VANCOUVER, Jan. 21, 2020 /CNW/ - B2Gold Corp.
(TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) ("B2Gold" or the
"Company") is pleased to announce positive results from
the Updated Preliminary Economic Assessment ("PEA")
for the Gramalote Ridge deposit ("Gramalote Ridge") at the
Gramalote gold project in Colombia
(the "Gramalote Project"), a joint venture between B2Gold
and AngloGold Ashanti Ltd ("AGA"). B2Gold assumed the role
of manager of the Gramalote joint venture on January 1, 2020. All dollar figures are in
United States dollars unless
otherwise stated.
Highlights
- Assuming an effective date of January 1,
2020, and a gold price of $1,350 per ounce, Gramalote Ridge project
economic highlights from the PEA (100% basis) include:
-
- Open-pit gold mine with an initial life of mine ("LoM")
of 13.6 years based on current Indicated and Inferred Mineral
Resources (for Gramalote Ridge only)
- LoM gold production of 3.85 million ounces
- Average annual gold production of 416,600 ounces per year for
the first five full years of production
- Average annual gold production LoM of 283,990 ounces per year
at cash operating costs of $544 per
ounce of gold
- Average LoM all-in sustaining costs ("AISC") of
$648 per ounce of gold, and average
LoM all-in costs (including pre-production capital costs) of
$882 per ounce of gold
- Annual processing rate of 11.0 million tonnes per annum
("Mtpa")
- Average LoM gold recovery of 94.3% from conventional milling,
flotation and cyanide leach of the flotation concentrate
- Estimated pre-production capital cost of $901 million (includes approximately $160 million for mining equipment)
- LoM pre-tax net cash flow of $1,827
million, and after-tax net cash flow of $1,283 million
- Assuming a discount rate of 5%, net present value
("NPV") pre-tax of $1,027
million and NPV after-tax of $671
million, generating an after-tax internal rate of return
("IRR") of 18.1% at the project construction decision date
(estimated to be January 1, 2021),
with a project payback (including construction capital) of 3.6
years
- Assuming a gold price of $1,500
per ounce and a discount rate of 5%, NPV pre-tax increases to
$1,394 million and NPV after-tax
increases to $928 million, generating
an after-tax IRR of 21.9% at the project construction decision date
(estimated to be January 1, 2021) and
reducing the project payback (including construction capital) to
3.2 years
- Continue ongoing feasibility work to optimize the PEA results
and a final feasibility study expected to be completed by
December 31, 2020
- Amended and restated shareholders agreement signed by B2Gold
and AGA on December 23, 2019, under
which B2Gold agreed to sole fund the next $13.9 million of expenditures on the Gramalote
Project, following which B2Gold and AGA will each hold a 50%
ownership interest in the joint venture (currently 48.3% B2Gold and
51.7% AGA)
- Exploration drilling is ongoing at the Trinidad deposit, with additional drilling at
the Monjas zone to commence later in 2020
The PEA is preliminary in nature and includes Inferred Mineral
Resources that are considered too speculative geologically to have
the economic considerations applied to them that would enable them
to be categorized as Mineral Reserves, and there is no certainty
that the PEA based on these Mineral Resources will be realized.
Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability.
B2Gold is currently completing approximately 42,500 metres of
infill drilling at Gramalote Ridge to convert existing Inferred
Mineral Resources to an Indicated category, and 7,645 metres of
geotechnical drilling for site infrastructure.
Gramalote Project Mineral Resource Estimate
The Mineral Resource estimate for the overall Gramalote Project
(100% basis), effective December 31,
2019, within a pit shell run at a gold price of $1,500 per ounce includes:
Indicated Mineral Resource Estimate
Area
|
Tonnes
|
Gold Grade
(g/t)
|
Contained Gold
Ounces
|
Gramalote
Sulphide
|
78,200,000
|
0.85
|
2,140,000
|
Total Indicated
Resources
|
78,200,000
|
0.85
|
2,140,000
|
Inferred Mineral Resource Estimate
Area
|
Tonnes
|
Gold Grade
(g/t)
|
Contained Gold
Ounces
|
Gramalote
Oxide
|
6,000,000
|
0.61
|
120,000
|
Trinidad
Oxide
|
3,100,000
|
0.55
|
50,000
|
Subtotal Oxide
Inferred
|
9,100,000
|
0.59
|
170,000
|
|
|
|
|
Gramalote
Sulphide
|
105,600,000
|
0.70
|
2,370,000
|
Trinidad
Sulphide
|
14,400,000
|
0.62
|
290,000
|
Subtotal Sulphide
Inferred
|
120,100,000
|
0.69
|
2,660,000
|
|
|
|
|
Total Inferred
Resources
|
129,200,000
|
0.68
|
2,830,000
|
Notes:
|
1. Mineral
Resources have been classified using the CIM
Standards.
