Gramalote Property

The Gramalote property is located approximately 230 km northwest of the Colombian capital of Bogota and approximately 80 km northeast of Medellin the regional capital of the Department of Antioquia. The Gramalote property is a 51% – 49% B2Gold – AngloGold Ashanti joint venture, with B2Gold as the operator.

The Gramalote property is contained within and underlain by medium- to coarse-grained tonalite and granodiorite of the Cretaceous Antioquian Batholith. Gold mining in the Gramalote area has been carried out since Pre-Colombian times to the present.

The mineralization at the Gramalote property consists of intrusive hosted, structurally controlled quartz and quartz-pyrite veining and stockwork associated with carbonate-sericite, quartz-sericite and potassic alteration.

In 2008, B2Gold completed a total of 30,189 m in 90 diamond drill holes on the Gramalote property, following up previous drilling at the Gramalote property (12,312 m in 43 holes) by AngloGold Ashanti. The 2008 drill program tested the Gramalote Ridge Zone and Trinidad zones as well as several additional targets within the 85,534 hectare property area.

In January 2009, B2Gold announced a National Instrument 43-101 compliant inferred mineral resource estimate for the Gramalote Ridge Zone of 74.375 million tonnes grading 1.00 g/t gold for a total of 2.39 million troy ounces of gold. This resource estimate was calculated using a 0.5 g/t cutoff, within a US$1,000 per ounce gold optimised Whittle pit.

The resource estimate is supported by drilling and a tunnel completed by AngloGold Ashanti in 2007 and drilling completed by B2Gold in 2008. A total of 34,481 m of diamond drilling in 110 drill holes and 441 m of sampling from the underground tunnel support the resource estimate.

In 2009, detailed regional surface exploration work carried out by B2Gold at Gramalote has outlined seven quality drill targets located within four km of the Gramalote Ridge resource. All of these targets have similar geological, alteration and mineralization characteristics to the Gramalote Ridge. B2Gold plans to follow up these targets in 2010 with a view to expanding the resources at Gramalote.

B2Gold is currently in discussions with AngloGold Ashanti regarding further exploration of the Gramalote Property and the terms of the joint venture.