VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2008) -
As a result of a review by the British Columbia Securities Commission, we are issuing the following news release to clarify our disclosure.
B2Gold Corp. (TSX VENTURE:BTO) ("B2Gold" or the "Company") would like to clarify announcements by the Company concerning the publication by AngloGold Ashanti Limited ("AngloGold Ashanti") of its initial inferred resource estimate for the Gramalote gold property located in Colombia and the further work being conducted by B2Gold on that property. Under the Company's 2008 scoping program, B2Gold is following up on previous drilling on the Gramalote property conducted by AngloGold Ashanti with a view to making its own determination of a resource estimate. By way of further clarification, the previous references by the Company to a pre-feasibility program are to this scoping program.
The Company has made no resource assessment or determination on the Gramalote property and is continuing to proceed to complete its previously announced 2008 planned scoping program. The 2008 scoping program on the Gramalote Property will include drilling as well as metallurgical and geotechnical studies. The Company plans to complete a resource study by the end of 2008, the results of which will enable the Company to complete a scoping study on the property.
In the interim, at the request of the British Columbia Securities Commission, the Company has filed a technical report to update the previously filed technical report on the Gramalote Property dated October 22, 2007 to include the recent drilling results of AngloGold Ashanti, to address the publication by AngloGold Ashanti of its resource estimate and to bring forward the disclosure regarding the status of the recommended scoping program.
The initial inferred mineral resource estimate published by AngloGold Ashanti and quoted above a 0.5 grams per tonne ("g/t") gold cut-off is 57.8 million tonnes at a grade of 1.14 g/t gold based on a 100% ownership basis. The inferred resource was estimated using assay data from 43 drill holes (12,312 metres) completed by AngloGold Ashanti. The assay data was capped at 10 g/t gold and resources were estimated within a block model using indicator kriging. Tonnage calculations utilized specific gravity data from over 5700 measurements to determine the density for oxide material as 2.58 gms/cm3 and 2.66 gms/cm3 for hypogene material.
Inferred mineral resources are not mineral reserves and do not have demonstrated economic viability. The uncertainty of inferred resources are such that further exploration may produce results that are substantially different than those reported in the updated technical report and in this news release. The updated technical report discusses methodologies that AngloGold Ashanti used to estimate the inferred mineral resource but does not in itself constitute a conceptual economic study.
About B2Gold Corp.
B2Gold Corp. is a mineral exploration and development company founded by the former management team of Bema Gold Corporation ("Bema"). Bema, a former NYSE and TSX listed company, grew from a junior explorer to an international gold producer and was acquired by Kinross Gold Corporation through a CDN$3.5 billion transaction in February 2007. Led by former Bema management, B2Gold intends to capitalize on the extensive experience and relationships that this management team has developed in the mining industry over the past 25 years. B2Gold's corporate objective is to build an intermediate gold company through exploration and acquisitions.
Tom Garagan, Senior Vice President of Exploration for B2Gold Corp. is the Qualified Person for these exploration projects as defined by National Instrument 43-101.
ON BEHALF OF B2GOLD CORP.
Clive T. Johnson, President and Chief Executive Officer
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Vice President, Investor Relations
Manager, Investor Relations