B2Gold Reports Record Third Quarter 2012 Financial Results

B2Gold Reports Record Third Quarter 2012 Financial Results 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/14/12 -- B2Gold
Corp. (TSX:BTO)(OTCQX:BGLPF)(PINKSHEETS:BGLPF) ("B2Gold" or the
"Company") reports its results from its operations for the third
quarter ended September 30, 2012. All dollar figures are in United
States dollars unless otherwise indicated.  
2012 Third Quarter Highlights 


 
--  Record gold production of 42,156 ounces, ahead of budgeted guidance of
    39,517 ounces of gold 
--  Adjusted net earnings(1) of $19.6 million ($0.05 per share) 
--  Consolidated operating cash cost of $571 per ounce of gold, lower than
    budget of $574 per ounce of gold 
--  Cash flow from operations of $28.4 million ($0.07 per share) before
    changes in non-cash working capital 
--  Record gold revenue of $67.1 million 
--  Record gold sales of 39,668 ounces 
--  Cash and cash equivalents of $73.2 million at quarter end 
--  Update on Proposed B2Gold and CGA Mining Limited ("CGA") Merger 
--  Mining permit and road construction permit received for the Jabali
    Central deposit on La Libertad property in Nicaragua 

 
2012 Year to Date Highlights 


 
--  Record gold production of 113,561 ounces 
--  Adjusted net earnings(1) of $61.5 million ($0.16 per share) 
--  Cash flow from operations of $83.3 million ($0.22 per share) before
    changes in non-cash working capital (13% increase compared to 2011) 
--  Record gold revenue of $188.3 million 
--  Consolidated operating cash cost of $580 per ounce of gold 
--  Full year gold production and operating cash cost per ounce guidance
    maintained 

 
Financial Results 
B2Gold reported adjusted net earnings(1) for the quarter, of $19.6
million ($0.05 per share) compared to $18.3 million ($0.05 per share)
in the same period of 2011. 
Cash flow from operating activities for the third quarter of 2012 was
$28.4 million ($0.07 per share), compared to $27.8 million ($0.07 per
share) in the second quarter of 2012 and $20.0 million ($0.06 per
share) in the third quarter of 2011. The Company remains debt-free
and in a strong financial position with $73.2 million in cash as at
September 30, 2012. 
For the third quarter of 2012, the Company generated (GAAP) net
income of $14.5 million ($0.04 per share) compared to $9.0 million
($0.03 per share) in the equivalent period of 2011. 


 
(1)  Adjusted net income is a non-GAAP measure which excludes foreign       
     exchange gains (losses) and non-cash items consisting of deferred      
     income tax expense and share-based payments expense.                   

 
Gold Revenue 
Gold revenue for the third quarter of 2012 increased to a record
$67.1 million on sales of 39,668 ounces at an average price of $1,691
per ounce (the average quarter spot price was $1,652 per ounce)
compared to $50.5 million on sales of 29,672 ounces at an average
price of $1,701 per ounce in the 2011 third quarter. Gold revenue
increased by approximately 33% compared to the corresponding quarter
in 2011, mainly due to higher gold ounces sold. 
In the third quarter, La Libertad Mine accounted for $44.9 million of
gold revenue from the sale of 26,463 ounces while $22.2 million was
contributed by the Limon Mine from the sale of 13,205 ounces. 
Operations 
The Company achieved record gold production and revenue in the third
quarter of 2012 and year-to-date. Consolidated gold production was
42,156 ounces, 23% above the third quarter of 2011 and ahead of
budgeted guidance of 39,517 ounces. Operating cash costs were $571
per ounce of gold slightly better than budget of $574 per ounce. 
The Company is forecasting another record year for gold production in
2012. The excellent operating performance at both La Libertad and
Limon Mines has resulted in the Company increasing the lower end of
its budgeted production guidance from 150,000 to 155,000 ounces of
gold while maintaining the upper end of 160,000 ounces of gold and a
cash operating cost of approximately $590 to $625 per ounce. As
previously announced, gold production is expected to increase each
successive quarter of 2012.  
Cash operating costs are expected to improve and production to
increase in 2013 and 2014 over 2012 due to the processing of higher
grade ore from the Jabali deposit through the Libertad mill.
Consequently, the Company is projecting gold production to increase
to approximately 185,000 ounces in 2013 and 200,000 in 2014. 
Subject to the closing of the recently announced Transaction with CGA
Mining Limited ("CGA") (see below for details), the Company is
expecting production to increase to 385,000 ounces of gold in 2013
and 400,000 ounces in 2014.  
Cash from mining operations(2) for the nine months to September 30,
2012 was $115.1 million, exceeding the 2012 nine months guidance by
$5.9 million and is anticipated to continue to improve (at current
market prices) in the fourth quarter as production increases. It is
expected that cash from mining operations for 2012 will exceed
original projections of approximately $140 million (using a $1,550
per ounce gold price).  


