<SEC-DOCUMENT>0001062993-18-000128.txt : 20180111
<SEC-HEADER>0001062993-18-000128.hdr.sgml : 20180111
<ACCEPTANCE-DATETIME>20180111141601
ACCESSION NUMBER:		0001062993-18-000128
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180111
FILED AS OF DATE:		20180111
DATE AS OF CHANGE:		20180111

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35936
		FILM NUMBER:		18523405

	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>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
   <TITLE>B2Gold Corp.: Form 6-K - Filed by newsfilecorp.com</TITLE>
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<P align=center><B><FONT size=5>UNITED STATES</FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B><BR><B>Washington, D.C.
20549</B></P>
<P align=center><B><FONT size=5>FORM 6-K</FONT></B></P>
<P align=center>REPORT OF FOREIGN PRIVATE ISSUER<BR>PURSUANT TO RULE 13a-16 OR
15d-16<BR>UNDER THE SECURITIES EXCHANGE ACT OF 1934</P>
<P align=center>For the month of <strong>January, 2018</strong></P>
<P align=center>Commission File Number: <B><U>001-35936</U></B></P>
<P align=center><U><B><FONT size=5>B2Gold Corp.</FONT></B><BR></U>(Translation
of registrant&#146;s name into English)</P>
<P align=center><U><B>British Columbia, Canada</B><BR></U>(Jurisdiction of
incorporation or organization)</P>
<P align=center><B>Suite 3100, Three Bentall Centre</B><BR><B>595 Burrard
Street</B><BR><B>Vancouver, British Columbia V7X
1J1</B><BR><U><B>Canada</B><BR></U>(Address of principal executive office)</P>
<P align=center>Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F: </P>
<P align=center>[&nbsp;&nbsp;&nbsp;] Form
20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[X] Form 40-F</P>
<P align=center>Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
[&nbsp;&nbsp;&nbsp;]</P>
<P align=center>Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
[&nbsp;&nbsp;&nbsp;]</P>
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<P align=center><B>DOCUMENTS INCLUDED AS PART OF THIS FORM 6-K</B></P>
<P align=justify>See the Exhibit Index hereto.</P>
<P align=center><B>SIGNATURES</B></P>
<P align=justify>Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 height="91">

  <TR vAlign=top>
    <TD align=left height="15" >&nbsp; </TD>
    <TD align=left width="5%" height="15" >&nbsp; </TD>
    <TD align=left width="45%" height="15"><B>B2Gold Corp.</B> </TD></TR>
  <TR>
    <TD height="15" >&nbsp; </TD>
    <TD width="5%" height="15" >&nbsp; </TD>
    <TD align=left width="45%" height="15">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left height="15" >&nbsp; </TD>
    <TD align=left width="5%" height="15" >&nbsp; </TD>
    <TD align=left width="45%" height="15"></TD></TR>
  <TR vAlign=top>
    <TD align=left height="16" >Date: <strong style="font-weight: 400">January
    11, 2018</strong></TD>
    <TD align=left width="5%" height="16" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="45%" height="16"><EM>/s/ Roger Richer</EM></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left height="15" >&nbsp; </TD>
    <TD align=left width="5%" height="15" >Name: </TD>
    <TD align=left width="45%" height="15">Roger Richer</TD></TR>
  <TR vAlign=top>
    <TD align=left height="15" >&nbsp; </TD>
    <TD align=left width="5%" height="15" >Title: </TD>
    <TD align=left width="45%" height="15">Executive Vice President, General Counsel &amp;
    Secretary</TD></TR></TABLE><BR>
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<P align=center><B>EXHIBIT INDEX</B></P>
<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 ><B>Exhibit</B> </TD>
    <TD align=left width="90%"><B>Description</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>No.</B> </TD>
    <TD align=left width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee ><a href="exhibit99-1.htm">99.1 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee><a href="exhibit99-1.htm">News
    release dated <strong style="font-weight: 400">January 11, 2018</strong></a></TD>
  </TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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   <TITLE>B2Gold Corp.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
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<P align=center>
<IMG src="exhibit99-1x1x1.jpg" border=0 width="155" height="129"> </P>
<P align=center><B>News Release <BR></B><B>B2Gold Reports Record Fourth Quarter
and Full-Year Gold Production in 2017; <BR>New Fekola Mine Produces 111,450
Ounces in 2017 During Ramp-up, 123% Above Budget</B></P>
<P align=center><B>2018 Outlook Provides for Very Strong Production Growth with
Forecast Gold Production of Between 910,000 and 950,000 Ounces</B></P>
<P align=justify><B>Vancouver, January 11, 2018 &#150; </B>B2Gold Corp. (TSX: BTO,
NYSE AMERICAN: BTG, NSX: B2G) (&#147;B2Gold&#148; or the &#147;Company&#148;) is pleased to announce
its gold production and gold revenue for the fourth quarter and full-year 2017
in addition to its production and cash cost guidance for 2018. All dollar
figures are in United States dollars unless otherwise indicated.</P>
<P align=justify><B>2017 Full-Year Highlights </B></P>
<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 >&#149; </TD>
    <TD align=left width="95%">
      <P align=justify>Record annual consolidated gold production, for the ninth
      consecutive year, of 630,565 ounces of gold, (including 79,243 ounces of
      pre-commercial production from Fekola), exceeding the upper end of the
      revised guidance range (of 580,000 to 625,000 ounces) and surpassing the
      top end of the original guidance range (of 545,000 to 595,000 ounces)
    </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%">
      <P align=justify>Annual consolidated gold revenue of $638.7 million (or an
      annual record of $739.5 million, including $100.9 million of
      pre-commercial sales from Fekola) </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%">
      <P align=justify>Full-year consolidated cash operating costs per ounce
      (<I>see &#147;Non-IFRS Measures&#148;</I>) and all-in sustaining costs (&#147;AISC&#148;) per
      ounce (<I>see &#147;Non-IFRS Measures&#148;</I>) are expected to be at, or below,
      the low end of their cost guidance ranges of between $610 and $650 per
      ounce and between $940 and $970 per ounce, respectively </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%">
      <P align=justify>Fekola Mine construction successfully completed in late
      September 2017, more than three months ahead of the original schedule
    </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%">
      <P align=justify>Fekola Mine achieved commercial production on November
