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, 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 to be $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
On November 5, 2013, the company announced additional positive drilling results from the exploration programme at the Otjikoto project.

These drill results, from the Wolfshag zone, further indicate the potential to outline a higher grade resource that could lead to the future expansion of production and/or an increase in the mine life.

Meanwhile, all mining equipment for the initial stages of mine development has arrived at site and strip mining has started. Mining has removed more than 1.6-million cubic meters of material and included the first successful blast in July 2013. All mining is being completed by a B2Gold workforce.

Work at the mill has focused on development of the necessary infrastructure needed to complete the mill erection and stockpiling of the necessary sand and aggregate for concrete and engineered fill material. This includes erection of the construction shop and office complex. In adition, a concrete batch plant has been built and is being used to pour foundations for the mill structures.

At the mill, all major excavations have been completed and engineering backfill has been placed and approved by independent consultant SRK.

The leach tank base rings have also been installed, with the installation of the tanks having started in October 2013.

More than 95% of all earthworks have been completed.

The penstock structure has been substantially completed, underdrain piping has been installed, and 35% of the liner has been installed. It is expected that this structure will be completed in the fourth quarter of 2013 (in time to capture rainfall from the rainy season in the pond).

The mancamp has been completed and is open for employees. It is expected that as many as 600 people will live in the camp by the end of 2013.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Construction of the Otjikoto mine is ongoing, on schedule and on budget.

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.