|
2. Mineral Resources that are not
Mineral Reserves do not have demonstrated economic
viability.
|
3. The
Qualified Person for the Mineral Resource estimate is Tom Garagan,
P.Geo., B2Gold's Senior Vice President, Exploration.
|
4. Mineral
Resources are reported on a 100% project basis (B2Gold
currently holds a 48.3% attributable interest with the remaining
51.7% interest held by AGA).
|
5. Mineral Resources for Gramalote
assume metallurgical recoveries of 83.9% for oxide and 95% for
sulphide, and operating cost estimates of an average mining cost of
$2.13/t mined, processing cost of $3.35/t processed for oxide and
$6.58/t processed for sulphide, general and administrative cost of
$1.89/t processed and selling cost of $50.52/oz
produced.
|
6. Mineral
Resources for Trinidad assume metallurgical recoveries of 81.7% for
oxide and 90.9% for sulphide, and operating cost estimates of an
average mining cost of $1.82/t mined, processing cost of $3.35/t
processed for oxide and $6.58/t processed for sulphide, general and
administrative cost of $1.89/t processed and selling cost of
$50.52/oz produced.
|
7. Mineral
Resources for Gramalote and Trinidad are reported at cut-offs of
0.15 g/t gold for oxide and 0.20 g/t gold for
sulphide.
|
8. All
tonnage, grade and contained metal content estimates have been
rounded; rounding may result in apparent summation differences
between tonnes, grade and contained metal content.
|
PEA Overview
The Gramalote Project is located in central Colombia, approximately 230 kilometres
("km") northwest of Bogota
and 120 km northeast of Medellin,
in the Province of Antioquia which has expressed a positive
attitude towards the development of responsible mining projects in
the region. The PEA was prepared by B2Gold and evaluates recovery
of gold from a an open-pit mining operation that will move up to
143,000 tonnes per day ("tpd") (50.0 Mtpa), with a
30,137 tpd (11.0 Mtpa) processing plant that includes
crushing, grinding, flotation, with fine grinding of the flotation
concentrate and agitated leaching of both the flotation concentrate
and the flotation tails, followed by a carbon-in-pulp recovery
process to produce doré bullion. The PEA is based solely on
production from the Gramalote Ridge deposit and does not include
potential production from the nearby Trinidad deposit, which has a current Inferred
Mineral Resource estimate (see above), and the Monjas West
zone. The Mineral Resource estimate for Gramalote Ridge that
forms the basis for the PEA includes Indicated Mineral Resources of
70,110,000 tonnes grading 0.92 g/t gold for a total of 2,070,000
ounces of gold and Inferred Mineral Resources of 79,030,000 tonnes
grading 0.79 g/t gold for a total of 2,010,000 ounces of gold.
The PEA updates and enhances the previous studies on the
Gramalote Project in several areas, including:
- For Gramalote Ridge, additional drilling has been completed and
a new Mineral Resource model has been developed
- The PEA is based solely on Gramalote Ridge Mineral Resources,
where previous studies included mining and processing ore from the
Trinidad deposit and the Monjas
West zone
- Recent metallurgical test work has resulted in slightly lower
processing costs and improved economics
- The new Mineral Resource model for Gramalote Ridge includes new
interpretations of higher grade ore zones and has allowed more
efficient mine optimization, which has resulted in higher grade ore
being fed to the plant during the first years of production,
significantly improving project economics
- Due to better defined high-grade zones in Gramalote Ridge in
the block model, the overall gold grade for the PEA is 0.85 g/t,
which is significantly higher than previous studies
Accelerated mining is planned in the early years of production
to provide higher grade feed to the plant while stockpiling lower
grade material. The final four years of plant feed are from
low-grade stockpiles and oxide ore. Oxide ore, which only makes up
about 3% of the plant feed, will be stockpiled and processed at the
very end of the project life as blending this material with the
fresh ore does not yield optimal gold recoveries.
