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B2Gold Corp.: B2Gold Corp. Announces Continued Positive Exploration Drill Results from the Gramalote Gold Property in Colombia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 12, 2009) - B2Gold Corp. (TSX:BTO) ("B2Gold" or the "Company") is pleased to announce further resource and exploration drilling results from the Gramalote property in Colombia. The Gramalote project is a 51% - 49% B2Gold - AngloGold Ashanti Ltd ("AngloGold Ashanti") joint venture, with B2Gold as the operator.

In 2008, B2Gold completed a total of 30,189 metres ("m") in 90 diamond drill holes on the Gramalote property, which is located 230 kilometres ("km") northwest of Bogota and 80 km northeast of Medellin in central Colombia. The 2008 drill program has tested the Gramalote Ridge Zone and Trinidad zones as well as several additional targets within the 85,534 hectare ("ha") property area.

Since the press release on September 4, 2008, the Company has completed a drill program of an additional 37 drill holes totaling 12,626 m drilled at the Gramalote property, which include intersections of up to 165 m of 1.6 gram per tonne gold ("g/t Au") in hole 60, 115 m of 2.0 g/t in hole 79 and 172 m of 1.1 g/t in hole 89. Highlights from the Gramalote Ridge Zone drill program as well as the final results for previously released holes 51, 57 and 58 at the Gramalote Ridge Zone are shown below.

