Kiaka Project – Burkina Faso(1)

The Kiaka Project is located in southcentral Burkina Faso, and is one of the largest undeveloped gold resources in West Africa. It contains Measured Mineral Resource estimates of 27.3 million tonnes at 1.09 g/t gold for 953,000 ounces; Indicated Mineral Resource estimates of 96.8 million tonnes at 0.96 g/t gold for 2.99 million ounces; and Inferred Mineral Resource estimates of 27.3 million tonnes at 0.93 g/t for 815,000 ounces(1).

Kiaka Development Project:

Further engineering studies were completed in 2016 to assess the optimum throughput rate for the Kiaka Project and upgrading projected capital and operating costs.

The current plan is to update the mineral-resource block model later this year based on ongoing drilling and then use that model as the basis for additional project evaluation. This will include re-evaluating project economics and the potential impact of higher-grade ore being added from the Toega zone. The 2017 development budget for Kiaka is approximately $2.7 million.

Toega Project:

Exploration drilling continued to expand ore zones at Toega during 2016. Drill results at Toega are up to 3.09 g/t gold over 84 metres (approximate true width) in NKDD014 and 1.61 g/t over 131 metres in NKDD017. The zone remains open and drilling is ongoing.

When mineral resource estimates become available, in-house evaluations will be completed to determine if Toega should be a standalone project, or a potential source of higher-grade feed for Kiaka. Metallurgical, environmental and social baseline studies were initiated at Toega in 2016, and these programs are planned to continue through 2017. The 2017 development budget for Toega is approximately $0.8 million.

Footnotes (Click to expand)
  1. The Mineral Resource estimate for the Kiaka Project was prepared as of January 8, 2013 by Ben Parsons, MSc, MAusIMM (CP), principal consultant for SRK Consulting (UK) Limited, a Qualified Person as defined under NI 43-101. The estimate reflects the attributable Mineral Resources based on B2Gold Corp’s 81% interest in the Kiaka Project. Mineral Resources are estimated using best practices as defined by the CIM and reporting of Mineral Resources is compliant and in accordance with the disclosure requirements of NI 43-101. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Mineral Resource numbers have been rounded to reflect the accuracy of the estimate and numbers may not add due to rounding.

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