<SEC-DOCUMENT>0001062993-14-004570.txt : 20141211
<SEC-HEADER>0001062993-14-004570.hdr.sgml : 20141211
<ACCEPTANCE-DATETIME>20140805172412
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001062993-14-004570
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140805

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			B2GOLD CORP
		CENTRAL INDEX KEY:			0001429937
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		595 BURRARD STREET, SUITE 3100
		CITY:			VANCOUVER, BRITISH COLUMBIA
		STATE:			A1
		ZIP:			V7X 1J1
		BUSINESS PHONE:		(604) 601-2962

	MAIL ADDRESS:	
		STREET 1:		595 BURRARD STREET, SUITE 3100
		CITY:			VANCOUVER, BRITISH COLUMBIA
		STATE:			A1
		ZIP:			V7X 1J1
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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   <TITLE>B2Gold Corp.: Correspondence - Filed by newsfilecorp.com</TITLE>
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    <TD align=left>August 5, 2014 </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Tia L. Jenkins </TD></TR>
  <TR vAlign=top>
    <TD align=left>Sr. Assistant Chief Accountant </TD></TR>
  <TR vAlign=top>
    <TD align=left>Securities and Exchange Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left>100 F Street, N.E. </TD></TR>
  <TR vAlign=top>
    <TD align=left>Washington, D.C. 20549 </TD></TR></TABLE><BR>
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  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left ><B>Re:</B> </TD>
    <TD align=left width="90%"><B>B2Gold Corp.</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%"><B>Form</B> <B>40-F for the Year Ended December
      31, 2013</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%"><B>Filed April 1, 2014</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%"><B>Form</B> <B>6-K Furnished March 17, 2014</B>
    </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%"><B>File No. 001-35936</B> </TD></TR></TABLE>
<P align=justify>Dear Ms. Jenkins: </P>
<P align=justify>This letter responds to the staff&#146;s comments set forth in the
July 10, 2014 letter regarding the above-referenced Form 40-F filed April 1,
2014 and Form 6-K furnished March 17, 2014. For your convenience, the staff&#146;s
comments are included below and we have numbered our responses accordingly. </P>
<P align=justify>Our responses are as follows: </P>
<P align=justify><U>Form 40-F for the Year Ended December 31, 2013</U> </P>
<P align=justify>Staff Comment No. 1: </P>
<P style="MARGIN-LEFT: 5%" align=justify>We note that you have not included your
Exhibit 99.2, audited annual financial statements and Exhibit 99.3, Management&#146;s
Discussion and Analysis as an exhibit to your Form 40-F but incorporated by
reference to exhibits to Form 6-K furnished to the Commission on March 17, 2014.
Please explain to us why you have furnished your audited financial statements
and Management&#146;s Discussion and Analysis on Form 6-K and how your Form 40-F
complies with Instruction B.(3) to Form 40-F. </P>
<P align=justify>B2Gold Corp.&#146;s Response: </P>
<P style="MARGIN-LEFT: 5%" align=justify>We have amended our Form 40-F annual report for the year ended December 31, 2013 to include, rather than incorporate by reference, our audited financial statements and Management&#146;s Discussion and Analysis. The amended Form 40-F was refiled on EDGAR on July 25, 2014.  </P>
<P align=justify><U>Exhibit 99.1 Annual Information Form</U> </P>
<P align=justify>Staff Comment No. 2: </P>
<P style="MARGIN-LEFT: 5%" align=justify>We note your reserves are only reported
as the sum of your proven and probable reserves. This is contrary to the
guidance provided by U.S. Industry Guide 7 and Canadian National Instrument
43-101 section 2.2. We also note your resources are reported as the sum of your
measured and indicated resources instead of reporting each classification
separately, again in conflict with National Instrument 43-101 section 2.2.
Please revise your filing reporting your proven and probable reserves separately
along with your measured, indicated resources. </P>
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  <TR vAlign=top>
    <TD align=left>Tia L Jenkins </TD></TR>
  <TR vAlign=top>
    <TD align=left>August 5, 2014 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Page 2 </TD></TR></TABLE>
<P align=justify>B2Gold Corp.&#146;s Response: </P>
<P style="MARGIN-LEFT: 5%" align=justify>We are incorporated in British Columbia
and are a &#147;foreign private issuer&#148; as defined in Rule 405 of the Securities Act
of 1933, as amended. We satisfy the requirements of General Instruction A.2 of
Form 40-F and file reports with the Commission pursuant to the
multi-jurisdictional disclosure system (&#147;MJDS&#148;) adopted by the securities
regulatory authorities in Canada and the Commission. Pursuant to MJDS, we
prepare our Annual Information Form in accordance with applicable Canadian
disclosure requirements and are not subject to the Commission&#146;s Industry Guide
7. We intend to continue to prepare our Annual Information Form and other
Canadian MJDS reports filed with the Commission pursuant to such Canadian
disclosure requirements. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The disclosure contained in our Form
40-F for the year ended December 31, 2013 complies with the disclosure
requirements of Form 40-F and the Securities Exchange Act of 1934, as amended,
based on the relevant Canadian disclosure requirements for our Annual
Information Form and other Canadian MJDS reporting requirements. We report
reserve and resource estimates in accordance with National Instrument 43-101
(the "NI 43-101"), the national instrument for the Standards of Disclosure for
Mineral Projects within Canada. On page 3 of our Form 40-F, we clearly disclose
that we comply with the disclosure standards of NI 43-101, which may differ
materially from the requirements of the Commission. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The disclosure in our Annual
Information Form is provided on a summary basis for both proven and probable
reserves and measured and indicated resources. It is our view that the summary
disclosure of mineral reserves and resources in the Annual Information Form is
supported by the disclosure in the technical reports relating to each mineral
project, which complies with all disclosure requirements set out in National
Instrument 43-101. The disclosure for each mineral project in the Annual
Information Form includes the reference to, and listing of, the applicable
technical report that supports the disclosure, including instruction to the
reader on how to locate the technical report. Our first time disclosure of
mineral reserves and mineral resources, as supported by a technical report, if
necessary, includes the necessary breakdown of mineral resources and resources
by category. Our view is that we have complied, and continue to comply, with the
requirements set out in NI 43-101 section 2. We note that the British Columbia
Securities Commission has reviewed our past Annual Information Forms, containing