      30, 2017, one month ahead of the revised schedule and four months ahead of
      the original schedule </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%">
      <P align=justify>Fekola Mine gold production was 111,450 ounces in 2017
      (including 79,243 ounces of pre- commercial production), far surpassing
      the upper end of its original guidance range (of 45,000 to 55,000 ounces)
      due to its early start-up and strong ramp-up performance </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >&#149; </TD>
    <TD align=left width="95%">
      <P align=justify>With the planned first full year of production from the
      Fekola Mine, the outlook for 2018 provides for dramatic production growth
      of approximately 300,000 ounces versus 2017, as consolidated annual gold
      production is expected to increase significantly to between 910,000 and
      950,000 ounces with cash operating costs and AISC of between $505 and $550
      per ounce and between $780 and $830 per ounce, respectively
  </P></TD></TR></TABLE>
<P align=center>1 </P>
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<P align=justify><B>2017 Operating Results</B></P>
<P align=justify>For B2Gold, 2017 was an outstanding year of performance, with
the achievement of another record year of consolidated gold production (for the
ninth straight year), and the successful construction and commissioning of its
flagship Fekola Mine in southwest Mali which achieved commercial production on
November 30, 2017, one month ahead of the revised schedule and four months ahead
of the original schedule. With the large, low-cost Fekola Mine now in
production, B2Gold is well positioned in achieving transformational growth in
2018. In 2018, with the planned first full year of production from the Fekola
Mine, consolidated gold production is forecast to be between 910,000 and 950,000
ounces (see &#147;2018 Production Outlook and Cost Guidance&#148; section). This
represents an increase in annual consolidated gold production of approximately
300,000 ounces for B2Gold in 2018 versus 2017.</P>
<P align=justify>For full-year 2017, B2Gold&#146;s consolidated gold production was
an annual record of 630,565 ounces (including 79,243 ounces of pre-commercial
production from Fekola), exceeding the upper end of its revised guidance range
(of 580,000 to 625,000 ounces) and surpassing the top end of its original
guidance range (of 545,000 to 595,000 ounces). Consolidated gold production for
the year also increased by 15% (or 80,142 ounces) over 2016. B2Gold&#146;s record
performance in 2017 reflected the early start-up and strong ramp-up performance
of the new Fekola Mine and the continued, very strong operational performances
of both the Masbate Mine in the Philippines and Otjikoto Mine in Namibia. The
Company expects its full-year 2017 consolidated cash operating costs per ounce
and AISC per ounce to be at, or below, the low end of their cost guidance ranges
of between $610 and $650 per ounce and between $940 and $970 per ounce,
respectively. B2Gold will release its 2017 year-end consolidated financial
statements before the North American markets open on March 15, 2018. Details of
the consolidated cash operating costs per ounce and AISC per ounce will also be
released at that time.</P>
<P align=justify>In the fourth quarter of 2017, B2Gold&#146;s consolidated gold
production was a quarterly record of 240,753 ounces (including 72,903 ounces of
pre-commercial production from Fekola), exceeding reforecast production by 5%
(or 10,473 ounces) and significantly exceeding budget by 28% (or 52,141 ounces).
Consolidated gold production for the quarter also increased by 71% (or 100,102
ounces) over the same quarter in 2016. </P>
<P align=justify>Mine-by-mine gold production in the fourth quarter and
full-year 2017 was as follows:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD rowSpan=5 align=center vAlign=center noWrap bgcolor="#eeeeee"><B>Mine</B> </TD>
    <TD width="20%" rowSpan=5 align=center vAlign=center noWrap bgcolor="#eeeeee"><B>Q4 2017</B>
      <BR><B>Gold</B> <BR><B>Production</B> <BR><B>(ounces)</B> </TD>
    <TD width="20%" rowSpan=5 align=center vAlign=center noWrap bgcolor="#eeeeee"><B>Full-year
      2017</B> <BR><B>Gold</B> <BR><B>Production</B> <BR><B>(ounces)</B> </TD>
    <TD width="20%" rowSpan=5 align=center vAlign=center noWrap bgcolor="#eeeeee"><B>2017</B>
      <BR><B>Revised</B> <BR><B>Annual Production</B> <BR><B>Guidance</B>
      <BR><B>(ounces) </B><SUP>(2)</SUP> </TD>
    <TD width="20%" rowSpan=5 align=center vAlign=center noWrap bgcolor="#eeeeee"><B>2017</B>
      <BR><B>Original</B> <BR><B>Annual Production</B> <BR><B>Guidance</B>
    <BR><B>(ounces) </B><SUP>(2)</SUP> </TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left>Fekola </TD>
    <TD align=center width="20%">105,110 <SUP>(1)</SUP> </TD>
    <TD align=center width="20%">111,450 <SUP>(1)</SUP> </TD>
    <TD align=center width="20%">100,000 - 110,000 </TD>
    <TD align=center width="20%">45,000 - 55,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Masbate </TD>
    <TD align=center width="20%">53,419 </TD>
    <TD align=center width="20%">202,468 </TD>
    <TD align=center width="20%">180,000 - 185,000 </TD>
    <TD align=center width="20%">175,000 - 185,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Otjikoto </TD>
    <TD align=center width="20%">52,446 </TD>
    <TD align=center width="20%">191,534 </TD>
    <TD align=center width="20%">170,000 - 180,000 </TD>
    <TD align=center width="20%">165,000 - 175,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>La Libertad </TD>
    <TD align=center width="20%">14,696 </TD>
    <TD align=center width="20%">82,337 </TD>
    <TD align=center width="20%">90,000 - 100,000 </TD>
    <TD align=center width="20%">110,000 - 120,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>El Limon </TD>
    <TD align=center width="20%">15,082 </TD>
    <TD align=center width="20%">42,776 </TD>
    <TD align=center width="20%">40,000 - 50,000 </TD>
    <TD align=center width="20%">50,000 - 60,000 </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=center width="20%">&nbsp;</TD>
    <TD align=center width="20%">&nbsp;</TD>
    <TD align=center width="20%">&nbsp;</TD>
    <TD align=center width="20%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>B2Gold</B> <STRONG>Consolidated</STRONG> </TD>
    <TD align=center width="20%"><B>240,753 </B><B><SUP>(1)</SUP></B> </TD>
    <TD align=center width="20%"><B>630,565 </B><B><SUP>(1)</SUP></B> </TD>
    <TD align=center width="20%"><B>580,000 - 625,000</B> </TD>
    <TD align=center width="20%"><B>545,000 - 595,000</B>
