VANCOUVER, British Columbia, Feb. 05, 2017 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX:BTO) (NYSE MKT:BTG) (NSX:B2G) ("B2Gold" or the "Company") is pleased to announce fourth quarter and full-year 2016 gold production and revenue as well as production and cash cost guidance for 2017. All dollar figures are in United States dollars unless otherwise indicated.

201 6 Fourth Quarter Highlights
  • Consolidated gold production of 140,651 ounces, 7% (or 9,182 ounces) greater than the same period in 2015  
  • Gold revenue of $181.2 million on record sales of 151,524 ounces at an average price of $1,196 per ounce, an increase in revenue of 30% (or $42.2 million) over the same period in 2015
  • Fekola project mine construction is ahead of schedule for an October 2017 production start and remains on budget

2016 Full-Year Highlights
  • Record annual consolidated gold production of 550,423 ounces of gold, achieving revised production guidance (of 535,000 to 575,000 ounces) and surpassing initial guidance (of 510,000 to 550,000 ounces)
  • Masbate Mine achieved record annual gold production of 206,224 ounces, 17% (or 30,421 ounces) higher than 2015
  • Otjikoto Mine achieved record annual gold production of 166,285 ounces, 14% (or 20,562 ounces) higher than 2015
  • Record annual consolidated gold revenue of $683.3 million on record sales of 548,281 ounces at an average price of $1,246 per ounce
  • Full-year consolidated cash operating costs are expected to be near the low end of the reduced cost guidance range of between $500 and $535 per ounce (initial guidance range was between $560 and $595 per ounce)
  • Full-year AISC are expected to be near the low end of the reduced guidance range of between $780 and $810 per ounce (initial guidance range was between $895 and $925 per ounce)   
  • Signed a Euro 71.4 million Equipment Facility with Caterpillar Financial SARL for the Fekola project (funding subject to satisfaction of conditions precedent)
  • Additional positive exploration drill results reported for the Company's Mali and Burkina Faso greenfield targets
  • 2017 outlook provides for forecast annual consolidated gold production of between 545,000 and 595,000 ounces, forecast cash operating costs of between $610 and $650 per ounce and forecast AISC of between $940 and $970 per ounce (including expected Fekola pre-commercial production of between 45,000 and 55,000 ounces)
  • 2018 outlook provides for very strong production growth, with the planned first full-year of production from the Fekola project, consolidated annual gold production is expected to increase significantly and be between 900,000 and 950,000 ounces with cash operating costs and AISC expected to approximate the Company's 2016 revised cost guidance ranges (of $500 to $535 per ounce for cash operating costs and $780 to $810 per ounce for AISC)     

2016 Operating Results

B2Gold achieved another record year of consolidated gold production in 2016 (for the eighth straight year) producing 550,423 ounces of gold, near the mid-point of its revised production guidance range (of 535,000 to 575,000 ounces) and surpassing its initial guidance range (of 510,000 to 550,000 ounces). Gold production for the year also increased by 12% (or 57,158 ounces) over 2015. The record performance in 2016 reflects the record performances from the Company's Masbate and Otjikoto mines, both setting new annual production records in 2016. The Company's La Libertad Mine also met its production guidance, with 2016 production near the high end of its production guidance range.

If you liked this article you might like

Tomorrow's Ex-Dividends To Watch: PFL, BTO, VSH

Where to Find 9% to 10% Yields -- Gates Capital

Muni ETFs Better Than Closed-End Funds as Fed Rate Hike Nears

John Hancock Financial Opportunities Fund (BTO) Shares Cross Below 200 DMA

John Hancock Financial Opportunities Fund (BTO) Shares Cross Below Book Value