the same forms of disclosure, in the context of both prospectuses and continuous
disclosure reviews.<B> </B></P>
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  <TR vAlign=top>
    <TD align=left>Tia L Jenkins </TD></TR>
  <TR vAlign=top>
    <TD align=left>August 5, 2014 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Page 3 </TD></TR></TABLE>
<P align=justify>Staff Comment No. 3: </P>
<P style="MARGIN-LEFT: 5%" align=justify>Proven and probable reserves are
disclosed for your La Libertad, Limon, and Masbate properties as of December 31,
2013 and the Kiaka property as of January 8, 2013. Please forward to our
engineer as supplemental information and not as part of your filing, your
information that establishes the legal, technical, and economic feasibility of
your materials designated as reserves, as required by Section C of Industry
Guide 7 pursuant to Rule 12b-4 of the Exchange Act. The information requested
includes, but is not limited to: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
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  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left ><LI></LI></TD>
    <TD align=left width="90%">Property and geologic maps </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><LI></LI> </TD>
    <TD align=left width="90%">Description of your sampling and assaying
      procedures </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><LI></LI> </TD>
    <TD align=left width="90%">Drill-hole maps showing drill intercepts </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><LI></LI> </TD>
    <TD align=left width="90%">Representative geologic cross-sections and
      drill logs </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><LI></LI></TD>
    <TD align=left width="90%">Description and examples of your cut-off
      calculation procedures </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><LI></LI></TD>
    <TD align=left width="90%">Cutoff grades used for each category of your
      reserves and resources </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><LI></LI></TD>
    <TD align=left width="90%">Justifications for the drill hole spacing used
      to classify and segregate proven and probable reserves </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left ><LI></LI> </TD>
    <TD align=left width="90%">A detailed description of your procedures for
      estimating reserves </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><LI></LI></TD>
    <TD align=left width="90%">Copies of any pertinent engineering or
      geological reports, and executive summaries of feasibility studies or mine
      plans which including the cash flow analyses </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><LI></LI></TD>
    <TD align=left width="90%">A detailed permitting and government approval
      schedule for the project, particularly identifying the primary
      environmental or construction approval(s) and your current location on
      that schedule. </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><LI></LI> </TD>
    <TD align=left width="90%">All calculations used to update previous
      reserve estimates using subsequent production statistics.
</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>To minimize the transfer of paper,
please provide the requested information on a CD, formatted as Adobe PDF files
and provide the name and phone number for a technical person our engineer may
call, if he has technical questions about your reserves. </P>
<P style="MARGIN-LEFT: 5%" align=justify>In the event your company desires the
return of this supplemental material, please make a written request with the
letter of transmittal and include a pre-paid, pre-addressed shipping label to facilitate the return
of the supplemental information. Please note that you may request the return of
this information pursuant to the provisions of<B>, </B>Rule 12b-4 of the
Exchange Act. </P>
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  <TR vAlign=top>
    <TD align=left>Tia L Jenkins </TD></TR>
  <TR vAlign=top>
    <TD align=left>August 5, 2014 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Page 4 </TD></TR></TABLE>
<P align=justify>B2Gold Corp.&#146;s Response: </P>
<P style="MARGIN-LEFT: 5%" align=justify>As noted above, pursuant to MJDS, we
comply with Canadian disclosure standards, including 43-101, with respect to the
estimation of resources and reserves, and we are not subject to the requirements
of the Commission&#146;s Industry Guide 7. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Notwithstanding the fact that the
Commission&#146;s standards for resource and reserve reporting do not apply, we have
furnished certain information responsive to this Comment as supplementary
information and not as part of the file, in the form of a CD which contains
several Adobe PDF documents to which we refer you. Any questions with respect to
this supplementary information may be posed to Tom Garagan, Senior Vice
President of Exploration. Mr. Garagan can be reached at (604) 601-2953 and
tgaragan@b2gold.com.<B> </B></P>
<P align=justify><U>Form 6-K Furnished March 17, 2014</U> </P>
<P align=justify><U>Exhibit 99.1 Consolidated Financial Statements</U> </P>
<P align=justify><U>Notes to Consolidated Financial Statements, page 1</U></P>
<P align=justify>&nbsp;Staff Comment No. 4: </P>
<P style="MARGIN-LEFT: 5%" align=justify>In your fourth quarter 2013 earnings
conference call, you mention that, of the $32 million in capital expenditures
for the year, you incurred $11.3 million for Jabali road construction. Please
tell us how you accounted for these costs and your basis in accounting. </P>
<P align=justify>B2Gold Corp.&#146;s Response: </P>
<P style="MARGIN-LEFT: 5%" align=justify>In 2013, the Company expended $14.5
million (2012 - $12.7 million) on Jabali development, including $6.8 million
(2012 - $4 million) on constructing a 15 km haul road for transporting the
Jabali deposit ore to the Libertad mill. Please note, the fourth quarter 2013
earnings conference call incorrectly mentioned that $11.3 million was incurred
for Jabali road construction.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Jabali development expenditures,
including those for the haul road, were incurred by the Company to bring the
Jabali deposit to commercial production. Accordingly, these expenditures were
capitalized by the Company. The application of the Company&#146;s accounting policy
to capitalize these development costs was derived from the guidance in the IFRS
Conceptual Framework and IAS 16 paragraph 7.</P>
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    <TD align=left>Tia L Jenkins </TD></TR>
  <TR vAlign=top>
    <TD align=left>August 5, 2014 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Page 5 </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The haul road is a private
service/haulage road constructed on Libertad/Jabali mining concessions and used
exclusively to transport the ore from the Jabali deposit to the Libertad mill.