</TD></TR></TABLE></DIV>
<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 width="5%">(1) </TD>
    <TD>
      <P align=justify>Fekola&#146;s fourth quarter and full-year 2017 gold
      production includes 72,903 ounces and 79,243 ounces, respectively, of gold
      produced during its pre-commercial production period.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>All production results and guidance are presented on a
      100% attributed basis.</P></TD></TR></TABLE>
<P align=center>2 </P>
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On September 25, 2017, the Company announced that it had
completed construction of the Fekola mill on budget and commenced ore processing
at the Fekola Mine, more than three months ahead of the original schedule. The
first gold pour at the Fekola Mine was achieved on October 7, 2017. On November
30, 2017, the Fekola Mine achieved commercial production, one month ahead of the
revised schedule and four months ahead of the original schedule. Throughput ran
above nameplate capacity during the 30-day test period (on average) with
significantly better than expected plant availability, mill feed grades, and
recoveries. Gold production from the Fekola Mine in 2017 was 111,450 ounces
(including 79,243 ounces of pre-commercial production), far surpassing the upper
end of its original guidance range (of 45,000 to 55,000 ounces) due to its early
start-up and strong ramp-up performance. In the fourth quarter of 2017, the
Fekola Mine produced 105,110 ounces of gold (including 72,903 ounces of
pre-commercial production).<P align=justify>The Masbate Mine in the Philippines achieved another very
strong year in 2017, producing 202,468 ounces of gold, the second-highest annual
production ever for the mine (only slightly below its annual production record
of 206,224 ounces of gold, achieved in the prior year). Masbate&#146;s 2017 gold
production exceeded the upper end of both its revised and original production
guidance ranges by 9% (or 17,468 ounces). The higher production was due to
better than expected recoveries and grades, mainly driven by significantly
higher than budgeted oxide ore tonnage from the Colorado Pit. The Masbate Mine
also continued its outstanding safety performance, achieving over two years (810
days) without a Lost-Time-Injury at year-end. In the fourth quarter of 2017, the
Masbate Mine produced 53,419 ounces of gold, significantly above both budgeted
and reforecast production by 24% (or 10,498 ounces).</P>
<P align=justify>In July 2017, the Masbate operations were presented with the
Philippine Department of Environment and Natural Resources&#146; prestigious
Saringaya Award for its contribution to environmental protection, conservation,
and management in the regions surrounding the Masbate Mine </P>
<P align=justify>The Otjikoto Mine in Namibia had a record year in 2017,
producing an annual record of 191,534 ounces of gold which exceeded the upper
end of its revised production guidance range by 6% (or 11,534 ounces) and the
top end of its original production guidance range by 9% (or 16,534 ounces). Gold
production was also 15% (or 25,249 ounces) higher versus 2016. Otjikoto&#146;s
outperformance in 2017 was mainly the result of better than expected high-grade
ore tonnage from the Wolfshag Phase 1 Pit and higher than expected mill
throughput. In the fourth quarter of 2017, the Otjikoto Mine produced 52,446
ounces of gold, exceeding both budgeted and reforecast production by 10% (or
4,655 ounces).</P>
<P align=justify>In Nicaragua, for full-year 2017, gold production from La
Libertad Mine and El Limon Mine was 82,337 ounces and 42,776 ounces,
respectively, for a combined total of 125,113 ounces. This was slightly below
the low end of their combined revised guidance ranges. During 2017, gold
production at La Libertad was negatively impacted by permitting delays for new
mining areas while El Limon&#146;s production was affected by water pumping issues which had reduced high-grade ore flow
from Santa Pancha Underground. In the fourth quarter of 2017, mining operations
at El Limon returned to budgeted (normal) production rates with the successful
rehabilitation of the Santa Pancha 1 dewatering well. At La Libertad Mine, the
Company has made significant progress in advancing its mine permits. In
September 2017, La Libertad Mine received the San Juan mining permit, and it is
anticipated that the San Diego mining permit will also be received shortly.
Mining has already commenced in the San Juan Pit and is expected to commence in
the San Diego Pit upon receipt of its permit. For the Jabali Antenna Pit, the
Company is expecting to receive its permit in time to start production from the
pit in the third quarter of 2018. In the fourth quarter of 2017, gold production
from La Libertad Mine and El Limon Mine was 14,696 ounces and 15,082 ounces,
respectively.</P>
<P align=center>3 </P>
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<P align=justify><B>Gold Revenue </B></P>
<P align=justify>For the full-year 2017, consolidated gold revenue was $638.7
million (or an annual record of $739.5 million, including $100.9 million of
pre-commercial sales from Fekola) on sales of 510,966 ounces (or an annual
record of 590,209 ounces including 79,243 ounces of pre-commercial sales from
Fekola) at an average price of $1,250 per ounce compared to $683.3 million on
sales of 548,281 ounces at an average price of $1,246 per ounce in 2016. The
decrease in annual gold revenue (excluding pre-commercial sales from Fekola) was
attributable to a 7% decrease in gold sales volume due to the timing of gold
shipments. </P>
<P align=justify>Consolidated gold revenue in the fourth quarter of 2017 was
$174.0 million (or a quarterly record of $274.9 million including $100.9 million
of pre-commercial sales from Fekola) on sales of 137,695 ounces (or a quarterly
record of 216,938 ounces including 79,243 ounces of pre-commercial sales from
Fekola) at an average price of $1,264 per ounce compared to $181.2 million on
sales of 151,524 ounces at an average price of $1,196 per ounce in the fourth
quarter of 2016.</P>
<P align=justify>Consolidated gold revenue for the fourth quarter and year ended
December 31, 2017, included $15 million and $60 million, respectively, relating
to the delivery of gold into the Company's Prepaid Sales contracts (deferred
revenue) associated with the Company's Prepaid Sales transactions entered into
in March 2016. Proceeds from the Prepaid Sales transactions, used to fund the
Fekola Mine construction, were originally received in March 2016 and are being
recognized in revenue as the underlying Prepaid Sales ounces are delivered into.