 
(2)  Cash from mining operations is a non GAAP measure and consists of gold 
     revenue less production costs less royalties and production taxes.     

 
La Libertad Mine, Nicaragua (B2Gold 100%) 
La Libertad open pit Mine continued its strong performance, finishing
the quarter with record monthly gold production in September of
11,217 ounces. Third quarter gold production was also a record of
29,441 ounces produced at an operating cash cost of $513 per ounce
and a total cash cost of $547 per ounce. This compares to the budget
of 27,347 ounces of gold at an operating cash cost of $510 per ounce.
La Libertad Mine operating cash costs were slightly higher than
budget mainly due to higher mining costs (contractor, blasting,
fuel), crushing and grinding costs, and higher process plant
consumable use and cost (power, reagents). 
Gold production in the third quarter was higher than budget mainly
due to higher than budgeted gold grade (1.91 g/t gold compared to
budget of 1.88 g/t gold), higher through put of 517,656 tonnes
compared to budget of 501,953 tonnes and higher gold recovery of
92.3% versus the budget of 90.4%. Gold recovery continues to
outperform budget as the Company optimizes its plant processes. The
mill throughput rate in the third quarter averaged 5,627 tonnes per
day, another new quarterly record and 3% better than the budget for
the period of 5,456 tonnes per day. 
During the nine months of 2012, the Libertad Mine generated gold
revenue of $129 million from the sale of 77,671 ounces at an average
price of $1,661 per ounce, compared to $107.7 million from the sale
of 71,011 ounces at an average price of $1,517 per ounce in the same
period of 2011. Total gold production was 78,822 ounces at an
operating cash cost of $506 per ounce of gold compared to budget of
74,731 ounces at $554 per ounce. Higher than year-to-date budgeted
production was mainly due to higher mill throughput, gold recovery
and mill head grade. Operating costs have been favourable to budget
due to increased gold and silver production, better recovery, and a
lower strip ratio than budgeted. 
Gold production from Libertad is expected to increase quarter over
quarter in 2012 as higher grade ore from the new Santa Maria pit
enters the mine plan as well as resuming production of higher grade
ore from Jabali in the fourth quarter. 
La Libertad Mine is now forecast to produce approximately 105,000 to
110,000 ounces of gold in 2012, at an operating cash cost of
approximately $550 to $575 per ounce. Cash from mine operations at La
Libertad Mine is projected to exceed the original budgeted guidance
of approximately $100 million (at $1,550 per ounce gold price). 
The Company has budgeted capital costs at La Libertad in 2012
totaling approximately $27.7 million. The majority of this capital
cost will be expended on pre-stripping at the Santa Maria pit and to
access future ore by enlarging existing pits and completing a
tailings pond expansion. 
The Company recently announced that it has received the mining permit
(subject to certain conditions), for the Jabali Central deposit on
the Libertad property. The Company is also pleased to announce that
it has received the final mining haul road construction permit.
Improvements to the main road access to town have now been completed
and construction of the private haul road has recently commenced.
Mine infrastructure development will also commence shortly. 
The 2012 budget for the development of the Jabali deposit is
approximately $21 million. This budget is funding the construction of
the private haul road for transporting the Jabali deposit ore to the
Libertad mill, and for engineering, metallurgical and socio-economic
programs. The Company plans to commence the shipping of Jabali ore to
the Libertad mill in the first quarter of 2013. Jabali costs to
September 30, 2012 are $8.5 million and will likely end the year
approximately $10 million under budget. The main reason for the under
spend is a delay to the start of construction of the private haul
road which recently commenced. These costs should be incurred in the
first quarter and shipments of Jabali ore will not be impacted as the
existing road can be used if needed. Annual gold production at La
Libertad is projected to increase to 135,000 ounces in 2013 and will
increase to 150,000 ounces in 2014. 
At Jabali, exploration is ongoing to complete infill drilling of the
Jabali Antenna Zone and further explore deposits that are open to the
east and west.  
An additional $1.3 million of drilling has been budgeted in 2012 to
upgrade the high grade resources at Jabali Antenna and for additional
drilling of the San Juan deposit. Exploration drilling is also
ongoing to further explore the 20 kilometre long Libertad gold belt.
Further drill results will be released during the year. 
Limon Mine, Nicaragua (B2Gold 95%) 
The Limon open pit and underground Mine had an excellent quarter,
achieving its highest quarterly output since B2Gold acquired the mine
in 2009. The Limon Mine produced 12,715 ounces of gold at an
operating cash cost of $704 per ounce and a total cash cost of $804
per ounce from 97,385 tonnes of ore milled at an average grade of