The road is not accessible to the public. The costs incurred to construct the
road have been capitalized to property, plant, and equipment for the Libertad
Mine. The costs of the road are being amortized over the estimated life of the
Jabali deposit on a units-of-production basis. </P>
<P align=justify><U>Note 3 Accounting Changes and Recent Pronouncements, page
1</U> </P>
<P align=justify><U>Leases, page 2</U> </P>
<P align=justify>Staff Comment No. 5: </P>
<P style="MARGIN-LEFT: 5%" align=justify>We note your policy for finance leases
discloses that you capitalize the fair value of the leased asset, or if lower,
the present value of minimum lease payments at the inception of the lease.
Please tell us how your policy compares with the requirement to initially
recognize finance leases at the commencement of the lease term as stated in
paragraph 20 of IAS17. In doing so, please tell us if recognition commences at
the earlier of when you are entitled to exercise your right to use the leased
asset or when the lease term begins. </P>
<P align=justify>B2Gold Corp.&#146;s Response: </P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company&#146;s existing accounting
policy disclosed in the financial statements for the year ended December 31,
2013 specified that initial recognition of the tangible asset and corresponding
liability in respect of a finance lease was at &#147;inception&#148;. The Company intended
this to mean recognition occurs on the date that the Company has a right of use
of the asset, which is the date of &#147;commencement&#148;. The terminology used in the
Company&#146;s disclosed accounting policy did not result in any differences in the
timing of recognition in respect of the leased asset and corresponding lease
liability as the Company&#146;s right of use coincided with the date of lease
&#147;inception&#148; for current leases.</P>
<P style="MARGIN-LEFT: 5%" align=justify>For greater clarity, the Company
proposes to replace the existing reference to &#147;inception&#148; in its disclosed
accounting policy with the following wording commencing in its 2014 annual
consolidated financial statements.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;Finance leases, which transfer to the Company substantially all the risks and rewards incidental to ownership of the leased item, are capitalized at the commencement of the lease term (the date from which the lessee is entitled to exercise its right to use the leased asset) at the fair value of the leased asset or, if lower, at the present value of the minimum lease payments.&#148; </P>
<P align=justify><U>Note 4 Summary of Accounting Policies, page 3</U> </P>
<P align=justify><U>Mining interests, page 7</U> </P>
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  <TR vAlign=top>
    <TD align=left>Tia L Jenkins </TD></TR>
  <TR vAlign=top>
    <TD align=left>August 5, 2014 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Page 6 </TD></TR></TABLE>
<P align=justify><U>Property, plant and equipment, page 7</U> </P>
<P align=justify>Staff Comment No. 6: </P>
<P style="MARGIN-LEFT: 5%" align=justify>We note that you have several
development properties and you disclose expenditures incurred on properties
under development are capitalized within property, plant and equipment. Please
expand your disclosure to address how you determine the beginning and ending of
the development stage for your mines. </P>
<P align=justify>B2Gold Corp.&#146;s Response: </P>
<P style="MARGIN-LEFT: 5%" align=justify>For expanded disclosure on determining
the beginning of the development stage for the Company&#146;s mines, the Company
proposes to add the following underlined wording to its existing accounting
policy note relating to &#147;<I>Mining Interests -</I> <I>Exploration and Evaluation
Expenditures</I>&#148; commencing in its 2014 annual consolidated financial
statements.</P>
<P style="MARGIN-LEFT: 10%" align=justify>The Company defers the cost of acquiring, maintaining its interest, exploring and developing mineral properties as exploration and evaluation until the properties are placed in production, abandoned, sold or considered to be impaired in value. Once the technical feasibility and commercial viability of the extraction of mineral reserves or resources from a particular mineral property has been determined, exploration and evaluation expenditures are reclassified to &#147;mineral properties and mine development costs&#148;. If no minable ore body is discovered, such costs are expensed in the period in which it is determined the property has no future economic value. Exploration costs that do not relate to any specific property are expensed as incurred.</P>
<P style="MARGIN-LEFT: 10%" align=justify>The establishment of technical feasibility and commercial viability of a mineral property is assessed based on a combination of factors, such as but not limited to: </P>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="15%"  ></TD>
    <TD align=left ><LI></LI></TD>
    <TD align=left width="80%">
  <P align=justify>The extent to which mineral reserves or mineral resources have been identified through a feasibility study or similar level document; </P></TD></TR>
  <TR vAlign=top>
    <TD width="15%" ></TD>
    <TD align=left ><LI></LI></TD>
    <TD align=left width="80%">
      <P align=justify>The results of optimization studies and further
      technical evaluation carried out to mitigate project risks
  identified in the feasibility study; </P></TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left ><LI></LI> </TD>
    <TD align=left width="80%">
      <P align=justify>The status of environmental permits, and
</P></TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left ><LI></LI></TD>
    <TD align=left width="80%">
      <P align=justify>The status of mining leases or permits.