During the fourth quarter and year ended December 31, 2017, 12,909 ounces and
51,633 ounces, respectively, were delivered under these contracts. </P>
<P align=justify><B>2018 Production Outlook and Cost Guidance</B></P>
<P align=justify>In 2018, with the planned first full year of production from
the Fekola Mine, consolidated gold production is forecast to be between 910,000
and 950,000 ounces. This represents an increase in annual consolidated gold
production of approximately 300,000 ounces for B2Gold in 2018 versus 2017. The
Fekola Mine is projected to be a large, low-cost producer that will also result
in a significant reduction in the Company&#146;s forecast cash operating costs per
ounce and AISC per ounce. The Company&#146;s forecast consolidated cash operating
costs per ounce and AISC per ounce are both expected to decrease in 2018 by
approximately 15% compared to 2017 and be between $505 and $550 per ounce and
between $780 and $830 per ounce, respectively.</P>
<P align=center>4 </P>
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<P align=justify>These increased production levels and low costs are expected to
dramatically increase B2Gold&#146;s production, revenues, cash from operations and
cash flow for many years, based on current assumptions (including a gold price
assumption of $1,300 per ounce). On average over the next three years, beginning
in 2018, the Company is projecting per annum gold sales revenues of
approximately $1.2 billion, cash flow from operations of approximately $0.5
billion and a significant increase in free cash flow (operating cash flows less
investing cash flows) (<I>see &#147;Non-IFRS Measures&#148;</I>).</P>
<P align=justify>Mine-by-mine 2018 ranges for forecast gold production, cash
operating costs per ounce and AISC per ounce are as follows:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD rowSpan=4 align=center vAlign=top noWrap bgcolor="#eeeeee"><B>Mine</B> </TD>
    <TD width="25%" rowSpan=4 align=center vAlign=top noWrap bgcolor="#eeeeee"><B>2018
      Forecast</B> <BR><B>Gold Production</B> <BR><B>(ounces)
      </B><B><SUP>(1)</SUP></B> </TD>
    <TD width="25%" rowSpan=4 align=center vAlign=top noWrap bgcolor="#eeeeee"><B>2018
      Forecast</B> <BR><B>Cash Operating</B> <BR><B>Costs</B> <BR><B>($ per
      ounce)</B> </TD>
    <TD width="25%" rowSpan=4 align=center vAlign=top noWrap bgcolor="#eeeeee"><B>2018
    Forecast</B> <BR><B>AISC</B> <BR><B>($ per ounce)</B> <BR></TD></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top></TR>
  <TR vAlign=top>
    <TD align=left>Fekola </TD>
    <TD align=center width="25%">400,000 - 410,000 </TD>
    <TD align=center width="25%">$345 - $390 </TD>
    <TD align=center width="25%">$575 - $625 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Masbate </TD>
    <TD align=center width="25%">180,000 - 190,000 </TD>
    <TD align=center width="25%">$675 - $720 </TD>
    <TD align=center width="25%">$875 - $925 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Otjikoto </TD>
    <TD align=center width="25%">160,000 - 170,000 </TD>
    <TD align=center width="25%">$480 - $525 </TD>
    <TD align=center width="25%">$700 - $750 </TD></TR>
  <TR vAlign=top>
    <TD align=left>La Libertad </TD>
    <TD align=center width="25%">115,000 - 120,000 </TD>
    <TD align=center width="25%">$745 - $790 </TD>
    <TD align=center width="25%">$1,050 - $1,100 </TD></TR>
  <TR vAlign=top>
    <TD align=left>El Limon </TD>
    <TD align=center width="25%">55,000 - 60,000 </TD>
    <TD align=center width="25%">$700 - $750 </TD>
    <TD align=center width="25%">$1,135 - $1,185 </TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=center width="25%">&nbsp;</TD>
    <TD align=center width="25%">&nbsp;</TD>
    <TD align=center width="25%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>B2Gold Consolidated</B> </TD>
    <TD align=center width="25%"><B>910,000 - 950,000</B> </TD>
    <TD align=center width="25%"><B>$505 - $550</B> </TD>
    <TD align=center width="25%"><B>$780 - $830</B>
</TD></TR></TABLE></DIV><BR>
<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 width="5%">(1) </TD>
    <TD>
      <P align=justify>B2Gold&#146;s production guidance is presented on a 100%
      attributed basis.</P></TD></TR></TABLE>
<P align=justify><I>Fekola Mine, Mali</I></P>
<P align=justify>The Fekola Mine is expected to produce between 400,000 and
410,000 ounces of gold in 2018, the first full year of production. Cash
operating costs are expected to be between $345 and $390 per ounce and AISC
between $575 and $625 per ounce. </P>
<P align=justify>In 2018, the Fekola Mine is budgeted to process a total of 5.0
million tonnes of ore at an average grade of 2.69 grams per tonne (&#147;g/t&#148;) and
process recovery of 92.7% .</P>
<P align=justify>Sustaining capital costs in 2018 at the Fekola Mine are
budgeted to total $33.8 million, including $26.3 million for pre-stripping.