The PEA assumptions include revenues using a gold price of
$1,350 per ounce and current prices
for fuel, reagents, labour, power and other consumables. The key
parameters of the PEA are presented in the following table (100%
basis):
Production
Profile
|
|
Contained gold ounces
processed (Moz)
|
4.082
|
Gold recovery
(%)
|
94.3
|
Average gold grade
(g/t)
|
0.85
|
Gold ounces produced
(Moz)
|
3.85
|
Average gold
production for the first five years (oz)
|
416,600
|
Average annual gold
production (oz)
|
283,990
|
Mine life
(years)
|
13.6
|
Ore tonnes processed
(Mt)
|
149
|
Waste material mined
(Mt)
|
288
|
Waste to ore strip
ratio
|
1.93
|
Project Economics
- $1,350 /oz gold price
|
|
Construction capital
($M)
|
901
|
Sustaining capital
($M)
|
103
|
Gross gold revenue
($M)
|
5,198
|
Net cash flow
(pre-tax) ($M)
|
1,827
|
Net cash flow (after
tax) ($M)
|
1,283
|
NPV5.0%
(pre-tax) ($M)
|
1,027
|
NPV5.0%
(after tax) ($M)
|
671
|
IRR (after tax)
(%)
|
18.1
|
Payback
(years)
|
3.6
|
Unit Operating
Costs
|
|
LoM cash operating
costs (mining, processing and site G&A) ($/oz gold)
|
544
|
LoM AISC (cash
operating costs + royalties, corporate G&A, selling costs
and
silver credits and excluding pre-production capital costs) ($/oz
gold)
|
648
|
LoM all-in costs
(AISC and pre-production capital costs) ($/oz gold)
|
882
|
Average LoM mining
cost ($/t mined)
|
2.16
|
Average LoM
processing cost ($/t processed)
|
5.61
|
Based on the positive results from the PEA, B2Gold believes that
the Gramalote Project has the potential to become a large, low-cost
open-pit gold mine, subject to completion of ongoing infill
drilling and the results of a final feasibility study expected by
the end of 2020. The Gramalote Project has several key
infrastructure advantages, including:
- Reliable water supply – high rainfall region and located next
to the Nus River
- Adjacent to a national highway, which connects directly to
Medellin and to a major river with
port facilities, capable of bringing supplies by barge to within 70
km of the site
- Proximity to the national electricity grid with ample low-cost
power and a stable record of hydroelectric power
- Skilled labour workforce within Colombia
In addition, B2Gold expects the Gramalote Project to benefit
from several key operational advantages, including:
- Excellent metallurgical characteristics of the ore, which
results in high recovery rates at low processing costs
- Relatively low strip ratio in the mine (1.9:1)
- Ability to mine and process higher grade ore in the initial
years of the mine life resulting in improved project economics
The PEA is subject to a number of assumptions and risks,
including among others, that a Modified Environment Impact Study
and a Modified Project Implementation plan will be approved within
the required timeline, all required permits and other rights will
be obtained in a timely manner, the Gramalote Project will have the
support of the local government and community, the regulatory
environment will remain consistent and no material increase will
have occurred to the estimated costs.
Economic Sensitivities
Gramalote is a large, low-grade, low-cost project and sensitive
to the gold price, as demonstrated in the following table:
Gold Price
($/oz)
|
NPV5%
($M)
|
After Tax IRR
(%)
|
|
Pre-tax
|
Post
tax
|
|
$1,250
|
$783
|
$497
|
15.2%
|
$1,300
|
$905
|
$585
|
16.7%
|
$1,350
|
$1,027
|
$671
|
18.1%
|
$1,400
|
$1,150
|
$757
|
19.4%
|
$1,450
|
$1,272
|
$842
|
20.7%
|
$1,500
|
$1,394
|
$928
|
21.9%
|
$1,550
|
$1,516
|
$1,014
|
23.2%
|
$1,600
|
$1,638
|
$1,099
|
24.3%
|
$1,650
|
$1,761
|
$1,185
|
25.5%
|
Project Next Steps
B2Gold and AGA have agreed on a budget for the feasibility study
on the Gramalote Project of approximately $37 million through the end of 2020. This budget
will fund 42,500 metres of infill drilling to convert existing
Inferred Mineral Resources to the Indicated category, and 7,645
metres of geotechnical drilling for site infrastructure. The
Company currently expects to complete all drilling by the end of
May 2020. In addition, the budget
will fund feasibility work including an updated Mineral Resource
estimate, detailed mine planning, ongoing environmental studies,
additional metallurgical test work, engineering and detailed
economic analysis.