Gramalote Ridge Zone Drill Holes 51 to 95 Assay Results 

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 Gold 
 capped 
 From To Length Gold at 17 Silver 
Hole # (m) (m) (m) (g/t) g/t (g/t) Comments 
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GR08-051 0.00 10.20 10.20 0.96 0.86 5.22 Previously reported
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 and 54.55 112.40 57.85 1.33 0.95 0.67 Previously reported
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 and 152.90 166.00 13.10 3.13 2.55 1.12 Previously reported
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 and 212.50 245.65 33.15 2.53 2.53 1.91 Gramalote Ridge Zone
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GR08-057 26.85 74.66 47.81 0.64 0.64 0.96 Gramalote Ridge Zone
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 and 257.00 299.40 42.40 1.09 1.09 1.65 Gramalote Ridge Zone
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 and 331.04 363.80 32.76 0.95 0.95 0.90 Gramalote Ridge Zone
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GR08-058 58.60 203.15 144.55 1.13 1.07 0.94 Gramalote Ridge Zone
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GR08-060 66.90 232.00 165.10 1.60 1.37 1.67 Gramalote Ridge Zone
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 and 268.00 296.50 28.50 1.11 1.11 1.38 Gramalote Ridge Zone
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 and 375.60 421.45 45.85 1.46 1.46 1.50 Gramalote Ridge Zone
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GR08-061 167.93 197.56 29.63 0.60 0.60 1.29 Gramalote Ridge Zone
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 and 231.38 256.07 24.69 0.60 0.60 0.78 Gramalote Ridge Zone
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GR08-062 242.00 258.80 16.80 1.42 1.28 0.66 Gramalote Ridge Zone
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GR08-063 0.00 16.83 16.83 0.92 0.76 0.99 Gramalote Ridge Zone
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 and 38.46 74.89 36.43 2.01 1.84 1.10 Gramalote Ridge Zone
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GR08-064 34.00 227.00 193.00 1.10 0.96 1.03 Gramalote Ridge Zone
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 and 319.80 375.55 55.75 0.63 0.63 1.35 Gramalote Ridge Zone
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GR08-065 0.00 26.70 26.70 0.85 0.85 1.65 Gramalote Ridge Zone
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 and 74.00 128.00 54.00 1.18 1.18 1.18 Gramalote Ridge Zone
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 and 145.00 163.20 18.20 0.71 0.71 0.68 Gramalote Ridge Zone
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GR08-066 29.20 57.00 27.80 0.83 0.83 0.72 Gramalote Ridge Zone
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GR08-068 32.30 48.50 16.20 1.08 1.08 0.97 Gramalote Ridge Zone
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GR08-071 205.17 226.15 20.98 1.21 1.21 2.06 Gramalote Ridge Zone
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 and 246.25 328.40 82.15 0.92 0.92 0.83 Gramalote Ridge Zone
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 and 358.26 387.55 29.29 0.61 0.61 0.39 Gramalote Ridge Zone
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GR08-072 349.00 373.50 24.50 1.35 1.35 1.82 Gramalote Ridge Zone
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 and 406.10 469.45 63.35 2.14 1.57 1.36 Gramalote Ridge Zone
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GR08-076 60.90 217.10 156.20 0.89 0.79 0.91 Gramalote Ridge Zone
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GR08-077 0.00 73.10 73.10 1.14 1.04 1.93 Gramalote Ridge Zone
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GR08-078 241.70 315.90 74.20 0.52 0.52 0.93 Gramalote Ridge Zone
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 and 355.00 416.85 61.85 1.61 1.49 3.21 Gramalote Ridge Zone
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GR08-079 30.90 145.80 114.90 2.02 1.87 2.04 Gramalote Ridge Zone
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 and 173.62 191.30 17.68 4.73 4.64 4.76 Gramalote Ridge Zone
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GR08-080 225.40 236.90 11.50 3.18 3.11 2.02 Gramalote Ridge Zone
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 and 261.15 434.00 172.85 1.34 0.92 1.66 Gramalote Ridge Zone
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GR08-081 0.00 119.25 119.25 0.83 0.74 1.77 Gramalote Ridge Zone
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 and 150.65 169.80 19.15 1.25 1.25 0.89 Gramalote Ridge Zone
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 and 209.00 253.70 44.70 1.62 1.53 1.46 Gramalote Ridge Zone
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GR08-082 21.24 59.80 38.56 2.63 2.40 2.58 Gramalote Ridge Zone
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 and 93.95 217.43 123.48 1.20 1.20 1.17 Gramalote Ridge Zone
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 and 256.15 297.80 41.65 2.55 2.42 1.69 Gramalote Ridge Zone
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GR08-083 296.70 321.60 24.90 1.34 1.34 0.98 Gramalote Ridge Zone
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 and 387.65 409.65 22.00 1.33 1.33 0.71 Gramalote Ridge Zone
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GR08-084 3.80 25.10 21.30 1.01 1.01 0.67 Gramalote Ridge Zone
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 and 56.20 173.65 117.45 1.07 1.07 0.98 Gramalote Ridge Zone
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 and 269.20 302.70 33.50 0.89 0.89 0.52 Gramalote Ridge Zone
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GR08-086 66.80 96.10 29.30 0.63 0.63 0.50 Gramalote Ridge Zone
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 and 153.40 219.00 65.60 0.85 0.85 0.91 Gramalote Ridge Zone
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GR08-087 21.90 91.15 69.25 1.20 1.15 1.56 Gramalote Ridge Zone
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 and 109.40 143.50 34.10 0.63 0.63 0.82 Gramalote Ridge Zone
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GR08-088 63.38 256.10 192.72 0.83 0.83 0.96 Gramalote Ridge Zone
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GR08-089 71.70 244.00 172.30 1.10 1.00 1.05 Gramalote Ridge Zone
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GR08-090 0.00 25.30 25.30 1.12 1.12 2.12 Gramalote Ridge Zone
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 and 46.90 69.82 22.92 4.19 3.17 4.22 Gramalote Ridge Zone
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 and 111.10 214.95 103.85 1.82 1.74 1.32 Gramalote Ridge Zone
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 and 273.65 309.70 36.05 1.69 1.69 1.65 Gramalote Ridge Zone
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GR08-091 62.30 82.20 19.90 1.44 1.44 0.78 Gramalote Ridge Zone
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 and 130.50 282.77 152.27 0.66 0.66 0.52 Gramalote Ridge Zone
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GR08-092 131.00 208.40 77.40 0.64 0.64 0.43 Gramalote Ridge Zone
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GR08-093 20.60 46.75 26.15 1.12 1.12 1.55 Gramalote Ridge Zone
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 and 122.00 161.84 39.84 0.79 0.63 0.73 Gramalote Ridge Zone
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GR08-094 55.33 85.29 29.96 1.21 1.21 1.85 Gramalote Ridge Zone
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 and 97.97 129.50 31.53 0.96 0.96 0.92 Gramalote Ridge Zone
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 and 170.73 229.60 58.87 1.61 1.25 1.14 Gramalote Ridge Zone
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 and 273.20 384.34 111.14 0.69 0.69 0.47 Gramalote Ridge Zone
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GR08-095 78.63 112.75 34.12 1.32 1.32 1.02 Gramalote Ridge Zone
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These new drilling results from the Gramalote Ridge Zone confirm the good grade and consistency of gold mineralization intersected in the drill holes released earlier in 2008 (see press release dated 05/08/08). Furthermore, drilling results to date are similar to those intersected in a previous drill program completed by AngloGold Ashanti which consisted of 12,312 m in 43 holes. B2Gold plans to publish a National Instrument 43-101 compliant resource calculation for the Gramalote Ridge Zone in the next few weeks.