4.47 g/t at a processed gold recovery of 91.0%, compared to budget of
12,170 ounces at an operating cash cost of $717 per ounce. Production
costs and output are now tracking budget due to improved grade
primarily from the underground operation. Similarly to the Libertad
mine, Limon production is budgeted to increase in subsequent quarters
in 2012. 
For the nine months ended September 30, 2012, the Limon Mine
generated gold revenue of $59.3 million from the sale of 35,710
ounces at an average price of $1,659 per ounce. Operating cash cost
per ounce was $747 per ounce compared to budget of $742 per ounce.
Gold production was 34,739 ounces compared to budget of 34,749
ounces. 
The Limon Mine is projected to produce approximately 48,000 to 50,000
ounces of gold in 2012 at an operating cash cost of approximately
$700 to $725 per ounce of gold. Cash from mine operations at Limon is
projected to exceed the original budgeted guidance of approximately
$40 million (at $1,550 per ounce gold price). 
The Company is undertaking capital expenditures at the Limon Mine in
2012 expected to total approximately $21.3 million. The majority of
this capital expenditure is funding a major underground mine
development program and capacity expansion of the tailings pond. The
underground development work is accessing deeper ore at the Santa
Pancha vein, which should add approximately three years of
production. Capital expenditures for 2013 are expected to be lower as
the tailings pond work in 2012 will add approximately 5 years to its
storage capacity. 
Successful exploration continues on the Limon property with two drill
rigs exploring both near surface and underground targets with the
goal of increasing the current five year mine life and testing higher
grade targets. 
The 2012 exploration budget at the Limon property totals $4.6
million, funding 14,000 metres of drilling to explore numerous open
pit and underground targets on the property. The Company's
exploration team believes there is potential to increase the current
mine life of the Limon Mine and also discover higher grade open pit
and underground deposits that could potentially increase annual gold
production and reduce operating costs per ounce of gold. 
Update on Proposed B2Gold and CGA Merger 
B2Gold and CGA recently announced that they have entered into a
definitive Merger Implementation Agreement (see news release dated
September 19, 2012) to combine the two companies. The transaction was
valued at approximately C$1.1 billion on the transaction date. 
The transaction will be implemented by way of a Scheme of Arrangement
under the Australian Corporations Act 2001 ("Scheme"). Upon
completion of the Scheme, existing B2Gold shareholders and CGA
shareholders will own approximately 62% and 38%, respectively, of the
issued common shares of the combined company. The transaction is
subject to regulatory, Australian Court, shareholder, and third party
approvals, together with other customary conditions. 
The combination of B2Gold and CGA will result in a merged entity
operating the Masbate gold mine in the Philippines, in addition to
B2Gold's existing Limon and La Libertad gold mines in Nicaragua.
B2Gold is well positioned to operate and progress further development
at Masbate given its strong funding capacity and a management team
with significant exploration, mine development and operating
experience.  
With the addition of the Masbate Mine by way of the transaction,
B2Gold expects to produce approximately 385,000 ounces of gold in
2013 and approximately 400,000 ounces of gold in 2014. 
A meeting of CGA shareholders to consider the Scheme and a meeting of
B2Gold shareholders approving the issuance of B2Gold shares that will
be issued in connection with the Scheme, will each be held the third
week in December. Closing date is projected to be on or prior to
January 31, 2013.  
Health, Safety, Environmental and Corporate Social Responsibility 
B2Gold continues its support for Nicaragua Community Programs and
Initiatives in its operating communities and other locations. In the
third quarter B2Gold received a National Award for Corporate Social
Responsibility in the category of Sustainability and Environmental
Initiatives from the group UNIRSE. 
At El Limon in the third quarter, B2Gold continued to support
development of small business opportunities with the PYMES program
and improvement of community roads. The community dialogue tables
continue to serve as an effective forum for communications. Donations
included an ambulance for community support, a need that was
identified and prioritized at the community forum. New initiatives
include a preschool planned for El Limon, to serve some 200 students. 
Development Projects 
Otjikoto Property, Namibia 
(B2Gold 92% / EVI Gold 8%) 
Exploration, feasibility and development expenditures for Otjikoto
were $15 million for the first nine months of 2012 compared to the
full year's budget of $43.5 million. Although the timing of payments
has lagged the original budget, the project remains on schedule. The
feasibility study is anticipated to be completed in the fourth
quarter. The Company recently received approval of the Environmental
Impact Assessment from the Government of Namibia and expects to