Non-sustaining capital costs are budgeted to total $33.3 million, including $15
million for relocating the village of Fadougou.</P>
<P align=justify>Based on the new life of mine (&#147;LoM&#148;) plan (<I>see news release
dated 9/25/2017</I>), the Fekola Mine is projected to produce approximately
400,000 ounces of gold annually for the first three years at cash operating
costs of $357 per ounce and AISC of $604 per ounce. For the first seven years,
the Fekola Mine is projected to produce approximately 374,000 ounces of gold
annually with cash operating costs of $391 per ounce and AISC of $643 per ounce.
Over the initial ten-year LoM, Fekola is projected to produce an average of
345,000 ounces per annum at cash operating costs of $428 per ounce and AISC of
$664 per ounce. </P>
<P align=center>5 </P>
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<P align=justify><I>Masbate Mine, the Philippines</I></P>
<P align=justify>The Masbate Mine is expected to produce between 180,000 and
190,000 ounces of gold in 2018, primarily from the higher grade Main Vein pit,
at cash operating costs of between $675 and $720 per ounce and AISC of between
$875 and $925 per ounce.</P>
<P align=justify>In 2018, Masbate is budgeted to process a total of 6.8 million
tonnes of ore at an average grade of 1.26 g/t and process recovery of 65.9% .
The increase in grade and decrease in recovery versus 2017 is due to the change
in ore source from the Colorado oxide ore (lower grade and higher recovery) to
the Main Vein ore (higher grade and lower recovery). </P>
<P align=justify>Sustaining capital costs in 2018 at the Masbate Mine are
budgeted to total $16.6 million. Non-sustaining capital costs are budgeted to
total $32.5 million, including $23 million for the expansion of the Masbate
processing plant.</P>
<P align=justify>A detailed capital cost estimate of $25.5 million was recently
completed by Lycopodium for the expansion of the Masbate processing plant to 8
million tonnes per year ($23 million in 2018 and $2.5 million in 2019). The
expansion primarily consists of adding a third ball mill and upgrading the
existing crushing circuit. No addition to the mining fleet is required as the
additional feed will come from the lower grade material that is currently in the
mine plan and scheduled to be stockpiled. When the expansion is on line
(expected in early 2019), it is expected to keep Masbate&#146;s annual gold
production near 200,000 ounces per year during the mining phase, and is expected
to keep gold production above 100,000 ounces per year when the low grade
stockpiles are processed at the end of the project life.</P>
<P align=justify><I>Otjikoto Mine, Namibia </I></P>
<P align=justify>The Otjikoto Mine is expected to produce between 160,000 and
170,000 ounces of gold in 2018, primarily from the Otjikoto Pit, at cash
operating costs of between $480 and $525 per ounce and AISC of between $700 and
$750 per ounce.</P>
<P align=justify>In 2018, Otjikoto is budgeted to process a total of 3.3 million
tonnes of ore at an average grade of 1.59 g/t and process recovery of 98%. The
slight drop in grade versus 2017 is due to a negligible amount of Wolfshag ore
being mined in 2018 as phase 2 of the Wolfshag Pit is being developed. Ore
production is planned to resume from the Wolfshag Pit in 2019 which is expected
to provide higher grade open-pit mill feed in the future.</P>
<P align=justify>Sustaining capital costs in 2018 at the Otjikoto Mine are
budgeted to total $16.6 million. Non-sustaining capital costs are budgeted to
total $28.5 million, including $26.6 million for Wolfshag pre-stripping and $1.7
million to complete phase one of the solar power project which is expected to
decrease fuel oil consumption and power costs starting in the second quarter of
2018.</P>
<P align=justify><I>La Libertad Mine, Nicaragua</I></P>
<P align=justify>La Libertad Mine is expected to produce between 115,000 and
120,000 ounces of gold in 2018 at cash operating costs of between $745 and $790
per ounce and AISC of between $1,050 and $1,100 per ounce. </P>
<P align=center>6 </P>
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<P align=justify>La Libertad&#146;s production forecast assumes that production will
start from the Jabali Antenna Pit in the third quarter of 2018 (dependent upon
the successful completion of resettlement activities and receipt of the
remaining mining permits).</P>
<P align=justify>In 2018, La Libertad is budgeted to process a total of 2.3
million tonnes of ore at an average grade of 1.76 g/t and process recovery of
94%. The significant increase in grade versus 2017 is due to mining the
high-grade Jabali Antenna, San Diego and San Juan pits, augmented by production
from the Mojon and Jabali West underground mines. </P>
<P align=justify>Sustaining capital costs for La Libertad are planned to total
$28.5 million, mainly for pre-stripping and underground
development/infrastructure. Non-sustaining capital costs are budgeted to total
$2 million.</P>
<P align=justify><I>El Limon Mine, Nicaragua</I></P>
<P align=justify>In 2018, El Limon is expected to produce between 55,000 and
60,000 ounces of gold at cash operating costs of between $700 and $750 per ounce
and AISC of between $1,135 and $1,185 per ounce.</P>
<P align=justify>El Limon Mine is budgeted to process 0.5 million tonnes of ore
at an average grade of 3.96 g/t gold with gold recoveries averaging 94%.
Approximately 28% of the process ore is expected to be sourced from the Mercedes
Pit, with the remainder from underground operations at Santa Pancha. The mining
permit for the Mercedes Pit was recently received, and development of the pit
has commenced.</P>
<P align=justify>The Company plans to undertake sustaining capital expenditures
at El Limon totaling $15.3 million in 2018, of which $6.1 million relates to
underground development at Santa Pancha. Non-sustaining capital costs are
budgeted to total $2.8 million.</P>
<P align=justify>Historically and looking forward, El Limon operates best when
it combines both underground and open-pit ore sources. With the Mercedes Pit
mining permit in place and development underway, Mercedes is expected to supply
good grade, open-pit ore for the mill in 2018, combined with underground ore.
