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B2Gold Corp. Announces Further Positive Exploration Drill Results from La Libertad Mine Property in Nicaragua, Increasing the Size of the Jabali and Mojon Zones

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 8, 2011) - B2Gold Corp. (TSX:BTO)(OTCQX:BGLPF) ("B2Gold" or the "Company"), is pleased to announce further positive drilling results from the exploration programs at La Libertad Mine property in Nicaragua. These results have extended the Jabali Central Zone mineralization 570 metres westward from the current resource and demonstrate potential over 100 metres below the current resource. The recent drilling has also identified a potential new zone immediately west of the current Mojon open pit near La Libertad mill. B2Gold is currently producing approximately 90,000 ounces of gold annually from La Libertad open pit Mine, by processing an average of 5,500 tonnes per day at an average grade of 1.6 grams per tonne ("g/t") gold.

La Libertad Property Exploration

The 2011 exploration budget for La Libertad property has been increased to US$8.75 million to further explore the 20 kilometre ("km") long gold belt and to drill the Jabali deposit to indicated resource status. The recently announced new Jabali resource, based on the 2010 drill program totals 3.55 million tonnes at 4.58 g/t of gold containing 522,000 ounces of gold. This new resource with infill drilling could not only add several years to La Libertad's current seven year mine life but more importantly, allow the potential to deliver in the near term higher grade ore to La Libertad mill.

Drilling in 2011 commenced on January 24 with 42 holes totaling 13,347 metres drilled to date. Two rigs are currently drilling at Jabali and an additional three drill rigs are expected on site by the end of June 2011. The objectives of this year's program include the completion of infill drilling to convert Jabali to an indicated resource (results expected to be released in early 2012), further exploration at the Jabali zones that remain open (see initial results below), infill drilling of the eastern and western portions of San Juan to the indicated category and drilling to expand the western margins of the Mojon and Crimea pits.

Jabali Vein System

The Jabali epithermal vein system is currently being explored in two zones, the Antenna and Central Zones, covering a combined strike length of 3.2 km, though the vein itself has a known strike length of 6.2 km. To date a total of 114 drill holes (18,283 metres) have been completed at Jabali.

Central Zone

Recent work at the Central Zone has focused on exploration drilling to determine the overall extent of the deposit and infill drilling of the inferred resource. Highlights of the drilling to date adjacent to the inferred resource include JB11-063 with 10.25 metres true width grading 4.03 g/t gold, JB11-071 with 3.0 metres true width grading 9.15 g/t gold and JB11-061 with 4.5 metres true width grading 4.98 g/t gold.

In addition, exploration drilling has intersected significant mineralization 570 metres west of the current Central Zone resource and half way between the Antenna and Central Zones as indicated by hole JB11-060 with 10.7 metres true width grading 2.00 g/t gold. JB11-088, a 50 metre undercut of JB11-060 returned 15.0 metres true width grading 1.24 g/t gold. Additional exploration drilling has been completed and more assays are pending.

Hole JB11-077 (9.50 metres true width grading 2.81 g/t gold) was drilled 160 metres west and 200 metres down plunge from JB11-063 (10.25 metres true width grading 4.03 g/t gold) and may represent part of a westward plunging mineralized shoot that lies outside of the present resource. Additional drilling is planned down plunge and down dip.

JB11-074 (4.0 metre true width grading 6.61 g/t gold) and JB11-075 (6.0 metre true width grading 2.49 g/t gold) were drilled 160 metres apart and over 100 metres below the current resource, suggesting the presence of a down plunge continuation of the Momotombo mineralized shoot. Infill drilling in this area will be part of future plans.

Highlights of the most recent Jabali Central drilling results are as follows (Uncapped):

Antenna Zone

The Antenna Zone drilling reported below forms part of the current inferred resource. The higher grade nature of the Antenna Zone indicates the potential for underground mining in portions of the deposit. Highlights of the down plunge drilling include hole JB11-050 with 6.0 metres true width grading 5.30 g/t gold, JB11-049 with 6.2 metres true width grading 4.76 g/t gold, JB11-048 with 13.75 metres true width grading 1.53 g/t gold and JB11-051 with 1.75 metres true width grading 12.29 g/t gold. A highlight of the down dip drilling includes hole JB11-055 with 5.4 metres true width grading 5.29 g/t gold.

Highlights of the most recent Jabali Antenna drilling results are as follows (Uncapped):

The Antenna Zone target is now a minimum over 1,300 metres long, ranging up to 29.1 metres true width. The Antenna Zone is open down plunge to the west and down dip. Further exploration and infill drilling is planned to commence in the next 30 days.

Mojon Vein

To date a total of 26 drill holes totaling 3,694 metres have been completed at Mojon. The majority of the drilling has been focused on near surface infill of the mine block model and exploration drilling at the west end of the current open pit. Highlights of the drilling include MJ11-017 with 12.9 metres true width grading 2.91 g/t gold, MJ11-022 with 18.5 metres true width grading 2.88 g/t gold and MJ11-014 with 6.0 metres true width grading 4.58 g/t gold. These results extend mineralization at least 300 metres west of the current reserve boundary.

MJ11-019 and MJ11-022 have intersected mineralization 270 and 220 metres west of the current Mojon pit. Additional drilling is underway to evaluate the potential of this area.

The exploration programs are reviewed and the results approved by Tom Garagan, B2Gold's Qualified Person under National Instrument 43-101. The programs utilize extensive QA/QC (quality assurance and quality control) protocols for assaying and sample handling that consist of the systematic insertion of blanks, standards and duplicates as well as using a secondary laboratory for regular check assaying. Core samples are cut with a diamond saw and then are brought to the Mine preparation laboratories where they are dried, crushed and pulverized. Samples from the La Libertad project (after preparation at the Mine) are sent directly to ALS Chemex Labs in Vancouver, British Columbia, Canada for gold and silver fire assay. Check assays are sent out on a quarterly basis to Skyline Laboratories in Tuscon, AZ.

ON BEHALF OF B2GOLD CORP.

Tom Garagan, Senior Vice President of Exploration

For more information on B2Gold please visit the Company web site at www.b2gold.com.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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.