receive the final mining license from the Government by the end of
2012. Mine construction will commence in the first quarter of 2013.
Site preparation has already commenced as bush clearing is currently
underway. Orders for equipment with a long lead time will be placed
shortly and well within the time frame required for full scale
production in January 2015. It is likely, however, that expenditures
will be less than budget for 2012 and approximately $10 million will
be deferred to the first quarter of 2013.  
The Otjikoto gold project has forecast average annual production of
over 100,000 ounces of gold over a ten year mine life based on a
Preliminary Economic Assessment released by Auryx Gold Corp. in
September 2011. 
B2Gold Namibia's experienced staff is well placed to advance
development at the Otjikoto gold project given B2Gold's existing cash
position, cash from operations and strong financing capability and a
management team with significant mine development and operating
experience. 
Feasibility and exploration drilling is underway on the Otjikoto
project which includes 16,150 metres of feasibility study drilling
and a further 2,500 metres of exploration drilling to explore beyond
the current resource at the Otjikoto project. Regional exploration
work will also be conducted on the surrounding area. 
Gramalote Property, Colombia 
(B2Gold 49% / AngloGold Ashanti Limited ("AngloGold") 51%) 
The Gramalote project, located 80 kilometres northeast of Medellin in
Central Colombia, had a 2012 joint venture prefeasibility and
exploration budget of $36.9 million (100%), recently increased to $54
million. The amended budget runs to the end of November 2012 and an
interim budget for the period from December 2012 to February 2013 is
currently being discussed. The recent increase to the current year's
budget is for additional land acquisitions, community and social
obligations, and the engineering and test programs associated with
potential upside project economics. Each joint venture partner will
fund their share of expenditures pro rata. Due to the additional time
required to evaluate the potential project scale and economics, the
prefeasibility study is now scheduled to be completed in the first
quarter of 2013 and a final feasibility study completed in early
2014. 
The Company believes the Gramalote project has the potential to
become a large scale open pit gold mine (subject to completion of a
feasibility study and financing). 
Exploration 
In addition to the exploration programs mentioned above, the Company
is undertaking further exploration programs on the Trebol and El
Pavon properties, the Radius Gold joint venture property and the
Calibre Mining joint venture property in Nicaragua and the Cebollati
property in Uruguay. 
In total, B2Gold's combined 2012 exploration budgets is approximately
$36.1 million used to fund approximately 69,000 metres of drilling.
Further exploration results will be released as they become
available. 
BNY Mellon Appointed as Depositary Bank for the Company's Namibian
Depositary Receipt ("NDR") Program on the Namibian Stock Exchange
("NSX") 
B2Gold is pleased to announce that it has appointed BNY Mellon, the
global leader in investment management and investment services, as
the depositary bank for its NDR program on the NSX. The program is
the first ever NDR listing and the NSX becomes only the second stock
exchange in Africa to list depositary receipts. B2Gold's common
shares are listed on the TSX under the symbol "BTO". Each B2Gold
depositary receipt represents 1 ordinary common share and trades on
the NSX under the symbol "B2G". 
Outlook 
In conclusion, given our proven technical team, strong operational
and financial performance, financing capability and high quality
development and exploration projects, B2Gold is well positioned to
continue our growth as an intermediate gold producer from existing
projects. Based on current assumptions the Company is projecting gold
production to grow to over 700,000 ounces per year, subject to the
closing of the transaction with CGA and assuming development of the
Otjikoto and Gramalote Projects. In addition, the Company will
continue to pursue accretive acquisitions and carry out our
aggressive exploration programs as well as optimize production at
current operations. The Company will be providing updated 2013
guidance in December once detailed budgets have been approved by the
Board. 
Conference Call Details 
B2Gold will host a conference call and webcast to discuss the first
quarter results on Wednesday, November 14, 2012 at 11:00 am PST /
2:00 pm EST. You may access the call by dialing the operator at
416-340-2217 or toll free 866-696-5910 (pass code: 5553757) prior to
the scheduled start time. A playback version of the call will be
available for one week after the call at 905-694-9451 or toll free
800-408-3053 (pass code: 2560484). The webcast of the call can be
accessed from B2Gold's web site at www.b2gold.com. 
ON BEHALF OF B2GOLD CORP. 
Clive T. Johnson, President and Chief Executive Officer  
For more information on B2Gold please visit the Company website 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. 


