Puma is exploring for Platinum Group Metals (“PGMs”) at its East Pansky Project, located in northwestern Russia (Kola Peninsula). The property is located east of Barrick Gold’s advanced Fedorova Tundra PGM project. Puma has identified significant mineralization at the East Chuarvi Zone, and has located PGM mineralization in four other zones in three separate horizons.

The company has a 72% interest in the East Pansky license and the adjacent Kuksha license for a total of 367 km² in area. Puma has the right to acquire a further 18% in the East Pansky and Kuksha license in exchange for granting our private Russian partners a 2% NSR upon commercial production. In Russia, the Federal Government lease and regulates mineral resources.

Puma’s East Pansky project lies 120 km east of the Severonickel Complex with a power line and railroad located only 40 km west of the property. Murmansk is a major deep water port open year round. Puma’s exploration effort is based in the town of Monchegorsk from where the property is accessible by road 9-10 months of the year.

B2Gold did not exercise its optionto purchase all or any part of the 17.9 million common shares in the capital of Consolidated Puma Minerals Corp. that Bema formerly owned.

B2Gold will continue to manage the affairs of Consolidated Puma Minerals Corp. until its Annual General Meeting in June 2008.

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