Limon Mine
(95% B2Gold)

The Limon Mine is located in northwestern Nicaragua approximately 100 kilometres north of Managua and 20 kilometres from the Pan-American Highway.

B2Gold holds a 95% interest in the Limon Mine, with the remaining 5% being held by Inversiones Mineras S.A., a holding company representing unionized mine workers in Nicaragua. The Limon Mine concession includes numerous epithermal gold-quartz veins and has been in operation as an underground and open pit gold mine since 1941. To date the Limon Mine has produced approximately three million ounces of gold.

The current operation is a 1,000 tonne per day underground and open pit mine. The Limon Mine currently has a mine life of 3.5 years with projected average annual production of approximately 40,000 ounces of gold in 2010 at an estimated cash cost of approximately $625 per ounce.

The Limon mine is 100% un-hedged and debt free.

B2Gold has identified several exploration targets at the Limon Mine site and the Company believes there is excellent potential to increase the Limon Mine life and discover additional veins.

Exploration

The 2010 drill program is currently underway with a total of 14,800 metres planned. The surface exploration program comprises of geophysics, soil geochemistry and geological mapping. A trenching program is set to start once permits are received. Two drills are currently operating.

Additionally, the Santa Pancha deep area (between shafts #2 and #8) was drilled by Central Sun Mining Inc. in 2008 and outlined an inferred resource of 165,000 ounces of gold (1.03 million tonnes at 4.99 g/t gold at a 3.0 g/t gold cut off). In order to upgrade this inferred resource to indicated category, a 7,800 metre drill program will be completed during 2010.

Full results have been received for the mine resource definition drill program conducted in 2009 and early 2010 on the Santa Pancha vein system. Drilling in the Shaft #4 area targeted near surface mineralization in the footwall vein structure to the south of current mining in Pit 5. In the Shaft #2 area shallow drilling to the south of the shaft returned positive results. Permitting has started for the open pit mining of both these zones.

Infill drilling is currently being conducted in the Santa Pancha “Deep” area to confirm and upgrade the December 2009 inferred resource of 167,000 ounces of gold (1.1 million tonnes at 4.7 grams per tonne gold at 2.3 grams per tonne gold cut off).