 
CONSOLIDATED STATEMENTS OF OPERATIONS                                       
(Expressed in thousands of United States dollars, except shares and per     
share amounts)                                                              
(Unaudited)                                                                 
                                                                            
                          For the       For the                             
                            three         three       For the       For the 
                           months        months   nine months   nine months 
                            ended         ended         ended         ended 
                         Sep. 30,      Sep. 30,      Sep. 30,      Sep. 30, 
                             2012          2011          2012          2011 
                                                                            
                     -------------------------- ----------------------------
                     -------------------------- ----------------------------
                                                                            
                                                                            
Gold revenue         $     67,065  $     50,459  $    188,268  $    158,458 
                                                                            
                     -------------------------------------------------------
                                                                            
Cost of sales                                                               
                                                                            
  Production costs        (23,911)      (15,350)      (66,998)      (54,078)
  Depreciation and                                                          
   depletion               (8,255)       (5,720)      (22,309)      (18,249)
  Royalties and                                                             
   production taxes                                                         
   (Note 9)                (2,256)       (3,126)       (6,137)       (8,746)
  Other                         -          (692)            -          (692)
                                                                            
                     -------------------------------------------------------
                                                                            
Total cost of sales       (34,422)      (24,888)      (95,444)      (81,765)
                                                                            
                     -------------------------------------------------------
                                                                            
Gross profit               32,643        25,571        92,824        76,693 
                                                                            
General and                                                                 
 administrative            (4,013)       (3,358)      (13,092)      (12,616)
Share-based payments                                                        
 (Note 7)                  (2,951)       (4,013)      (13,754)       (5,245)
Accretion of mine                                                           
 restoration                                                                
 provisions                  (441)         (332)       (1,334)         (886)
Foreign exchange                                                            
 gains (losses)              (396)       (2,031)          148          (865)
Other                      (1,073)         (455)       (2,790)          216 
                                                                            
                     -------------------------------------------------------
                                                                            
Operating income           23,769        15,382        62,002        57,297 
                                                                            
Community relations        (1,070)         (619)       (3,229)       (1,759)
Interest and                                                                
 financing costs              (65)          (61)         (130)         (543)
Other                        (355)       (1,061)          (62)         (651)
                                                                            
                     -------------------------------------------------------
                                                                            
Income before                                                               
 withholding and                                                            
 other taxes               22,279        13,641        58,581        54,344 
                                                                            
Current income and                                                          
 withholding taxes                                                          
 (Note 9)                  (6,050)       (1,393)      (10,727)       (3,272)
Deferred income tax        (1,753)       (3,212)       (6,895)      (15,609)
                                                                            
                     -------------------------------------------------------
                                                                            
Net income for the                                                          
 period              $     14,476  $      9,036  $     40,959  $     35,463 
                                                                            
                     -------------------------------------------------------
                     -------------------------------------------------------
                                                                            
                                                                            
Attributable to:                                                            
Shareholders of the                                                         
 Company             $     14,476  $      9,036  $     40,959  $     35,463 
Non-controlling                                                             
 interests                      -             -             -             - 
                                                                            
                     -------------------------------------------------------
                                                                            
Net income for the                                                          
 period              $     14,476  $      9,036  $     40,959  $     35,463 
                                                                            
                     -------------------------------------------------------
                     -------------------------------------------------------
                                                                            
                                                                            
                                                                            
Earnings per share                                                          
 (attributable to                                                           
 shareholders of the                                                        
 Company)                                                                   
  Basic              $       0.04  $       0.03  $       0.11  $       0.11 
  Diluted            $       0.04  $       0.03  $       0.10  $       0.10 
                                                                            
Weighted average                                                            
 number of common                                                           
 shares outstanding                                                         
 (in thousands)                                                             
  Basic                   387,095       339,541       383,057       336,347 
  Diluted                 394,355       346,267       390,387       342,161 
                                                                            