The result is expected to maximize mill throughput, increase gold production,
and reduce operating costs. </P>
<P align=justify>The recent discovery of the El Limon Central Zone, with its
potential to host a large, good-grade, open-pittable deposit, could have a very
significant long-term, positive impact on El Limon&#146;s gold production, operating
costs and mine life and may support an expansion of El Limon&#146;s milling and
production capacity. An initial El Limon Central Resource estimate is scheduled
to be released in February 2018.</P>
<P align=justify>In addition, an initial study was completed in 2017 regarding
the potential re-processing of the old tailings at El Limon. Based on historic
mill and drilling records, the tailings contain an estimated 9 million to 11
million tonnes with a potential gold grade of 0.80 g/t to 1.0 g/t. An ongoing
drilling program is underway as part of a feasibility study which will confirm
resources and grades, the optimum grind size, capital costs and final project
economics. Based on the initial study completed in 2017, the Company believes
that the project has the potential to produce an average of approximately 20,000
to 25,000 ounces of gold and 70,000 to 80,000 ounces of silver per year for
approximately 9 to 11 years. The concept is to regrind the old tailings to a
much finer grind size, process them through a new CIP plant and place the
tailings in a new lined tailings storage facility. The potential quantity
and grade included in the initial study is conceptual in nature and there has
been insufficient exploration to date to define a mineral resource and it is
uncertain if further exploration will result in the target being delineated as a
mineral resource.</P>
<P align=center>7 </P>
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<P align=justify><B>2018 Exploration Guidance</B></P>
<P align=justify>B2Gold has a 2018 exploration budget of approximately $52.4
million. West Africa and Nicaragua will be the primary areas of focus in 2018.
</P>
<P align=justify><I>West African Exploration </I></P>
<P align=justify>2018 will see approximately $25.0 million being spent on
exploration in Mali, Burkina Faso and Ghana.</P>
<P align=justify>Exploration on the licenses in Mali will see expenditures of
$15.1 million, focusing on the Fekola North Extension zone and sulphide targets
below the Anaconda saprolite. The 2018 budget for Mali envisions completing
20,000 metres of diamond drilling, 48,000 metres of reverse circulation (&#147;RC&#148;)
drilling, 22,000 metres of aircore drilling and 8,500 metres of auger drilling.
Positive drill results from the Company&#146;s 2017 exploration program at the Fekola
area (<I>see news release dated 11/9/2017</I>) indicated that the main Fekola
deposit, with additional drilling, could extend significantly to the north. In
addition, drilling below the extensive saprolite resource at the Anaconda, Adder
and Mamba zones has discovered three, well mineralized bedrock (sulphide) zones,
indicating the potential for large, Fekola-style mineralized zones. </P>
<P align=justify>In Burkina Faso, the 2018 exploration budget is $9.1 million
for the Toega prospect and the Kiaka Regional district that saw exploration
success in 2017. Burkina Faso will see 14,500 metres of planned diamond
drilling, 29,000 metres of planned RC drilling and 28,000 metres of combined
planned aircore and auger drilling. An initial Resource estimate for Toega,
based on the positive 2017 exploration results, is scheduled to be released
before the end of January 2018.</P>
<P align=justify><I>Nicaragua Exploration</I></P>
<P align=justify>El Limon&#146;s exploration budget for 2018 is approximately $7.0
million for a total of 25,000 metres of planned diamond drilling. The program
largely consists of infill drilling of the recently-discovered Central Zone.</P>
<P align=justify>La Libertad&#146;s exploration budget for 2018 is approximately $4.8
million for a total of 9,000 metres of planned diamond drilling. The program is
split between brownfields (near mine) drilling and drilling on several regional
targets. </P>
<P align=justify><I>Masbate Mine, the Philippines</I></P>
<P align=justify>The Masbate exploration budget for 2018 is approximately $5.1
million including 12,000 metres of diamond drilling. The drilling is divided
into brownfields drilling to upgrade resources within the mine licence and on
regional targets. </P>
<P align=center>8 </P>
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<P align=justify><I>Namibia Exploration </I></P>
<P align=justify>The total exploration budget for Namibia in 2018 is $5.1
million. Exploration in 2018 will include 17,000 metres of diamond drilling and
4,000 metres of RAB drilling split between the Otjikoto Project and the Ondundu
joint venture.</P>
<P align=justify><I>Finland Joint Venture </I></P>
<P align=justify>Finland has a 2018 budget of $2.6 million and will complete 500
metres of drilling on targets defined from work completed in 2017. </P>
<P align=justify><B>Outlook</B></P>
<P align=justify>Looking forward, the Company will remain focused on continuing
its impressive operational and financial performance from existing mines and
continue with aggressive exploration and development programs to unlock the
potential of its existing portfolio of properties.</P>
<P align=justify><B>About B2Gold </B></P>
<P align=justify>Headquartered in Vancouver, Canada, B2Gold Corp. is one of the
fastest-growing, intermediate gold producers in the world. Founded in 2007,
today, B2Gold has five operating gold mines and numerous exploration and
development projects in various countries including Nicaragua, the Philippines,
Namibia, Mali, Burkina Faso, Colombia and Finland. </P>
<P align=justify><B>Qualified Persons</B></P>
<P align=justify>Peter D. Montano, P.E., the Project Director of B2Gold, a
qualified person under NI 43-101, has approved the scientific and technical
information related to operations matters contained in this news release. </P>
<P align=justify>Tom Garagan, Senior Vice President of Exploration of B2Gold, a
qualified person under NI 43-101, has approved the scientific and technical
information regarding exploration matters contained in this news release. </P>
<P align=justify>John Rajala, Vice President of Metallurgy of B2Gold, a
qualified person under NI 43-101, has approved El Limon development information
contained in this news release. </P>
<P align=justify><B>Fourth Quarter and Year-End 2017 Financial Results &#150;
Conference Call Details </B></P>
<P align=justify>B2Gold Corp. will release its fourth quarter and year-end 2017
results before the North American markets open on Thursday, March 15, 2018.</P>
<P align=center>9 </P>
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<P align=justify>B2Gold executives will host a conference call to discuss the
results on <B>Thursday, March 15, 2018</B>, at <B>10:00 am PST / 1:00 pm
EST</B>. You may access the call by dialing the operator at +1 647-788-4965
(local or international) or toll free at +1 877-291-4570 prior to the scheduled
start time or you may listen to the call via webcast by clicking
<U>http://www.investorcalendar.com/event/23943</U>. A playback version of the
call will be available for one week after the call at +1 416-621-4642 (local or
international) or toll free at +1 800-585-8367 (passcode 7278809).<B> </B></P>
<P align=justify><B>ON BEHALF OF B2GOLD CORP. </B></P>
<P align=justify><B>&#147;Clive T. Johnson&#148; <BR>President and Chief Executive Officer
</B></P>
