B2Gold Reports Continued Strong Second Quarter And First-Half 2017 Gold Production; Fekola Project Mine Construction Remains On Target For An October 1, 2017 Production Start

VANCOUVER, British Columbia, July 31, 2017 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX:BTO) (NYSE MKT:BTG) (NSX:B2G) ("B2Gold" or the "Company") is pleased to announce its gold production and gold revenue for the second quarter and first-half of 2017. All dollar figures are in United States dollars unless otherwise indicated.

2017 Second Quarter Highlights
  • Consolidated gold production of 121,448 ounces, 1% (or 1,611 ounces) above budget
  • Consolidated gold revenue of $164.3 million on sales of 131,737 ounces at an average price of $1,247 per ounce
  • Fekola Project mine construction remains 3 months ahead of schedule and on budget for an anticipated October 1, 2017 production start
  • Subsequent to June 30, 2017, the Company secured a $500 million upsized corporate revolving credit facility, representing a $75 million increase from the existing facility

2017 First-Half Highlights
  • Consolidated first-half gold production of 254,184 ounces, 4% (or 9,566 ounces) above budget
  • Consolidated first-half gold revenue of $310.6 million on sales of 251,674 ounces at an average price of $1,234 per ounce
  • For full-year 2017, the Company has revised its consolidated production guidance range moderately lower to between 530,000 and 570,000 ounces of gold (previously between 545,000 and 595,000 ounces). Annual guidance for consolidated cash operating costs (see "Non-IFRS Measures") and consolidated all-in-sustaining costs ("AISC") (see "Non-IFRS Measures") for 2017 remains unchanged
  • 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 to 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)

Gold Production

Consolidated gold production in the second quarter of 2017 was 121,448 ounces, 1% (or 1,611 ounces) above budget. The above budgeted gold production was attributable to the continued strong operational performances of both the Masbate Mine in the Philippines and Otjikoto Mine in Namibia which together more than offset production shortages from La Libertad and El Limon in Nicaragua (see "Operations" section below). Gold production at El Limon is expected to return to more normal levels by the fourth quarter of 2017, as a result of the successful rehabilitation of a key dewatering well at Santa Pancha 1. Compared to the prior-year quarter, consolidated gold production was lower by 10% (or 13,794 ounces), reflecting the operational issues at La Libertad and El Limon. In addition, the prior-year quarter had benefitted from near record levels of gold production from Masbate as a result of the higher grade ore from Main Vein Stage 1 Pit which is no longer active.  

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