Projects

La Libertad Mine - Nicaragua

Open Pit - 100% B2Gold Ownership

For the full-year 2015, gold production at La Libertad is now projected to be within its full-year guidance range of approximately 120,000 to 125,000 ounces of gold at a cash operating cost of approximately $720 to $740 per ounce.

For the full news release titled "B2Gold Corp. Achieves Record Third Quarter and Year-to-Date 2015 Gold Production", please click here.

Certain portions of the following information are derived from and based on the assumptions, qualifications and procedures set out in the technical report entitled “NI 43-101 Technical Report on La Libertad Mine, Nicaragua” dated March 27, 2015 (the “La Libertad Technical Report”) prepared by Donald E. Hulse, RE., William J. Crowl, MMSA, and Deepak Malhotra, PhD. For a more detailed overview of La Libertad Mine, please refer to the technical report noted above, which is available on SEDAR at www.sedar.com.

Property Description and Location

La Libertad Mine is located approximately 110 kilometres due east of Managua, the capital city of Nicaragua and 32 kilometres northeast of Juigalpa. The property is situated near the town of La Libertad in La Libertad-Santo Domingo Region of the Department of Chontales in Central Nicaragua. We, indirectly through our subsidiary, Desarrollo Minero de Nicaragua S.A. (“Desminic”), hold a 100% interest in one exploitation concession covering 10,950 hectares, granted on September 6, 1994 for the term of 40 years pursuant to Ministerial Decree No. 032-RNMC/94. The principal obligations under the Ministerial Accord include the payment annually of surface taxes, and a net 3.0% royalty on gross production revenues payable to the government of Nicaragua. In addition, we hold an additional exploration concession, Extension Quernos de Oro, which covers 1,196 hectares of the potential extension of a mineralized structure northwest of the exploitation concession. The exploitation and exploration concessions form one contiguous block.

La Libertad Mine is also subject to a royalty interest granted to Inversiones Mineras S.A. (“IMISA”), a holding company formed to represent unionized mine workers in Nicaragua, equal to 2.0% of the value of total production of gold and silver from La Libertad exploitation concession. In Nicaragua, the government is entitled to an advalorem tax over the substances extracted from a mineral concession. The amount of ad-valorem tax is 3% for minerals. Under Nicaraguan law, the ad-valorem tax paid is considered a deductible expense for purposes of computing corporate income tax. However, when this law was enacted, it included a grandfathering rule which allowed concessions granted prior to this law to continue operating under its existing regime. Under the mining law applicable at the time, the amount paid as ad-valorem tax is applied as a direct credit against corporate income tax. The total royalty payable on La Libertad Mine production is 5.0%. In addition, under Nicaraguan law, small scale or artisanal miners have the right to exploit secondary veins up to a total surface area that may not exceed 1% of the total area granted under a concession. Artisanal mining activities continue on the concession.

Attributable Probable Mineral Reserves 1,2,3,4,5,6

Vein Structure

Tonnes

Grade g/t Au

Ounces Au

Kg Au

Mojon

910,000

1.51

44,000

1,400

Jabali Central

2,160,000

2.74

190,000

5,900

Jabali Antenna

500,000

4.20

68,000

2,100

Spent Ore

4,370,000

0.87

122,000

3,800

Total

7,940,000

1.66

424,000

13,200

Notes:

  1. Mineral Reserves reported at a $1,300 per ounce gold price within design pits.
  2. Cut-off grades and design pits based on 2015 budget costs.
  3. Mineral Reserves reported are fully diluted. The amount of dilution applied varies by deposit.
  4. Mineral Reserves are reported above a cut-off grade of  0.69 g/t gold for Mojon, cut-off  of 0.76 g/t gold for spent ore and 0.84 g/t gold for Jabali Central and Jabali Antenna.
  5. The mining permit for Jabali Antenna is expected to be granted in the second quarter of 2015.
  6. Mineral Reserves numbers have been rounded to reflect the accuracy of the estimate and numbers may not add due to rounding.

La Libertad Mine Mineral Resources as of December 31, 2014 are shown in the tables below. Mineral Resources are reported inclusive of Mineral Reserves. All Mineral Resources considered for open pit mining are constrained within pit shells using a gold price of $1,500 per ounce and reported above variable cut-off grades ranging from 0.60 to 0.73 g/t gold. Mineral Resources considered for underground mining are reported above a cut-off grade of 2.4g/t gold.

Attributable Indicated Mineral Resources 1,2,3

Vein structure

Tonnes

Grade g/t Au

Ounces Au

Kg Au

Open Pit – Indicated

 

 

 

 

Jabali Antenna

1,330,000

4.57

195,000

6,100

Jabali Central

1,980,000

3.01

192,000

6,000

Mojon

2,090,000

2.10

141,000

4,400

Subtotal – Open Pit – Indicated

5,400,000

3.04

528,000

16,400

Subtotal – Spent Ore – Indicated

4,370,000

0.87

122,000

3,800

Total Indicated Resources – Open Pit and Spent Ore

9,770,000

2.07

650,000

20,200

Attributable Inferred Mineral Resources 1,2,3

Vein Structure

Tonnes

Grade g/t Au

Ounces Au

Kg Au

Open Pit – Inferred

 

 

 

 

Jabali Antenna

420,000

3.38

46,000

1,400

Jabali Central

450,000

3.09

45,000

1,400

Mojon

180,000

2.41

14,000

400

Los Angeles

210,000

2.57

17,000

500

Subtotal – Open Pit – Inferred

1,260,000

3.01

122,000

3,800 

Subtotal – Spent Ore – Inferred

2,440,000

0.70

55,000

1,700

Total Inferred Resources – Open Pit & Spent Ore

3,700,000

1.49

177,000

5,500

Underground

 

 

 

 

Jabali Antenna

1,090,000

4.72

166,000

5,200

Jabali Central

620,000

3.28

65,000

2,000

Mojon

500,000

3.79

61,000

1,900

San Juan

210,000

6.13

42,000

1,300

Subtotal – Underground – Inferred

2,420,000

4. 28

334,000

10,400

Grand Total Inferred Resources

6,120,000

2.59

510,000

15,900

Notes:

  1. Mineral Resources are inclusive of Mineral Reserves.
  2. All open pit Mineral Resources for Libertad are reported within $1,500 per ounce gold pit shells and above various cut-off grades, 0.73 g/t for Jabali, Antenna and Central zones, 0.65 g/t for Los Angeles and 0.60g/t for Mojon. Underground Mineral Resources for Jabali and Mojon are reported outside resource pit shells and above a cut-off grade of 2.4 g/t gold. San Juan Mineral Resources are reported outside the area of small miner activity and above a gold cutoff grade of 2.4 g/t/. Mineral Resources that are not Mineral Reserves do not have a demonstrated economic viability. Due to the uncertainty which may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an indicated or measured Mineral Resources as a result of continued exploration.
  3. Mineral Resources numbers have been rounded to reflect the accuracy of the estimate and numbers may not add due to rounding.

Mineral Resources reported here for December 31, 2014 are noticeably different from the previous year’s disclosure, dominantly due to reporting Mineral Resource inclusive of Mineral Reserves. 

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