<P align=justify>For more information on B2Gold please visit the Company website
at www.b2gold.com or contact: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>Ian MacLean </TD>
    <TD noWrap align=left width="50%">Katie Bromley </TD></TR>
  <TR vAlign=top>
    <TD align=left>Vice President, Investor Relations </TD>
    <TD align=left width="50%">Manager, Investor Relations &amp; Public
      Relations </TD></TR>
  <TR vAlign=top>
    <TD align=left>604-681-8371 </TD>
    <TD align=left width="50%">604-681-8371 </TD></TR>
  <TR vAlign=top>
    <TD align=left><U>imaclean@b2gold.com</U> </TD>
    <TD align=left width="50%"><U>kbromley@b2gold.com</U> </TD></TR></TABLE>
<P align=justify><I>The Toronto Stock Exchange and the NYSE American LLC neither
approve nor disapprove the information contained in this news release.</I></P>
<P align=center>10 </P>
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<P align=justify><I>This news release includes certain &#147;forward-looking
information&#148; and &#147;forward-looking statements&#148; (collectively &#147;forward-looking
statements&#148;) within the meaning of applicable Canadian and United States
securities legislation, including projections, guidance, forecasts, estimates
and other statements regarding future financial and operational performance,
events, production, mine life, revenue, cash flows, costs, including projected
cash operating costs and AISC and expected decrease of forecast consolidated
cash operating costs and AISC in 2018, capital expenditures, budgets, ore
grades, sources and types of ore, stripping ratios, throughput, ore processing,
cash flows and growth; production estimates and guidance, including the
Company&#146;s projected increase of gold production to between 910,000 and 950,000
ounces in 2018, reflecting production growth of approximately 300,000 ounces
from 2017; project-specific projections of gold production and costs; the
increased production and low costs increasing the Company&#146;s production revenues,
cash from operations and cash flow for many years; and statements regarding
anticipated exploration, drilling, development, construction, production,
permitting and other activities and achievements of the Company, including but
not limited to: expected grades and sources of ore to be processed in 2018; the
Fekola Mine being a low cost producer and its anticipated reduction on the
Company&#146;s per ounce costs; the estimates, assumptions and forecasts included in
the Fekola Mine&#146;s new LoM plan; further exploration drilling on the Fekola North
Extension zone and sulphide targets below the Anaconda saprolite and the
potential for extension of the main Fekola deposit to the north and for large,
Fekola-style mineralized zones; the completion of phase one of the solar power
project at the Otjikoto Mine decreasing fuel oil consumption and power costs
starting in Q2 of 2018; the Company&#146;s future growth and cost structure; La
Libertad Mine&#146;s planned resequencing, including completion of resettlement
activities and receipt of a permit in time to start production from the Jabali
Antenna Pit in Q3 of 2018; receipt of a permit and expected commencement of
mining at San Diego Pit; the Mercedes Pit at El Limon providing approximately
28% of the process ore; the planned underground development at Santa Pancha; the
identification of new large good grade near-surface zone at El Limon that could
be exploitable by open-pit mining; the potential to significantly extend the
current mine life at El Limon; the possible expansion of El Limon&#146;s milling and
production capacity; and the expansion of the Masbate processing plant to 8
million tonnes </I><i>per year, and the resulting expected annual production at
Masbate of near 200,000 ounces per year during the mining phase and above
100,000 ounces per year when low grade stockpiles are processed. Estimates of
mineral resources and reserves are also forward-looking statements because they
constitute projections regarding the amount of minerals that may be encountered
in the future and/or the anticipated economics of production, should a
production decision be made. All statements in this news release that address
events or developments that we expect to occur in the future are forward-looking
statements. Forward-looking statements are statements that are not historical
facts and are generally, although not always, identified by words such as
&#147;expect&#148;, &#147;plan&#148;, &#147;anticipate&#148;, &#147;project&#148;, &#147;target&#148;, &#147;potential&#148;, &#147;schedule&#148;,
&#147;forecast&#148;, &#147;budget&#148;, &#147;estimate&#148;, &#147;intend&#148; or &#147;believe&#148; and similar expressions
or their negative connotations, or that events or conditions &#147;will&#148;, &#147;would&#148;,
&#147;may&#148;, &#147;could&#148;, &#147;should&#148; or &#147;might&#148; occur. All such forward-looking statements
are based on the opinions and estimates of management as of the date such
statements are made. Forward-looking statements necessarily involve assumptions,
risks and uncertainties, certain of which are beyond B2Gold&#146;s control, including
risks and assumptions associated with the volatility of metal prices and our
common shares; risks and dangers inherent in exploration, development and mining
activities; uncertainty of reserve and resource estimates; risk of not achieving
production, cost or other estimates; risk that actual production, development
plans and costs differ materially from the estimates in our feasibility studies;
risks related to hedging activities and ore purchase commitments; the ability to
obtain and maintain any necessary permits, consents or authorizations required
for mining activities; uncertainty about the outcome of negotiations with the
Government of Mali; risks related to environmental regulations or hazards and
compliance with complex regulations associated with mining activities; the
ability to replace mineral reserves and identify acquisition opportunities;
unknown liabilities of companies acquired by B2Gold; ability to successfully
integrate new acquisitions; fluctuations in exchange rates; availability of
financing; risks relating to financing and debt; risks related to operations in
foreign and developing countries and compliance with foreign laws; risks related
to remote operations and the availability of adequate infrastructure,
fluctuations in price and availability of energy and other inputs necessary for
mining operations; shortages or cost increases in necessary equipment, supplies
and labour; regulatory, political and country risks; risks related to reliance
upon contractors, third parties and joint venture partners; challenges to title
or surface rights; dependence on key personnel and ability to attract and retain
skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate
and weather conditions; litigation risk; competition with other mining
companies; changes in tax laws; community support for our operations including
risks related to strikes and the halting of such operations from time to time;
risks related to failures of information systems or information security
threats; ability to maintain adequate internal control over financial reporting
as required by law; risks relating to compliance with anti-corruption laws; as
well as other factors identified and as described in more detail under the
heading &#147;Risk Factors&#148; in B2Gold&#146;s most recent Annual Information Form and
B2Gold&#146;s other filings with Canadian securities regulators and the U.S.
