VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 14, 2008) - B2Gold Corp. (TSX VENTURE:BTO) ("B2Gold" or the "Company") is pleased to announce the following update in the affairs of the Company. B2Gold commenced trading on the TSX Venture Exchange and completed a $100 million Initial Public Offering on December 6th, 2007. B2Gold was founded by the former management team of Bema Gold Corporation ("Bema") which grew from a junior explorer to an international gold producer that was acquired by Kinross Gold Corporation ("Kinross") through a CDN$3.5 billion transaction in February 2007. The Company's corporate objective is to capitalize on the extensive experience and relationships that its management team has developed in the mining industry over the past 25 years to build an intermediate gold company through exploration and acquisitions. B2Gold has amassed interests in a portfolio of exploration properties in Colombia and Far East Russia.
2008 Exploration Programs
In Colombia three gold properties; Quebradona, Gramalote and Miraflores, will be drilled in 2008 (for further details on these proprieties please refer to the press release dated 12/06/07). At Quebradona, an initial 5,500 metre (m) stage I drill program designed to test five areas with emphasis on the Aurora zone (3,000 m drilling) will commence in February. The 6 by 4 kilometre (km) wide Quebradona district hosts five gold-bearing porphyry systems that contain widespread and consistent mineralization greater than 1.5 grams per tonne (g/t) gold (Au) in surface rock chips, with trench sampling returning up to 41.5 m at 2.0 g/t Au in the Aurora zone.
At Gramalote a 25,000 m diamond drill program is planned to commence in February 2008 following up previous drilling (11,106 m in 38 holes) that outlined widespread structurally-controlled, intrusive-hosted gold mineralization over a one square km area that returned up to 172 m at 3.5g/t Au. The 2008 program will consist of infill drilling of the main Gramalote zone, satellite drilling of the prospective outlying targets over a 5 by 5 km area, detailed metallurgical and geotechnical studies and resource modeling.
The Miraflores property consists of a gold-bearing breccia body exposed over a 250 by 250 m area on surface that extends to at least 600 m vertical depth. Previous B2Gold drilling returned up to 124 m at 1.3g/t Au and 204 m at 1.2g/t Au. The 2008 program will consist of scoping work followed by drilling later in the year.
In Russia, B2Gold has rights to acquire a 37.5% interest, from Kinross, in the Kupol East and West licenses in Chukotka, Russia. These licenses cover the ground surrounding, and adjacent to, the high grade Kupol gold and silver mine that was being developed by Bema at the time of the Kinross takeover. Kupol is scheduled to commence production in the second half of 2008.
Previous exploration work carried out by Bema and most recently by B2Gold on the Kupol East and West licenses have outlined several mineralized targets. Exploration consisting of 9,000 m of diamond drilling, trenching, geological mapping and sampling will commence in March on the Kupol East and West projects. B2Gold is the exploration operator for the joint venture on these licenses.
"Blue Sky" Listing
B2Gold has been approved for a listing in Mergent Manuals and News ReportsTM, a recognized securities manual in 38 states in the US for purposes of Blue Sky Manual exemption. This listing will aid the American brokerage community in making a market for the Company's shares. It is recommended that brokers confirm with their compliance/legal department concerning "Blue Sky" laws in specific states and other regulatory laws that might affect them.
B2Gold's corporate profile, which includes descriptive text data as well as news and financial statements, will be accessible via Mergent's online and print products. As part of Mergent's listing services, the new description will be highlighted separately on www.mergent.com with an active hyperlink back to B2Gold's website.
ON BEHALF OF B2GOLD CORP.
Clive T. Johnson, President and Chief Executive Officer
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Vice President, Investor Relations
Manager, Investor Relations