The Gramalote joint venture will continue to advance
resettlement programs, establish coexistence programs for small
miners, work on health, safety and environmental projects and
continue to work with government and local communities on social
programs. B2Gold, as manager, plans to continue the feasibility
work with the goal of B2Gold completing a final feasibility study
by December 31, 2020. Due to the
amount of work completed by AGA over the past several years,
including extensive testing programs, the work with local
communities and small miners, and the high level of engineering
performed in 2017 for an internal study, the work remaining to
reach final feasibility is not extensive. The main work program for
feasibility is infill drilling to confirm and upgrade the Inferred
Mineral Resources to the Indicated category.
The Environmental Impact Study and Project Implementation Plans
for the Gramalote Project have been fully approved by the National
Authority of Environmental Licenses of Colombia. Due to the desired modifications to
the processing plant and infrastructure locations, a Modified
Environment Impact Study and a Modified Project Implementation plan
were submitted and are currently in the final approval process. If
the final economics of the feasibility study are positive and the
joint venture makes the decision to develop Gramalote as an
open-pit gold mine, B2Gold would utilize its proven internal mine
construction team to build the mine and mill facilities and operate
the mine on behalf of the joint venture.
Qualified Persons
Tom Garagan, Senior Vice
President, Exploration at B2Gold, a qualified person under NI
43-101, has approved the scientific and technical information
regarding exploration matters and the Mineral Resource estimate
contained in this news release.
Bill Lytle, Senior Vice
President, Operations at B2Gold, a qualified person under NI
43-101, has approved the scientific and technical information
related to operations matters contained in this news release. Mr.
Lytle has visited the Gramalote Project several times since 2009
and has reviewed the mining operations and has reviewed the
technical aspects of the PEA that form the basis for this news
release.
About B2Gold Corp.
B2Gold is a low-cost senior gold producer headquartered in
Vancouver, Canada. Founded in
2007, today, B2Gold has three operating gold mines and numerous
exploration and development projects in various countries including
the Philippines, Namibia, Mali
and Colombia. In 2020, B2Gold
forecasts consolidated gold production of between 1,000,000 and
1,055,000 ounces.
On Behalf of B2GOLD CORP.
"Clive T. Johnson"
President & 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
|
+1
604-681-8371
|
+1
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 guidance presented in this news release reflects
the total production at the mines B2Gold operates on a 100% basis.
Please see our Annual Information Form, dated March 19, 2019 for a discussion of our ownership
interest in the mines B2Gold operates. In respect of La Libertad
and El Limon, production guidance is on a 34% attributed basis (to
reflect B2Gold's approximate current ownership interest in
Calibre).
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, gold production
and sales, revenues and cash flows, and capital costs (sustaining
and non-sustaining) 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, gold recovery rates, stripping ratios, throughput, ore
processing; statements regarding anticipated exploration, drilling,
development, construction, permitting and other activities or
achievements of B2Gold; and including, without limitation:
consolidated gold production of between 1,000,000 and 1,055,000
ounces in 2020; the results of and estimates in the Gramalote PEA,
including the mine life, average annual gold production, total gold
production, processing rate, capital cost, net present value,
pre-tax and after-tax net cash flow and payback; the potential to
convert existing inferred resources to the indicated category; the
timing to complete a feasibility study at Gramalote;
the completion and results of a feasibility study at Gramalote;
receipt of the final approval of the Modified Environment Impact
Study and the Modified Project Implementation plan from all
regulatory authorities, including the National
Authority of Environmental Licenses of Colombia; the potential to develop Gramalote
as an open-pit gold mine and any decision from the joint venture in
respect 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 and uncertainties identified in the
Gramalote PEA and 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 and other studies; the
ability to obtain and maintain any necessary permits, consents or
authorizations required for mining activities; 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 Colombia 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; 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 outcome of the ongoing tax assessment by the
Colombian Tax Office (DIAN) in respect of the Gramalote property;
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 contained in the Gramalote PEA and
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.
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," "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 Industry Guide
7 and have not historically been permitted to be disclosed in SEC
filings by U.S. companies subject to Industry Guide 7. U.S.
investors are cautioned not to assume that any part of a "mineral
resource," "indicated 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 subject to Industry Guide 7
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.
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SOURCE B2Gold Corp.