                                                                            
CONSOLIDATED STATEMENTS OF CASH FLOWS                                       
(Expressed in thousands of United States dollars)                           
 (Unaudited)                                                                
                                                                            
                          For the       For the                             
                            three         three       For the       For the 
                           months        months   nine months   nine months 
                            ended         ended         ended         ended 
                         Sep. 30,      Sep. 30,      Sep. 30,      Sep. 30, 
                             2012          2011          2012          2011 
                                                                            
                    --------------------------- ----------------------------
                    --------------------------- ----------------------------
                                                                            
Operating activities                                                        
                                                                            
Net income for the                                                          
 period              $     14,476  $      9,036  $     40,959  $     35,463 
Mine restoration                                                            
 provisions settled          (337)         (265)       (3,230)         (796)
Non-cash charges                                                            
 (credits)                                                                  
Depreciation and                                                            
 depletion                  8,255         5,720        22,309        18,249 
Share-based payments        2,951         4,013        13,754         5,245 
  Deferred income                                                           
   tax expense              1,753         3,212         6,895        15,609 
  Accretion of mine                                                         
   restoration                                                              
   provisions                 441           332         1,334           886 
  Unrealized                                                                
   derivative                                                               
   (gains) losses             108             -          (218)            - 
  Income tax expense                                                        
   on expired                                                               
   warrants                     -        (2,182)            -        (2,182)
  Amortization of                                                           
   deferred                                                                 
   financing costs              -             -             -           358 
  Other                       771           105         1,472           737 
                                                                            
                    --------------------------------------------------------
                                                                            
Cash provided by                                                            
 operating                                                                  
 activities                                                                 
 before changes in                                                         
 non-cash working                                                           
 capital                   28,418        19,971        83,275        73,569 
                                                                            
Changes in non-cash                                                         
 working capital              773        (2,345)      (12,316)       (5,248)
                                                                            
                    --------------------------------------------------------
                                                                            
Cash provided by                                                            
 operating                                                                  
 activities after                                                           
 changes in non-cash                                                        
 working capital           29,191        17,626        70,959        68,321 
                                                                            
                    --------------------------------------------------------
                                                                            
Financing activities                                                        
Common shares issued                                                        
 for cash (Note 7)            177         2,257         7,390         7,242 
Interest &                                                                  
 commitment fees                                                            
 paid                         (65)          (61)         (129)         (235)
Repayment of related                                                        
 party loans                    -           (21)           (9)          (21)
                                                                            
                    --------------------------------------------------------
                                                                            
Cash provided by                                                            
 financing                                                                  
 activities                   112         2,175         7,252         6,986 
                                                                            
                    --------------------------------------------------------
                                                                            
Investing activities                                                        
  Libertad Mine,                                                            
   development &                                                            
   sustaining                                                               
   capital                 (5,525)       (5,160)      (22,890)      (23,033)
  Libertad Mine,                                                            
   Jabali                                                                   
   development             (3,894)       (4,476)       (8,547)       (4,476)
  Limon Mine,                                                               
   development &                                                            
   sustaining                                                               
   capital                 (5,449)       (4,507)      (16,891)      (15,919)
  Purchase of long-                                                         
   term investment                                                          
   (Note 6)                     -             -        (5,068)            - 
  Libertad,                                                                 
   exploration               (819)       (3,489)       (5,493)       (7,537)
  Limon, exploration       (1,046)       (1,001)       (3,484)       (2,603)
  Gramalote,                                                                
   exploration and                                                          
   development            (10,043)       (4,079)      (18,887)      (10,280)
  Otjikoto,                                                                 
   exploration and                                                          
   development             (2,731)            -       (14,974)            - 
  Calibre,                                                                  
   exploration             (1,532)         (182)       (3,678)         (879)
  Mocoa, exploration       (1,224)          (30)       (2,859)         (203)
  Tebol & Pavon,                                                            
   exploration               (618)         (475)       (2,146)       (1,914)
  Cebollati,                                                                
   exploration               (420)       (1,413)       (1,616)       (3,653)
  Other                      (183)         (281)         (813)       (1,250)
                                                                            
                    --------------------------------------------------------
                                                                            
  Cash used by                                                              
   investing                                                                
   activities             (33,484)      (25,093)     (107,346)      (71,747)
                                                                            
                    --------------------------------------------------------
                                                                            
Increase (decrease)                                                         
 in cash and cash                                                           
 equivalents               (4,181)       (5,292)      (29,135)        3,560 
                                                                            
