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B2Gold Corp. (TSX:BTO)(OTCQX:BGLPF)(PINKSHEETS:BGLPF) ("B2Gold" or the "Company"), is pleased to announce its gold production figures for the fourth quarter and year of 2011 and the Company's guidance for 2012 production and development and exploration plans and budgets. All dollar figures are in United States dollars unless otherwise indicated.
2011 Fourth Quarter Highlights
Record gold revenue for the quarter of $66.9 million
Record gold production for the quarter of 38,808 ounces
Record gold sales for the quarter of 39,557 ounces
Successful completion of the B2Gold / Auryx Gold Corp. ("Auryx") business combination, acquiring the Otjikoto gold project in Namibia
2011 Full Year Highlights
Record gold revenue of $225.4 million
Record gold production of 144,604 ounces, at the upper range of guidance
Operating cash costs expected to be within guidance
2011 year end cash position of approximately $100 million - no hedging and no debt
Continued to advance all development and exploration projects
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Production - 2011
B2Gold achieved record consolidated gold production for La Libertad and Limon mines in Nicaragua in the fourth quarter of 2011, producing 38,808 ounces of gold. Total gold production for 2011 was approximately 144,604 ounces, at the upper range of guidance.
Total production for 2011 from La Libertad was 99,567 ounces of gold, exceeding 2011 guidance. In the fourth quarter 26,158 ounces of gold were produced.
The Limon open pit and underground mine recorded its most successful year in the past seven years, producing 45,037 ounces of gold, within 2011 guidance. Approximately 12,650 ounces of gold were produced in the fourth quarter.
The main reasons for the improved production at the Limon Mine in 2011 were improved mill throughput and gold recoveries. The Limon mill averaged just under 1,100 tonnes of ore per day processing 100,888 tonnes of ore in the quarter, exceeding planned capacity of 1,000 tonnes per day. Recoveries also improved to 91% compared to budgeted recoveries of 88%.
Production Guidance 2012
B2Gold is projecting another record year for gold production in 2012, with consolidated production from La Libertad and Limon Mines in Nicaragua estimated to total approximately 150,000 to 160,000 ounces of gold at a cash operating cost of approximately $590 to $625 per ounce. The mines are projecting a total of approximately $140 million in cash from operations based on a gold price of $1,550 per ounce. B2Gold has no debt and no gold hedging. Average operating cash costs have been budgeted to be approximately 10% higher in 2012 compared to 2011 mainly due to a higher strip ratio at La Libertad and higher consumables and power costs.
Cash operating costs are expected to improve and production to increase in 2013 over 2012 due to the processing of higher grade ore from the Jabali deposit through the La Libertad mill. The Company is projecting gold production to increase to approximately 185,000 ounces in 2013 and 200,000 ounces in 2014 (1).
La Libertad Mine
