning of the
mill is ongoing and commercial production is expected by the end of
2017. In the fourth quarter of 2017 the Company is projecting gold
production from Fekola of between 50,000 and 55,000 ounces. 2018 is
scheduled to be the first full year of gold production, yielding
400,000 to 410,000 ounces for the year. Based on current
assumptions this represents an increase in annual gold production
of over 70% for B2Gold in 2018.
B2Gold previously announced on September 25,
2017 that construction of the mill at Fekola was completed and the
Company had commenced running ore through the system three months
ahead of the original schedule and on budget. Additionally,
the Company announced a new Life of Mine (“LoM”) plan showing
increased production and lower operating and all in sustaining
costs (“AISC”) compared with the original (4 Million tonnes per
Annum (“MTPA”)) Optimized Feasibility Study for Fekola’s 5 MTPA
mill (see press release dated 09/25/2017).
Based on the new LoM plan the Fekola Mine is
projected to produce approximately 400,000 ounces of gold annually
for the first three years at operating cash costs of $357 per ounce
and all in sustaining costs of $604 per ounce. For the first
seven years Fekola is projected to produce approximately 374,000
ounces of gold annually with operating cash costs of $391 per ounce
and AISC of $643 per ounce. Over the initial ten-year LoM Fekola is
projected to produce an average of 345,000 ounces per annum at
operating cash costs of $428 per ounce and AISC of $664 per
ounce.
Ongoing Fekola Exploration (see
press release dated 09/25/2017)
Based on exploration to date, B2Gold’s
exploration team believes there is significant potential to
increase the mine life of Fekola through further exploration
drilling. The $15 million 2017 exploration drill program is ongoing
at the Fekola property and regional area. The drilling is focused
on testing the potential extension of Fekola to the north, the
mineralization below the Kiwi zone and the mineralized bedrock
zones beneath the Anaconda saprolite resource.
Infill drilling continues to focus on the
resources outlined immediately below the Fekola reserve boundary,
immediately to the north of the boundary and the near surface
portion of the Kiwi zone. The resources identified to date could
add up to 900,000 ounces to reserves with further infill drilling.
Exploration and infill drilling results will be released in
November 2017.
Qualified Person
Tom Garagan, Senior Vice President of
Exploration for B2Gold, a qualified person under NI 43-101, has
approved the exploration information contained in this news
release.
Peter D. Montano, P.E., the Project Director of
B2Gold, a qualified person under NI 43-101, has approved the
scientific and technical information contained in this news
release.
About B2Gold Corp.
Headquartered in Vancouver, Canada, B2Gold Corp.
is one of the fastest-growing intermediate gold producers in the
world. Founded in 2007, today, B2Gold has five operating mines and
numerous exploration and development projects in various countries
including Finland, Nicaragua, the Philippines, Namibia, Mali and
Burkina Faso.
Based on current assumptions and updates to
B2Gold’s current year guidance and long-term mine plans, the
Company is projecting consolidated gold production in 2017 of
between 530,000 and 570,000 ounces (including estimated
pre-commercial production from the Fekola Mine of between 50,000
and 55,000 ounces); and in 2018, significantly increasing to
between 925,000 and 975,000 ounces, with the inclusion of the
anticipated first full-year of commercial production at Fekola.
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
Vice President,
Investor Relations604-681-8371
imaclean@b2gold.com
Katie BromleyManager, Investor Relations & Public
Relations604-681-8371kbromley@b2gold.com
This news release includes certain
“forward-looking information” and “forward-looking statements”
(collectively “forward-looking statements”) within the meaning of
applicable securities legislation, including projections of future
financial and operational performance; statements with respect to
future events or future performance; production estimates and
guidance, including the Company’s projected gold production of
between 530,000 to 570,000 ounces in 2017 (including pre-commercial
production from Fekola of between 50,000 and 55,000 ounces) and
projected gold production of between 925,000 and 975,000 ounces in
2018; projected operating and production costs and guidance;
estimates of capital expenditures and planned investments and
budgets; and statements regarding anticipated exploration,
development, construction, production and other activities of the
Company, including: Fekola achieving commercial production and
producing 50,000 to 55,000 ounces of gold by the end of 2017;
Fekola producing between 400,000 and 410,000 ounces of gold in
2018; the estimates, projections and anticipated results in the new
LOM Plan for Fekola, including the projected gold production,
operating cash costs and ASIC over the initial 3, 7 and 10 year
operating periods and the projection in the new LOM Plan of higher
annual gold production, and lower AISC per ounce compared to the
OFS; the Fekola Project being on budget; the results of future
exploration including the potential to extend anticipated mine life
at Fekola as a result of further drilling; the potential to convert
mineral resources to mineral reserves and to add 900,000 ounces to
reserves with further drilling, the potential for mineralization to
extend north of Fekola; exploration plans including future drilling
and expectations of future growth and profitability. Estimates of
mineral resources and reserves are also forward-looking statements
because they constitute projections, based on certain estimates and
assumptions, 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.
Forward-looking statements necessarily involve
assumptions, risks and uncertainties, certain of which are beyond
B2Gold’s control, including risks and assumptions associated with
the volatility of metal prices and the Company’s common shares;
risks and dangers inherent in exploration, development and mining
activities; uncertainty of reserve and resource estimates; risk of
not achieving production, cost or other estimates; risk that actual
production, development plans and costs differ materially from the
estimates in the Company’s feasibility studies; risks related to
ore purchase commitments; the ability to obtain and maintain any
necessary permits, consents or authorizations required for mining
activities; risks related to environmental regulations or hazards
and compliance with complex regulations associated with mining
activities; the ability to replace mineral reserves and identify
acquisition opportunities; availability of financing and financing
risks; risks related to operations in foreign and developing
countries and compliance with foreign laws; risks related to remote
operations and the availability adequate infrastructure,
fluctuations in price and availability of energy and other inputs
necessary for mining operations; regulatory, political and country
risks; the final outcome of the Department of Environment and
Natural Resources audit; 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 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 list is not
exhaustive of the factors that may affect the Company’s
forward-looking statements. There can be no assurance that such
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. The
Company’s forward-looking statements reflect current expectations
regarding future events and operating performance and speak only as
of the date hereof and the Company 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. 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 under B2Gold’s corporate profile at
www.sedar.com and at www.sec.gov or on its website at
www.b2gold.com, under the heading “Non-IFRS Measures” for a more
detailed discussion of how B2Gold calculates such measures.
Cautionary Note to United States
Investors:The Company has prepared its public disclosures
in accordance with Canadian securities laws, which differ in
certain respects from U.S. securities laws. In particular, this
news release may refer to “mineral resources”, “measured mineral
resources”, “indicated mineral resources” or “inferred mineral
resources”. While these categories of mineralization are recognized
and required by Canadian securities laws, they are not recognized
by the SEC 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”, “measured mineral
resource”, “indicated mineral resource” or “inferred mineral
resource” will ever be converted into a “reserve.” In addition,
“reserves” reported by the Company under Canadian standards may not
qualify as reserves under SEC standards. Under SEC standards,
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
U.S. federal securities laws, rules and regulations. “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. Historical results or feasibility models presented herein
are not guarantees or expectations of future performance.
Currency: All amounts in this
news release are expressed in United States dollars, unless
otherwise stated.
The Toronto Stock Exchange and the NYSE American
LLC have not reviewed and do not accept responsibility for the
accuracy or adequacy of this news release, which has been prepared
by the Company.
B2Gold (TSX:BTO)
Historical Stock Chart
From Mar 2024 to Apr 2024
B2Gold (TSX:BTO)
Historical Stock Chart
From Apr 2023 to Apr 2024