</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>In addition, commercial viability is deemed to be achieved when the Company determines that the project will provide a satisfactory return relative to its perceived risks. Ore reserves may be declared for an undeveloped mining project before its commercial viability has been fully determined. Evaluation costs may continue to be capitalized during the period between declaration of reserves and approval to mine as further work is undertaken in order to refine the development case to maximize the project&#146;s returns.</P>
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    <TD align=left>Tia L Jenkins </TD></TR>
  <TR vAlign=top>
    <TD align=left>August 5, 2014 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Page 7 </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>For expanded disclosure on determining
the ending of the development stage for the Company&#146;s mines, the Company
proposes to add the following underlined wording to its existing accounting
policy note for &#147;<I>Mining Interests -</I> <I>Mineral properties and mine
development costs</I>&#148; commencing in its 2014 annual consolidated financial
statements.</P>
<P style="MARGIN-LEFT: 10%" align=justify>Capitalization of costs incurred ceases when the mining property is capable of commencement of mining operations in the manner intended by management. Costs incurred prior to this point, including depreciation of related plant and equipment, are capitalized and proceeds from sales during this period are offset against capitalized costs.</P>
<P style="MARGIN-LEFT: 10%" align=justify>The Company applies judgment in its assessment of when a mine is capable of operating in the manner intended by management which takes account of the design of the mine and the nature of the initial commissioning phase of the mine.  </P>
<P align=justify><U>Mineral properties and mine development costs, page 8</U>
</P>
<P align=justify>Staff Comment No. 7: </P>
<P style="MARGIN-LEFT: 5%" align=justify>We note your accounting policy
disclosure stating that you include a portion of measured and indicated
resources expected to be classified as reserves in the unit-of-production
calculation for determining the amortization of your property, plant and
equipment and mineral properties and mine development costs. To enhance our
understanding of your accounting policy, please: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left ><LI></LI></TD>
    <TD align=left width="90%">
      <P align=justify>tell us the percentage and amount of measured, indicated
      and inferred resources that you include in the portion of resources
      expected to be classified as reserves, and tell us whether there have been
      any changes to your policy; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><LI></LI></TD>
    <TD align=left width="90%">
      <P align=justify>tell us how you determine whether a resource is
      reasonably expected to be converted to proven and probable reserves.
      Please provide us with your history of converting resources into proven
      and probable reserves; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><LI></LI></TD>
    <TD align=left width="90%">
      <P align=justify>tell us the number of years of historical data that you
      have used to estimate your projected rates of converting resources to
      proven and probable reserves; </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><LI></LI></TD>
    <TD align=left width="90%">
      <P align=justify>explain to us whether and why historical trends are
      indicative of future conversion rates; and </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left ><LI></LI></TD>
    <TD align=left width="90%">
      <P align=justify>provide the amount of depletion expense for each period
      that would have been recognized if only proven and probable reserves were
      included in the depreciable base (i.e., excluding all
measured and indicated and all inferred mineral resources from the depreciable
base). </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Tia L Jenkins </TD></TR>
  <TR vAlign=top>
    <TD align=left>August 5, 2014 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Page 8 </TD></TR></TABLE>
<P align=justify>B2Gold Corp.&#146;s Response: </P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company has three operating mines,
the Libertad and Limon Mines in Nicaragua and, commencing on January 16, 2013,
the Masbate Mine in the Philippines. The Company acquired control of CGA Mining
Limited (&#147;CGA&#148;) on January 16, 2013, including CGA&#146;s producing mine, the Masbate
Mine. On March 26, 2009, the Company acquired the Libertad and Limon Mines, as a
result of a business combination with Central Sun Mining Inc. In the fourth
quarter of 2009, the conversion of the Libertad Mine from a heap leach mine to a
conventional milling operation was completed. The Libertad Mine achieved
commercial production on February 1, 2010. The Limon Mine has been in operation
since 1941.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company typically updates its
reserves and resources annually. The reserves and resources amounts detailed
below reflect the amounts disclosed in the Company&#146;s Annual Information Form for
the years noted. </P>
<P style="MARGIN-LEFT: 5%" align=justify>As discussed below, the Company&#146;s
accounting policy with respect to its unit-of-production (&#147;UOP&#148;) calculation for
determining the amortization of its property, plant and equipment and mineral
properties and mine development costs has remained the same, being to include a
portion of measured and indicated resources (&#147;M&amp;I&#148;) expected to be
classified as reserves in its UOP calculation. The Company&#146;s policy is not to
include any element of inferred resources in its depletion calculation. </P>
<P style="MARGIN-LEFT: 5%" align=justify>As each ore deposit is unique and is a
depletable resource, historic trends will not necessarily always be indicative
of future conversion rates. The Company&#146;s determination is also based on data
specific to each ore deposit as reflected in the Life of Mine plan for each
operation. The Company considers such factors as: the deposit geometry, the
continuity of the gold mineralization of the ore zones, gold grades, metallurgy
and process recovery rates, and proximity of the ore to existing operations.
