B2Gold acquired a 100% interest in the Mocoa copper (Cu)-molybdenum (Mo) porphyry deposit located in the south of Colombia from AngloGold Ashanti.

The Mocoa property consists of four contract claims totaling 7,830.57 ha and two claim applications totaling 3,953.04 ha located in the Department of Putumayo 465 km southwest of Bogota, 67 km east of Pasto and 10 km northwest of the town of Mocoa in southern Colombia.

Mocoa lies within a composite belt of Late Triassic to Early Jurassic magmatic rocks known to host several porphyry copper prospects in southern Colombia. Copper and molybdenum hypogene mineralization is hosted by a potassic- and phyllic-altered and brecciated dacite porphyry stock emplaced into andesite and dacite volcanic rocks. Mineralization consists of chalcopyrite, molybdenite and local bornite with the higher grade mineralization hosted by hydrothermal breccias. Mocoa is a molybdenum-rich copper porphyry with molybdenum (Mo) grades averaging around 0.061% Mo.

Previous work carried out on the Mocoa property consists of mapping, stream sediment sampling, detailed rock chip sampling, ground magnetics and induced polarization geophysics and the diamond drilling of 18,321 m in 31 holes by the United Nations and Ingeominas in the late 1970’s to early 1980’s. This work resulted in the delineation of a non NI 43-101 compliant historic resource of 306 million tonnes (Mt) @ 0.37% Cu and 0.061% Mo, containing 2.5 billion pounds of copper and 411 million pounds of molybdenum, using a 0.25% Cu plus 0.025% Mo cut-off and a specific gravity of 2.7 gr/cm³.

The historic resource stated herein is based on the Pre-Feasibility Report completed in Colombia in 1984 by Ingeominas and the United Nations. This resource was prepared prior to the implementation of NI 43-101 and is not compliant with current accepted resource and reserve classifications and should not be relied upon. The company advises that it has not done the work to verify the historic resource estimate and is not treating the historic resource as a current resource. B2Gold plans to carry out a drill program in 2008 to twin some historic drill holes and to test for extensions of mineralization.

Selected historical drill intersections include:

Mocoa Property – Historical Drill Hole Results

Historic drilling has shown that the Mocoa ore body to be cylindrical in shape and covers a 500 by 600 m area and extends to a depth of at least 700 m. The deposit remains open to the northeast where additional drilling is warranted.

B2Gold is currently drilling with two drill rigs as part of a 3,800 m drill program at Mocoa. Drilling will test the possible extensions of the deposit as well as confirm previous drilling results with several twin holes. The Company believes there is good potential to increase the area of known copper-molybdenum mineralization at Mocoa and delineate an economic bulk mineable ore body.

An independent 43-101 technical report on Mocoa was completed in June 2008 has been filed on sedar.