Gramalote project - Colombia

Property Description and Location

The Gramalote project 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. As at December 31, 2015, AngloGold Ashanti Limited (“AngloGold”) and B2Gold have a 51% and 49% interest, respectively, in the Gramalote property. AngloGold is the manager of the joint venture project. The Gramalote project area is covered by 17 contiguous claim blocks totalling 35,322.2 hectares. The claims presently include 16 registered concession contracts totalling 25,909.3 hectares and one integrated and registered mining concession contract totalling 9,412.9 hectares. The claims are registered, or are in the process of being registered, in the name of Gramalote (Colombia) Limited, the Colombian branch of Gramalote Limited that has been formed to hold all of the Gramalote mineral claims.

Work in 2014 focused on advancing key prefeasibility activities including conversion of Inferred Mineral Resources into Measured and Indicated Mineral Resources in Gramalote Central, advancing the environmental impact assessment (“EIA”) study, maintaining support within the community and value-enhancing engineering, including optimizing mine planning and earthworks and metallurgical studies.

On March 12, 2014, we announced positive results from the preliminary economic assessment (“PEA”) for the Gramalote project. At current gold price levels, the Gramalote project economics are positive but at this time the project is not at the top of our priority list for continued development towards a final feasibility study.

Programa de Trabajos y Obras de Explotación (“PTO”) was submitted to the government of Antioquia on February 4, 2015, and was approved December 23 2015.  PTO defines the program of work and labor and provides the operational and technical details for the exploitation of the Gramalote project. On February 11, 2015, the EIA was formally submitted to Autoridad Nacional de Licencias Ambientales, the Colombian national environmental agency. The Gramalote project EIA was approved on November 30, 2015.

Work in 2015 continued to focus on certain key prefeasibility activities including advancing the EIA, maintaining support within the community and value-enhancing engineering, including optimizing mine planning and earthworks and metallurgical studies. The 2015 exploration program at the Gramalote project included 5,267 metres of diamond drill core in 18 holes at the Cisneros and La Maria targets.

B2Gold has proposed a care and maintenance budget of $14.44 million for 2016 including $3.03 million for land payments. B2Gold and AngloGold are continuing with discussions to finalize work programs, spending estimates and funding for 2016. Both parties are required to contribute to funding that will maintain the project in good standing.

Footnote (Click to expand)

Certain portions of the following information are derived from and are based on the assumptions, qualifications and procedures set out in the technical report entitled “NI 43-101 Technical Report on Resources, Gramalote Project, Providencia Colombia” dated June 8, 2012 (the “Gramalote Technical Report”) prepared under the supervision of Donald E. Hulse, P.E., a Qualified Person as defined in NI 43-101. For a more detailed overview of the Gramalote property, please refer to the technical report noted above, which is available on SEDAR at

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