Future capital expenditures necessary to access any M&amp;I resources are also
taken into account, and added into the numerator of the depletion calculation
when determining the pattern of depletion charge for each operation. These are
typically associated with underground infrastructure costs. </P>
<P style="MARGIN-LEFT: 5%" align=justify><I>Libertad Mine - Nicaragua </I></P>
<P style="MARGIN-LEFT: 5%" align=justify>In 2013 and consistent with prior
years, the denominator in the UOP calculation for the Libertad Mine included
100% of Libertad&#146;s M&amp;I resources, totaling 423,810 ounces. This was based on
100% of Libertad&#146;s December 2012 43-101 compliant M&amp;I resources of 470,900
contained ounces, adjusted for estimated process recoveries. In accordance with
the Company&#146;s policy, inferred resources totaling 341,800 ounces were excluded
from the depletion base. </P>
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noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Tia L Jenkins </TD></TR>
  <TR vAlign=top>
    <TD align=left>August 5, 2014 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Page 9 </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company has a strong history of
converting its MI resources into reserves at the Libertad Mine. At the
commencement of production in 2010, Libertad&#146;s 43-101 reserves and M&amp;I
resources totaled 650,270 ounces and 260,034 ounces respectively. During the 3.9
year period from commencement of commercial production to December 31, 2013, the
Libertad Mine had produced mill feed of 453,885 ounces. At December 31, 2013,
Libertad&#146;s reserves and M&amp;I resources totaled 498,000 ounces and 355,000
ounces respectively. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Annual rates for the conversion of
Libertad&#146;s M&amp;I resources into reserves may be summarized as follows: </P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="95%" border=1>

  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><BR><BR></TD>
    <TD align=center width="25%" bgColor=#eeeeee><BR><B>Annualized
      </B><B><SUP>(i)</SUP></B> <BR></TD>
    <TD align=center width="25%" bgColor=#eeeeee><BR><B>Cumulative
      </B><B><SUP>(ii)</SUP></B> <BR></TD>
    <TD align=center width="25%" bgColor=#eeeeee><B>Cumulative -</B>
      <BR><B>Dec. 31, 2009</B> <BR><B>(iii)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>2013 </TD>
    <TD align=left width="25%">0% </TD>
    <TD align=left width="25%">64% </TD>
    <TD align=left width="25%">116% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>2012 </TD>
    <TD align=left width="25%" bgColor=#ffffff>29% </TD>
    <TD align=left width="25%" bgColor=#ffffff>49% </TD>
    <TD align=left width="25%" bgColor=#ffffff>117% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>2011 </TD>
    <TD align=left width="25%" bgColor=#ffffff>21% </TD>
    <TD align=left width="25%" bgColor=#ffffff>49% </TD>
    <TD align=left width="25%" bgColor=#ffffff>48% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>2010 </TD>
    <TD align=left width="25%" bgColor=#ffffff>27% </TD>
    <TD align=left width="25%" bgColor=#ffffff>27% </TD>
    <TD align=left width="25%" bgColor=#ffffff>27% </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>These rates are calculated each year as
follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top align=left width="5%">i. </TD>
    <TD align=left><U>(closing reserves + mill feed for the year - opening
      reserves) <BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (opening M&amp;I resources for the year)</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top align=left width="5%">ii. </TD>
    <TD align=left><U>(cumulative new reserves since January 1, 2010)
      <BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (opening
      M&amp;I resources for the year)</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top align=left width="5%">iii. </TD>
    <TD align=left><U>(cumulative new reserves since January 1, 2010)
      <BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (M&amp;I
      resources as at December 31, 2009)</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company considers that the implied
historical and annual conversion rates for the Libertad Mine provide an adequate
basis for utilizing 100% of M&amp;I resources as a denominator in the depletion
calculation. The initial denominator is based on proven and probable reserves
plus 100% of M&amp;I resources at the start of each financial year, and is
adjusted each reporting period for production to date. </P>
<P style="MARGIN-LEFT: 5%" align=justify>If only proven and probable reserves
were included in the denominator for depletion calculation purposes for each of
the years in the four year period ended December 31, 2013, Libertad&#146;s depletion
expense would have been as follows:
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Tia L Jenkins </TD></TR>
  <TR vAlign=top>
    <TD align=left>August 5, 2014 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Page 10 </TD></TR></TABLE><BR>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="95%" border=1>

  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><BR><BR><BR><BR><BR></TD>
    <TD width="25%" align=center valign="middle" bgColor=#eeeeee><B>Depletion expense -</B> <BR>
      <B>as reported</B> <br>
      <B>($ in thousands)</B><BR></TD>
    <TD width="25%" align=center valign="middle" bgColor=#eeeeee><B>Depletion</B> <BR>
      <B>expense -</B><B>based on</B> <BR>
      <B>proven
      &amp;</B><B>probable</B> <BR><B>reserves only</B> <BR><B>($ in</B><B>thousands)</B> </TD>
    <TD width="25%" align=center valign="middle" bgColor=#eeeeee><B>Difference</B> <BR>
      <B>($
      in</B> <B>thousands)</B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>2013 </TD>
    <TD align=left width="25%">32,067 </TD>
    <TD align=left width="25%">39,378 </TD>
    <TD align=left width="25%">7,311 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>2012 </TD>
    <TD align=left width="25%" bgColor=#ffffff>22,881 </TD>