Cash and cash                                                               
 equivalents,                                                               
 beginning of period       77,338        78,864       102,292        70,012 
                                                                            
                    --------------------------------------------------------
                                                                            
Cash and cash                                                               
 equivalents, end of                                                        
 period              $     73,157  $     73,572  $     73,157  $     73,572 
                                                                            
                    --------------------------------------------------------
                    --------------------------------------------------------
                                                                            
Supplementary cash                                                          
 flow information                                                           
 (Note 10)                                                                  
 

 
                                                                            
CONSOLIDATED BALANCE SHEETS                                                 
(Expressed in thousands of United States dollars)                           
(Unaudited)                                                                 
                                                      As at            As at
                                              September 30,     December 31,
                                                       2012             2011
                                           ---------------------------------
                                           ---------------------------------
                   Assets                                                   
                                                                            
Current                                                                     
                                                                            
  Cash and cash equivalents                  $       73,157   $      102,292
  Accounts receivable and prepaids                    8,619            6,372
  Value-added and other tax receivables              18,288           14,149
  Inventories (Note 4)                               32,529           26,695
  Unrealised fair value of derivative                                       
   assets                                               218                -
                                           ---------------------------------
                                                    132,811          149,508
                                                                            
Mining interests (Note 5 and Note 14 -                                      
 Schedules)                                         503,101          412,537
                                                                            
Investment (carried at quoted market value)                                 
 (Note 6)                                             3,441                -
                                                                            
Other assets                                          1,334              996
                                           ---------------------------------
                                             $      640,687   $      563,041
                                           ---------------------------------
                                           ---------------------------------
                Liabilities                                                 
                                                                            
Current                                                                     
                                                                            
  Accounts payable and accrued liabilities   $       17,427   $       22,610
  Current taxes payable                               7,189            6,254
  Current portion of mine restoration                                       
   provisions                                         1,237            1,376
  Related party loans                                    72               81
                                           ---------------------------------
                                                     25,925           30,321
                                                                            
Mine restoration provisions                          24,350           26,731
                                                                            
Deferred income taxes                                33,533           26,638
                                                                            
Employee benefits accrual                             4,876            4,017
                                              ------------------------------
                                                     88,684           87,707
                                           ---------------------------------
                   Equity                                                   
                                                                            
Shareholders' equity                                                        
                                                                            
  Share capital (Note 7)                                                    
  Issued: 392,744,807 common shares (Dec                                    
   31, 2011 - 382,494,656)                          466,745          435,048
  Contributed surplus                                32,254           22,712
  Accumulated other comprehensive income             (5,398)               -
  Retained earnings                                  54,590           13,631
                                                                            
                                           ---------------------------------
                                                    548,191          471,391
Non-controlling interests                             3,812            3,943
                                           ---------------------------------
                                                    552,003          475,334
                                           ---------------------------------
                                             $      640,687   $      563,041
                                           ---------------------------------
                                           ---------------------------------
                                                                            
                                                                            
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY                                
 (Expressed in thousands of United States dollars) (Unaudited)              
                                                                            
                                            2012                            
                 -----------------------------------------------------------
                 -----------------------------------------------------------
                                                                            
                                                Accumu-                    
                                                  lated                     
                                                  other      Non-           
                           Contrib-             compre- controll-           
                     Share     uted  Retained   hensive       ing     Total 
                   capital  surplus  earnings    income interests    equity 
                 -----------------------------------------------------------
                 -----------------------------------------------------------
                                                                            
Balance at                                                                  
 December 31,                                                               
 2011            $ 435,048 $ 22,712  $ 13,631  $      -  $  3,943  $475,334 
                                                                            
January 1, 2012                                                             
 to September 30,                                                           
 2012:                                                                      
Net income for                                                              
 the period              -        -    40,959         -         -    40,959 
Cumulative                                                                  
 translation                                                                
 adjustment              -        -         -    (3,771)     (131)   (3,902)
Unrealized loss                                                             
 on investment           -        -         -    (1,627)        -    (1,627)
Shares issued for                                                           
 cash:                                                                      
  Exercise of                                                               
   stock options     3,923        -         -         -         -     3,923 
  Exercise of                                                               
   warrants          3,458        -         -         -         -     3,458 
  Incentive Plan         9        -         -         -         -         9 
Shares issued for                                                           
 Trebol & Pavon     16,814        -         -         -         -    16,814 
Shares issued on                                                            
 vesting of RSU      2,902   (2,902)        -         -         -         - 
Share based                                                                 
 payments -                                                                 
 expensed                -   13,754         -         -         -    13,754 
Share based                                                                 
 payments -                                                                 
 capitalized to                                                             
 mining interests        -    3,281         -         -         -     3,281 
Transfer to share                                                           
 capital the fair                                                           
 value assigned to                                                          
 stock options &                                                            
 warrants                                                                   
 exercised from                                                             
 contributed                                                                
 surplus             4,591   (4,591)        -         -         -         - 
                 -----------------------------------------------------------
                                                                            