Securities and Exchange Commission (the &#147;SEC&#148;), which may be viewed at </i><i><U>www.sedar.com</U></i><i> and </i><i><U>www.sec.gov</U></i><i>,
respectively (the &#147;Websites&#148;). The list is not exhaustive of the factors that
may affect the Company&#146;s forward-looking statements. There can be no assurance
that such statements will prove to be accurate, and actual results, performance
or achievements could differ materially from those expressed in, or implied by,
these forward-looking statements. Accordingly, no assurance can be given that
any events anticipated by the forward-looking statements will transpire or
occur, or if any of them do, what benefits or liabilities B2Gold will derive
therefrom. The Company&#146;s forward-looking statements reflect current expectations
regarding future events and operating performance and speak only as of the date
hereof and the Company does not assume any obligation to update forward-looking
statements if circumstances or management's beliefs, expectations or opinions
should change other than as required by applicable law. The Company&#146;s
forward-looking statements are based on the applicable assumptions and factors
management considers reasonable as of the date hereof, based on the information
available to management at such time. These assumptions and factors include, but
are not limited to, assumptions and factors related to the Company's ability to
carry on current and future operations, including development and exploration
activities; the timing, extent, duration and economic viability of such
operations, including any mineral resources or reserves identified thereby; the
accuracy and reliability of estimates, projections, forecasts, studies and
assessments; the Company&#146;s ability to meet or achieve estimates, projections and
forecasts; the availability and cost of inputs; the </i><i>price and market for outputs, including gold; the timely
receipt of necessary approvals or permits; the ability to meet current and
future obligations; the ability to obtain timely financing on reasonable terms
when required; the current and future social, economic and political conditions
and other assumptions and factors generally associated with the mining industry.
For the reasons set forth above, undue reliance should not be placed on
forward-looking statements. </i></P>
<P align=center>11 </P>
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<P align=justify><I>The disclosure</I> <I>in this news release and in the
documents described in this news release regarding mineral properties was
prepared in accordance with Canadian National Instrument 43-101 (&#147;NI 43-101&#148;),
which differs significantly from the requirements of the SEC set out in Industry
Guide 7. Accordingly, such disclosure may not be comparable to similar
information made public by companies that report in accordance with U.S.
standards. </I><B><I></I></B></P>
<P align=justify><B><I>Non-IFRS Measures<BR></I></B><I>This news release
includes certain terms or performance measures commonly used in the mining
industry that are not defined under International Financial Reporting Standards
(&#147;IFRS&#148;), including &#147;cash operating costs&#148; and &#147;all-in sustaining costs&#148; (or
&#147;AISC&#148;) and &#147;free cash flow&#148;. Non-IFRS measures do not have any standardized
meaning prescribed under IFRS, and therefore they may not be comparable to
similar measures employed by other companies. The data presented is intended to
provide additional information and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with IFRS and
should be read in conjunction with B2Gold&#146;s consolidated financial statements.
Readers should refer to B2Gold&#146;s management discussion and analysis, available
on the Websites</I><I><U>,</U></I><I> under the heading &#147;Non-IFRS Measures&#148; for
a more detailed discussion of how B2Gold calculates such measures and
reconciliation of certain measures to IFRS terms. </I></P>
<P align=justify><B><I>Cautionary Note to United States Investors
<BR></I></B><I>The Company has prepared its public disclosures in accordance
with Canadian securities laws, which differ in certain respects from U.S.
securities laws. In particular, this news release may refer to &#147;mineral
resources&#148;, &#147;measured mineral resources&#148;, &#147;indicated mineral resources&#148; or
&#147;inferred mineral resources&#148;. While these categories of mineralization are
recognized and required by Canadian securities laws, they are not recognized by
the SEC and are not normally permitted to be disclosed in SEC filings by U.S.
companies. U.S. investors are cautioned not to assume that any part of a
&#147;mineral resource&#148;, &#147;measured mineral resource&#148;, &#147;indicated mineral resource&#148; or
&#147;inferred mineral resource&#148; will ever be converted into a &#147;reserve.&#148; In
addition, &#147;reserves&#148; reported by the Company under Canadian standards may not
qualify as reserves under SEC standards. Under SEC standards, mineralization may
not be classified as a &#147;reserve&#148; unless the mineralization can be economically
and legally extracted or produced at the time the &#147;reserve&#148; determination is
made. Accordingly, information contained or referenced in this news release
containing descriptions of the Company&#146;s mineral deposits may not be compatible
to similar information made public by U.S. companies subject to the reporting
and disclosure requirements of U.S. federal securities laws, rules and
regulations. &#147;Inferred mineral resources&#148; have a great amount of uncertainty as
to their existence and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an inferred mineral
resource will ever be upgraded to a higher category. Historical results or
feasibility models presented herein are not guarantees or expectations of future
performance. </I></P>
<P align=center>12 </P>
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