    <TD align=left width="25%" bgColor=#ffffff>32,995 </TD>
    <TD align=left width="25%" bgColor=#ffffff>10,114 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>2011 </TD>
    <TD align=left width="25%" bgColor=#ffffff>18,572 </TD>
    <TD align=left width="25%" bgColor=#ffffff>21,927 </TD>
    <TD align=left width="25%" bgColor=#ffffff>3,355 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>2010 </TD>
    <TD align=left width="25%" bgColor=#ffffff>8,348 </TD>
    <TD align=left width="25%" bgColor=#ffffff>11,708 </TD>
    <TD align=left width="25%" bgColor=#ffffff>3,360
</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify><I>Limon Mine - Nicaragua </I></P>
<P style="MARGIN-LEFT: 5%" align=justify>In 2013 and consistent with prior years, the denominator in the UOP calculation for the Limon Mine included 100% of Limon&#146;s M&I resources (with the exception of certain Santa Pancha 2 underground zone M&I resources), totaling 289,877 ounces. This was based on 100% of Limon&#146;s December 31, 2012 43-101 compliant M&I resources of 341,800 contained ounces, adjusted for estimated process recoveries and the exclusion of 37,705 ounces relating to Santa Pancha 2 underground zone M&I resources, excluded due to their lack of close proximity to existing mining operations at the estimate date. In accordance with the Company&#146;s policy, inferred resources totaling 110,500 ounces have been excluded from the depletion base.  </P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company has a strong history of
converting its MI resources into reserves at the Limon Mine, which has been in
operation since 1941. Effective January 1, 2010 Limon&#146;s 43-101 attributable
reserves and M&amp;I resources totaled 142,634 ounces and 78,793 ounces
respectively. During the 4 year period from January 1, 2010 to December 31,
2013, the Limon Mine had attributable mill feed of 213,037 ounces. At December
31, 2013, Limon&#146;s attributable reserves and M&amp;I resources totaled 289,000
ounces and 158,000 ounces respectively. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Annual rates for the conversion of
Limon&#146;s M&amp;I resources into reserves may be summarized as follows: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="95%" border=1>

  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><BR><BR></TD>
    <TD align=center width="25%" bgColor=#eeeeee><BR><B>Annualized
      </B><B><SUP>(i)</SUP></B> <BR></TD>
    <TD align=center width="25%" bgColor=#eeeeee><BR><B>Cumulative
      </B><B><SUP>(ii)</SUP></B> <BR></TD>
    <TD align=center width="25%" bgColor=#eeeeee><B>Cumulative -</B>
      <BR><B>Dec. 31, 2009</B> <BR><B>(iii)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>2013 </TD>
    <TD align=left width="25%">41% </TD>
    <TD align=left width="25%">103% </TD>
    <TD align=left width="25%">446% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>2012 </TD>
    <TD align=left width="25%" bgColor=#ffffff>20% </TD>
    <TD align=left width="25%" bgColor=#ffffff>142% </TD>
    <TD align=left width="25%" bgColor=#ffffff>269% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>2011 </TD>
    <TD align=left width="25%" bgColor=#ffffff>5% </TD>
    <TD align=left width="25%" bgColor=#ffffff>155% </TD>
    <TD align=left width="25%" bgColor=#ffffff>231% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>2010 </TD>
    <TD align=left width="25%" bgColor=#ffffff>233% </TD>
    <TD align=left width="25%" bgColor=#ffffff>223% </TD>
    <TD align=left width="25%" bgColor=#ffffff>223% </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>These rates are calculated each year as
follows:
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Tia L Jenkins </TD></TR>
  <TR vAlign=top>
    <TD align=left>August 5, 2014 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Page 11 </TD></TR></TABLE><BR>
    <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
      <TR>
        <TD width="10%"  >&nbsp;</TD>
        <TD vAlign=top width="5%">i. </TD>
        <TD><P align=justify><U>(closing reserves + mill feed for the year - opening
          reserves)</U></P></TD>
      </TR>
    </TABLE>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (opening M&amp;I resources for the year)</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">ii. </TD>
    <TD>
      <P align=justify><U>(cumulative new reserves since January 1,
      2010)&nbsp;</U><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (opening M&amp;I resources for the year)</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">iii. </TD>
    <TD>
      <P align=justify><U>(cumulative new reserves since January 1,
      2010)&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (M&amp;I resources as at December 31, 2009)</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company considers that the implied historical and annual conversion rates for the Limon Mine provide an adequate basis for utilizing 100% of Limon&#146;s M&I resources (adjusted for Santa Pancha 2 underground zone M&I resources) as a denominator in the depletion calculation. The initial denominator is based on proven and probable reserves plus 100% of M&I resources (as adjusted) at the start of each financial year, and is adjusted each reporting period for production to date. </P>
<P style="MARGIN-LEFT: 5%" align=justify>If only proven and probable reserves
were included in the denominator for depletion calculation purposes for each of
the years in the four year period ended December 31, 2013, Limon&#146;s depletion
expense would have been as follows: </P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="95%" border=1>

  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><BR><BR><BR><BR><BR></TD>
    <TD width="25%" align=center valign="middle" bgColor=#eeeeee><B>Depletion
      expense - </B><BR>
      <B>as reported </B><BR><B>($ in thousands) </B><BR></TD>
    <TD width="25%" align=center valign="middle" bgColor=#eeeeee><B>Depletion
      </B><BR><B>expense - </B><B>based on </B><BR>