Balance at                                                                  
 September 30,                                                              
 2012            $ 466,745 $ 32,254  $ 54,590  $ (5,398) $  3,812  $552,003 
                                                                            
                 -----------------------------------------------------------
                 -----------------------------------------------------------
                                                                            
                                             2011                           
                 -----------------------------------------------------------
                 -----------------------------------------------------------
                                                Accumu-                     
                                                  lated      Non-           
                                      Retain-     other     cont-           
                           Contrib-        ed   compre-   rolling           
                     Share     uted     earn-   hensive    inter-     Total 
                   capital  surplus      ings    income      ests    equity 
                 -----------------------------------------------------------
                 -----------------------------------------------------------
                                                                            
Balance at                                                                  
 December 31,                                                               
 2010            $ 312,829 $ 19,971  $(42,669) $      -  $      -  $290,131 
                                                                            
January 1, 2011                                                             
 to September 30,                                                           
 2011:                                                                      
Net income for                                                              
 the period              -        -    35,463         -         -    35,463 
Shares issued for                                                           
 cash:                                                                      
  Exercise of                                                               
   stock options     5,207        -         -         -         -     5,207 
  Exercise of                                                               
   warrants          2,014        -         -         -         -     2,014 
  Incentive plan        21                                               21 
Shares issued for                                                           
 finders' fee          150                                              150 
Share based                                                                 
 payments -                                                                 
 expensed                -    5,245         -         -         -     5,245 
Share based                                                                 
 payments -                                                                 
 capitalized to                                                             
 mining interests        -      436         -         -         -       436 
Income tax on                                                               
 expired warrants            (2,182)                                 (2,182)
Transfer to share                                                           
 capital the fair                                                           
 value assigned to                                                          
 stock options &                                                            
 warrants from                                                              
 contributed                                                                
 surplus             6,399   (6,399)        -         -         -         - 
                                                                            
                 -----------------------------------------------------------
                                                                            
Balance at                                                                  
 September 30,                                                              
 2011            $ 326,620 $ 17,071  $ (7,206) $      -  $      -  $336,485 
                                                                            
October 1, 2011                                                             
 to December 31,                                                            
 2011:                                                                      
Net income for                                                              
 the period              -        -    20,837         -         -    20,837 
Shares issued for                                                           
 Auryx Gold        107,435        -         -         -         -   107,435 
Shares issued for                                                           
 cash:                                                                      
  Exercise of                                                               
   stock options       701        -         -         -         -       701 
  Exercise of                                                               
   warrants              -        -         -         -         -         - 
Share based                                                                 
 payments -                                                                 
 expensed                -      945         -         -         -       945 
Share based                                                                 
 payments -                                                                 
 capitalized to                                                             
 mining interests        -       45         -         -         -        45 
Stock options &                                                             
 warrants issued                                                            
 on Auryx Gold                                                              
 acquisition             -    4,943         -         -         -     4,943 
Non-controlling                                                             
 interest                                                                   
 acquired on Auryx                                                         
 Gold acquisition        -        -         -         -     3,943     3,943 
Transfer to share                                                           
 capital the fair                                                           
 value assigned to                                                         
 stock options &                                                            
 warrants                                                                   
 exercised from                                                             
 contributed                                                                
 surplus               292     (292)        -         -         -         - 
                                                                            
                 -----------------------------------------------------------
                                                                            
Balance at                                                                  
 December 31,                                                               
 2011            $ 435,048 $ 22,712  $ 13,631  $      -  $  3,943  $475,334 
                                                                            
                 -----------------------------------------------------------
                 -----------------------------------------------------------

  
The Toronto Stock Exchange neither approves nor disapproves the
information contained in this News Release. 
Contacts:
B2Gold Corp.
Ian MacLean
Vice President, Investor Relations
604-681-8371 
B2Gold Corp.
Kerry Suffolk
Manager, Investor Relations
604-681-8371
www.b2gold.com
 
 
Press spacebar to pause and continue. Press esc to stop.