Calibre Mining Corp. Joint Venture, Nicaragua
(B2Gold option to earn up to 65% in stages)

B2Gold has the option to earn up to a 65% interest in potential mining projects in the Borosi gold-silver-copper prospect in northeast Nicaragua from joint venture partner Calibre Mining. B2Gold may earn a 51% interest in 11 exploration and exploitation mineral concessions with terms ranging from 20 to over 35 years covering approximately 70,000 hectares by funding Cdn$8 million of exploration expenditures on the property over a three year period ending July 1, 2012. B2Gold must fund Cdn$2.5 million of exploration expenditures by July 1, 2010. B2Gold may increase its interest in specific project areas to 65% by funding a preliminary feasibility study of the viability of a mining project in that area. Calibre is the operator for the initial year of the program and B2Gold may elect to become operator for subsequent years.

The Borosi property is located in the Bonanza-Rosita-Siuna areas of northeast Nicaragua. The “Mining Triangle” of Nicaragua is estimated to have had historical production totaling more than 5 million ounces of gold, 4 million ounces of silver, 158,000 tons of copper and 106,000 tons of zinc.

Exploration work is progressing well on the 71,000 hectare Borosi property. Calibre Mining has completed 1:10,000 scale mapping over a 65 square kilometre area, 58 line-kilometres of soil sampling and 288 metres of hand dug trenching. Initial results from this work have outlined three new gold-silver epithermal targets and a gold-copper porphyry/skarn target. A 5,000 metre diamond drill program testing these initial targets commenced in March. The remainder of the 2010 exploration budget is estimated at CDN$2.0 million and consists of an initial 5,000 metre diamond drilling program and further target delineation work over high priority targets in the Eastern Epithermal, Rosita and Bonanza camps.