      <B>proven&amp;      </B><B>probable </B><BR>
      <B>reserves only </B><BR><B>($ in
      </B><B>thousands) </B></TD>
    <TD width="25%" align=center valign="middle" bgColor=#eeeeee><B>Difference
      </B><BR>
    <B>($ in </B><B>thousands) </B><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>2013 </TD>
    <TD align=left width="25%">17,031 </TD>
    <TD align=left width="25%">24,586 </TD>
    <TD align=left width="25%">7,555 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>2012 </TD>
    <TD align=left width="25%" bgColor=#ffffff>10,180 </TD>
    <TD align=left width="25%" bgColor=#ffffff>13,108 </TD>
    <TD align=left width="25%" bgColor=#ffffff>2,928 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>2011 </TD>
    <TD align=left width="25%" bgColor=#ffffff>7,603 </TD>
    <TD align=left width="25%" bgColor=#ffffff>8,874 </TD>
    <TD align=left width="25%" bgColor=#ffffff>1,271 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>2010 </TD>
    <TD align=left width="25%" bgColor=#ffffff>6,391 </TD>
    <TD align=left width="25%" bgColor=#ffffff>8,514 </TD>
    <TD align=left width="25%" bgColor=#ffffff>2,123
</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify><I>Masbate Mine &#150; Philippines</I></P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company acquired the Masbate Mine on January 16, 2013 as part of its acquisition of CGA. B2Gold subsequently reported reserves and M&I resources for the Masbate Mine in August 2013 of 3,226,400 ounces and 2,307,200 ounces respectively. The reported amounts were based on B2Gold&#146;s analysis of the geological data acquired from CGA on January 16, 2013.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The updated reserves and M&I resources were then factored into the 2013 mine plan which included M&I resources totaling 985,156 contained ounces, representing 43% of the contained M&I resources reported in August 2013. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Tia L Jenkins </TD></TR>
  <TR vAlign=top>
    <TD align=left>August 5, 2014 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Page 12 </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>For the year ended December 31, 2013, the denominator in the UOP calculation for the Masbate Mine included 43% of Masbate&#146;s M&I resources, totaling 788,124 ounces. This was based on 43% (985,156 ounces) of the Masbate Mine&#146;s M&I contained ounces included in the mine plan referred to above, adjusted for estimated process recoveries. </P>
<P style="MARGIN-LEFT: 5%" align=justify>During the year ended December 31,
2013, a total of 176,843 ounces were produced at the Masbate Mine. Mill feed
ounces in the period totaled 212,119 ounces. At December 31, 2013, reported
reserves and M&amp;I resources for Masbate were 3,582,000 ounces and 788,000
ounces respectively. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The implied conversion rate of 58% for
Masbate&#146;s M&amp;I resources for the year ended December 31, 2013 was calculated
as: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>New attributable reserve ounces </TD>
    <TD align=left width="5%">= </TD>
    <TD align=left width="47%">567,799 ounces </TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>(3,582,000 + 212,199 - 3,226,400) </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="47%">&nbsp;</TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>Original M&amp;I resources </TD>
    <TD align=left width="5%">= </TD>
    <TD align=left width="47%">985,156 ounces </TD></TR>
  <TR>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="47%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%">&nbsp;</TD>
    <TD align=left>Implied conversion percentage to date </TD>
    <TD align=left width="5%">= </TD>
    <TD align=left width="47%">58% </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The Company considers that the implied
conversion rates for the Masbate Mine provide an adequate basis for utilizing
43% of M&amp;I resources as a denominator in the depletion calculation. The
initial denominator was based on proven and probable reserves plus 43% of
M&amp;I resources at the start of fiscal 2013. The total depletion charge for
2013 was adjusted using this denominator upon finalization of the Masbate Mine
purchase price allocation at December 31, 2013. </P>
<P style="MARGIN-LEFT: 5%" align=justify>If only proven and probable reserves
were included in the denominator for depletion calculation purposes for the year
ended December 31, 2013, Masbate&#146;s depletion expense would have been as follows:
</P>
<DIV align=right>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="95%" border=1>

  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><BR>
      <BR><BR></TD>
    <TD width="25%" align=center valign="middle" bgColor=#eeeeee><B>Depletion expense
      -</B> <BR>
      <B>as previously</B> <BR><B>reported</B> <BR><B>($ in
      thousands)</B><BR></TD>
    <TD width="25%" align=center valign="middle" bgColor=#eeeeee><B>Depletion</B>
      <BR>
      <B>expense -</B><B>based on</B> <BR><B>proven &amp;</B><B>probable</B> <BR>
      <B>reserves only</B> <BR><B>($ in</B><B>thousands)</B> </TD>
    <TD width="25%" align=center valign="middle" bgColor=#eeeeee><B>Difference</B>      <BR>
    <B>($ in</B> <B>thousands)</B> <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>2013 </TD>
    <TD align=left width="25%">36,757 </TD>
    <TD align=left width="25%">44,472 </TD>
    <TD align=left width="25%">7,715 </TD></TR></TABLE></DIV>
<P align=justify><U>Exploration and Evaluation expenditures, page 8</U> </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Tia L Jenkins </TD></TR>
  <TR vAlign=top>
    <TD align=left>August 5, 2014 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Page 13 </TD></TR></TABLE>
<P align=justify>Staff Comment No. 8: </P>
<P style="MARGIN-LEFT: 5%" align=justify>We note your policy that when a
production decision has been made on a property, exploration and evaluation
expenditures are reclassified to mineral properties and mine development costs.
