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B2Gold Corp. Reports Second Quarter 2016 Results; Operating Cash Flows Double on Record Gold Production, Higher Realized Prices and Lower Costs

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 3, 2016) - B2Gold Corp. (BTO.TO)(NYSE MKT:BTG)(NAMIBIAN:B2G) ("B2Gold" or the "Company") is pleased to announce its operational and financial results for the three and six months ended June 30, 2016. The Company previously released its gold production and revenue results for the second quarter of 2016 (see news release dated 07/13/16). All dollar figures are in United States dollars unless otherwise indicated.

2016 Second Quarter Highlights

  • Record quarterly consolidated gold production of 135,242 ounces, 4% (or 5,697 ounces) above budget and 11% (or 13,676 ounces) greater than the same period in 2015
  • Consolidated gold revenue a quarterly record of $164.8 million on sales of 130,829 ounces at an average price of $1,260 per ounce, an increase in revenue of 21% over the same period in 2015
  • Consolidated cash operating costs a quarterly record low of $494 per ounce, $90 per ounce (or 15%) below budget and $183 per ounce (or 27%) below the prior-year quarter
  • Consolidated all-in sustaining costs of $731 per ounce, $232 per ounce (or 24%) below budget and $325 per ounce (or 31%) below the prior-year quarter
  • Cash flow from operating activities of $67.6 million ($0.07 per share), almost doubling from $34.3 million ($0.04 per share) generated in the prior-year quarter
  • Strong cash position of $99.8 million at quarter-end
  • Masbate Mine gold production of 57,188 ounces at cash operating costs of $396 per ounce
  • Company is on track to meet its 2016 annual production guidance range of 510,000 to 550,000 ounces of gold
  • Consolidated cash operating costs/all-in sustaining costs are now expected to be at the lower end of the Company's annual cost guidance range of $560 to $595 per ounce and $895 to $925 per ounce, respectively
  • Construction of the Fekola mine is progressing well, on schedule and on budget, and is expected to commence production in late 2017
  • Additional positive exploration drill results reported for the Fekola and Kiaka projects
  • Subsequent to June 30, 2016, on August 2, 2016, the Company approved an $18 million budget for the expansion of the...