B2Gold Corp. Releases Updated PEA for Columbian Open Pit Gold Mine

SEATTLE (Scrap Monster): The updated Preliminary Economic Assessment (PEA) for the Gramalote Ridge Project in Columbia- a joint venture project in partnership with AngloGold Ashanti Ltd presented extremely positive results.

The PEA, primarily based on production from the Gramalote Ridge deposit, projects mineral resource estimate that includes Indicated Mineral Resources of 70,110,000 tons grading 0.92 g/t for a total of 2,070,000 ounces of gold and Inferred Mineral Resources of 79,030,000 tons grading 0.79 g/t gold for a total gold of 2,010,000 ounces.

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According to the company, it has completed additional drilling at Gramalote Ridge and a new Mineral Resource model has already been developed. The overall gold grade for the PEA has surged higher significantly to 0.85 g/t.

Upon completion of the ongoing infill drilling of up to 42,500 metres, B2Gold expects Gramalote to become one of the largest, low-cost open pit gold mines. The final feasibility study is expected to be completed by end-2020. The proximity to national highway, national electricity grid and reliable water supply provides immense infrastructure advantages to the project, the company said.

B2Gold expects gold production to range between 1 Million ounces and 1.055 Million ounces in 2020.