Please expand your policy to clarify when and how you have demonstrated
technical feasibility and commercial viability per IFRS 6 paragraph 17.
Additionally, please clarify the amount recognized in your statement of
operations related to exploration and evaluation activities per IFRS 6 paragraph
24. </P>
<P align=justify>B2Gold Corp.&#146;s Response: </P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company&#146;s policy is to initially
capitalize eligible expenditure incurred on exploration and evaluation for
mineral resources; therefore the Company would typically not record an expense
on initial recognition for exploration and evaluation expenditure. The Company
capitalizes such costs until such time as commercial feasibility and technical
viability is met at which time such costs are re-categorized as development
stage mineral interests or until such time as an impairment indicator is
identified which also results in a need to impair pre-existing capitalized
exploration and evaluation expenditures. In 2013, an impairment of $9.6 million
(2012 - $1.5 million) was recognized as an impairment expense in the line item
&#147;Write off of mineral property interests&#148; in the statement of operations that
was attributable to exploration and evaluation expenditures which had previously
been capitalized. This was a result of the Company&#146;s decision to curtail
exploration on the Cebollati property during the quarter ended September 30,
2013. </P>
<P align=justify><U>Revenue, page 10</U> </P>
<P align=justify>Staff Comment No. 9: </P>
<P style="MARGIN-LEFT: 5%" align=justify>We note your policy disclosure that
silver revenue is accounted for as a by-product and is recorded as a credit to
operating costs. Please tell us your accounting basis for netting sales revenue
from by-products against operating expenses specifically addressing paragraph 32
of IAS 1 in your response. Also please quantify the amounts of silver revenue
that were netted for each period presented. </P>
<P align=justify>B2Gold Corp.&#146;s Response: </P>
<P style="MARGIN-LEFT: 5%" align=justify>Paragraph 32 of IAS 1 states that an
entity shall not offset assets and liabilities or income and expenses, unless
required or permitted by an IFRS. The Company concluded its assessment of
whether the offset of silver sales from costs was permissible by reference to
IAS 2 paragraph 14 which states: &#147;Most by-products, by their nature, are
immaterial. When this is the case, they are often measured at net realizable
value and this value is deducted from the cost of the main product. As a result,
the carrying amount of the main product is not materially different from the
cost&#148;.</P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Tia L Jenkins </TD></TR>
  <TR vAlign=top>
    <TD align=left>August 5, 2014 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Page 14 </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>In applying IAS 2 and the requirements
of IAS 1, the Company made an assessment that the silver is a by-product rather
than a joint product. By-products, by their definition, are incidental to the
production of a primary metal. The Company is primarily a gold producer. In the
production of its gold, the Company also produces silver with a small aggregate
monetary value. For instance, the Company&#146;s 2013 silver sales totaled $9.2
million (2012 - $7.1 million), or 1.7% (2012 &#150; 2.7%) of the Company&#146;s 2013 gold
sales of $544.3 million (2012 - $259.1 million). Relative to the Company&#146;s gold
sales, the Company does not consider its silver sales to be material. The
Company considered the IFRS Conceptual Framework&#146;s definition of materiality in
its assessment of materiality. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The IFRS Conceptual Framework defines
materiality as follows: &#147;Information is material if omitting it or misstating it
could influence decisions that users make on the basis of financial information
about a specific reporting entity. In other words, materiality is an
entity-specific aspect of relevance based on the nature or magnitude, or both,
of the items to which the information relates in the context of an individual
entity&#146;s financial report&#148;. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Consequently, the Company accounts for
its silver revenue as a by-product (and nets its sales revenue from silver
against its operating expenses). </P>
<P align=center>* * * * * </P>
<P style="MARGIN-LEFT: 5%" align=justify>B2Gold Corp. hereby acknowledges that:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" ></TD>
    <TD align=left><LI></LI></TD>
    <TD align=left width="90%">
      <P align=justify>B2Gold Corp. is responsible for the adequacy and accuracy
      of the disclosure in the filing. </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><LI></LI></TD>
    <TD align=left width="90%">
      <P align=justify>Staff comments or changes to disclosure in response to
      staff comments do not foreclose the Commission from taking any action with
      respect to the filing. </P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left><LI></LI></TD>
    <TD align=left width="90%">
      <P align=justify>B2Gold Corp. may not assert staff comments as a defense
      in any proceeding initiated by the Commission or any person under the
      federal securities laws of the United States. </P></TD></TR></TABLE>
<P align=justify>Thank you for your review of the filing. If you should have any
questions regarding the response letter, please do not hesitate to contact the
undersigned at (604) 601-2962, or Christopher Doerksen of Dorsey &amp; Whitney
LLP at (206) 903-8856. </P>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Tia L Jenkins </TD></TR>
  <TR vAlign=top>
    <TD align=left>August 5, 2014 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Page 15 </TD></TR></TABLE><BR>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Sincerely, </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">B2Gold Corp. </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Michael Cinnamond</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Senior Vice President  Finance and </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Chief Financial Officer</TD>
  </TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">cc: </TD>
    <TD>
      <P align=justify>Christopher Doerksen, Dorsey &amp; Whitney
  LLP</P></TD></TR></TABLE><BR>
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