B2Gold Corp.
TSX : BTO

B2Gold Corp.

May 20, 2009 08:24 ET

B2Gold Corp.: Kupol East and West Moroshka Basin Drill Results and New Vein Discovery

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 20, 2009) - B2Gold Corp. (TSX:BTO) ("B2Gold" or the "Company"), is pleased to announce exploration drilling results and a new vein discovery from the 2009 spring diamond drill program in the Moroshka Basin on the Kupol West license, in the Chukotka Region in northeastern Russia

B2Gold completed a total of 1,877 metres ("m") of drilling in eight diamond drill holes in the Moroshka Basin. Several gold bearing quartz veins were intersected with the best intersections from hole KW09-030, consisting of 16.96 grams per tonne ("g/t") gold ("Au") and 258.09 g/t silver ("Ag") over 1.5 m, followed by a second vein containing 14.92 g/t Au and 115.68 g/t Ag over 1.1 m.

These intersections represent a new vein discovery and are the first significant gold bearing intersections on the Kupol East and West licenses. These intersections are located approximately four kilometres ("km") east of the Kupol mine, owned 75% by Kinross Gold Corporation ("Kinross").

Two holes that were drilled at an angle along an east-west oriented line encountered a broad zone of sheeted quartz veinlets and alteration approximately 230 m wide. This vein is hosted in basaltic andesite flows and agglomerates, with minor lapilli and ash tuffs. Two larger gold bearing quartz veins, 1.1 to 1.5 m wide and 3 m apart, were intersected starting at a downhole depth of 210.1 m in the eastern most hole KW09-030.

The veins are situated about 100 m east of a steep west dipping zone of moderate to strong adularia-sericite alteration, which likely represents the more altered hanging wall of this steep westerly dipping vein system. This adularia alteration corresponds to a prominent linear magnetic low that continues north of the vein intersections for 800 m and south for 400 m. A coincident resistivity high continues north for up to 900 m and south for 400 m. A coincident arsenic gold soil geochemical anomaly continues south for 400 m and north for 400 m where it transitions into a strong mercury-antimony anomaly, which continues for up to 1.4 km north of the vein intersections.

The veins encountered in hole KW09-030 comprise to banded quartz with fine grained pyrite and sulphosalts. The veins also contain minor marcasite and traces of sphalerite.

The remaining drill holes KW09-023 to KW09-029 contained no significant values and were not within this newly discovered vein system.

The Moroshka Basin is an underexplored drift and tundra covered area with strong gold and epithermal pathfinder elements (mercury, antimony, arsenic, silver) stream sediment and soil geochemical anomalies and management of the Company believes the potential to expand upon the new discovery is very good and will be following up these drill intersections in the fall of 2009 when the ground is frozen again.

B2Gold has the right to acquire a 37.5% interest from Kinross in the Kupol East and West licenses in Chukotka, Russia and is the operator of exploration. These licenses cover an area of 408.1 square km surrounding and adjacent to the high-grade Kupol gold and silver mine that was being developed by Bema Gold Corporation at the time of the Kinross takeover. The Kupol mine commenced production in May of 2008 and is operated by Kinross.

The drilling program at the Kupol East and Kupol West properties is reviewed and the results approved by Tom Garagan, B2Gold's Qualified Person under National Instrument 43-101. The exploration program utilizes an extensive QAQC (quality assurance and quality control) protocol for assaying and core sample handling that consists of the systematic insertion of blanks, standards and duplicates as well as using a secondary laboratory for regular check assaying. Core samples are cut with a diamond saw with two thirds of the core placed in sealed bags and delivered directly to the Kinross Kupol Mine laboratory for sample preparation and assaying for gold and silver by fire assay with gravimetric finish. External laboratory check assaying for the program is performed by ISO 17025 and Russian GOST certified Stewart Group Geo Analytics in Moscow, Russia.

ON BEHALF OF B2GOLD CORP.

Tom Garagan, Senior Vice President of Exploration

For more information on B2Gold please visit the Company web site at www.b2gold.com.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release.

Contact Information

  • B2Gold Corp.
    Ian MacLean
    Vice President, Investor Relations
    604-681-8371
    or
    B2Gold Corp.
    Kerry Suffolk
    Manager, Investor Relations
    604-681-8371
    www.b2gold.com