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B2Gold Q1 gold production up 10% YOY, beats target

B2Gold Corp.produced 127,844 ounces of gold in the first quarter, up 10% year over year andbeating the company's target by 8,966 ounces, it said April 27.

The increase in output was primarily attributable to strong quarterlyproduction from the company's Masbatemine in the Philippines and LaLibertad mine in Nicaragua. The Otjikoto mine in Namibia was in line with budget, while theEl Limon mine inNicaragua was slightly behind budget, mainly due to the lower grade processed inthe first quarter.

B2Gold expects consolidated gold production for the year to bebetween 510,000 ounces and 550,000 ounces at cash operating costs of between US$560to US$595 per ounce, compared to US$616 per ounce in 2015.

Gold revenue for the first quarter improved to US$144.3 millionon gold sales of 120,899 ounces at an average price of US$1,193 per ounce, comparedto year-ago revenue of US$138.9 million on gold sales of 114,799 ounces at an averageprice of US$1,210 per ounce.

The increase in revenue was mainly a result of increased productionat the Masbate and La Libertad mines.