In addition to the Gramalote Ridge Zone drilling, 4,246 m were drilled on additional nearby targets including the Felipe Zone, the Balzal/Reina Zone, the San Antonio Zone and the Concha Sur Zone (for highlights of these results please see the tables below).

The Felipe Zone, located 130 m west of the Gramalote Ridge Zone, has been drill tested over a 280 by 340 m area by five holes totaling 1,411 m. Alteration and mineralization similar to the Gramalote Ridge Zone has been intersected. The Balzal/Reina Zones, located 180 m south from the Gramalote Ridge Zone have been drill tested over a strike length of 970 m and has also intersected alteration and mineralization similar to the Gramalote Ridge Zone.

Highlights from the other targets near Gramalote Ridge Zone are shown below.

Felipe Zone Drill Hole Assay Results

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 Gold 
 capped 
 From To Length Gold at 17 Silver 
Hole # (m) (m) (m) (g/t) g/t (g/t) Comments 
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GR08-062 302.15 331.00 28.85 0.95 0.94 0.89 Felipe Zone
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GR08-069 297.85 313.80 15.95 1.51 1.51 1.64 Felipe Zone
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GR08-095 207.70 223.90 16.20 1.20 1.20 2.09 Felipe Zone
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Balzal Zone Drill Hole Assay Results

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 Gold 
 capped 
 From To Length Gold at 17 Silver 
Hole # (m) (m) (m) (g/t) g/t (g/t) Comments 
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GR08-075 90.04 136.52 46.48 2.03 1.81 1.66 Balzal Zone
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GR08-102 9.144 30.48 21.336 0.33 0.33 0.30 Balzal Zone
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GR08-103 144.54 157.9 13.36 0.34 0.34 0.47 Balzal/La Reina
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La Reina Zone Drill Hole Assay Results

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 Gold 
 capped 
 From To Length Gold at 17 Silver 
Hole # (m) (m) (m) (g/t) g/t (g/t) Comments 
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GR08-073 0.00 26.10 26.10 2.17 2.17 0.97 La Reina Zone,
 collared in 
 mineralization
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GR08-100 102.34 183.18 80.84 0.39 0.39 0.36 La Reina Zone undercut
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The newly discovered Trinidad Zone, located five km west of the Gramalote Ridge Zone, has been tested by 20 drill holes totaling 7,019 m. Drilling encountered similar mineralization to that of the Gramalote Ridge Zone over a 1,100 by 500 m area. The new drilling results from the Trinidad Zone confirm the good grade and consistency of gold mineralization from the first 12 holes.

Highlights from the previously announced holes (holes 1 to 12) and the additional eight drill holes (holes 13 to 20) totaling 2,282.4 m at the Trinidad Zone are shown below.

Trinidad Zone Drill Holes 1 to 20 Assay Results

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 Gold 
 capped 
 From To Length Gold at 17 Silver 
Hole # (m) (m) (m) (g/t) g/t (g/t) Comments 
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TR08-001 108.00 141.70 33.70 0.75 0.71 0.41 TR08-001 is outside of
 the Trinidad Zones 
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TR08-002 0.00 301.62 301.62 0.70 0.70 0.44 Trinidad Zone
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Includes 119.90 229.30 109.40 1.13 1.13 0.66 Trinidad Zone
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TR08-003 3.62 225.10 221.48 0.32 0.32 0.91 Trinidad Zone
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Includes 3.62 31.00 27.38 0.76 0.76 3.07 Trinidad Zone
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TR08-004 0.00 101.85 101.85 1.24 1.24 6.74 Trinidad Zone
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TR08-005 67.65 83.80 16.15 0.64 0.64 1.42 TR08-005 is outside of
 (i) the Trinidad Zones 
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TR08-005 93.40 114.96 21.56 0.32 0.32 0.47 Trinidad Zone
 (i) 
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TR08-006 0.00 426.90 426.90 0.65 0.65 0.52 Trinidad Zone
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Includes 0.00 223.40 223.40 1.00 1.00 0.70 Trinidad Zone
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TR08-007 30.40 55.71 25.31 0.55 0.55 1.00 Trinidad Zone
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TR08-007 121.80 152.81 31.01 0.84 0.84 0.53 Trinidad Zone
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TR08-007 310.70 390.70 80.00 0.41 0.41 0.38 Trinidad Zone
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TR08-008 2.40 26.25 23.85 0.93 0.93 0.59 TR08-008 is outside of
 the Trinidad Zones
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TR08-009 119.60 161.24 41.64 0.73 0.73 0.46 Trinidad Zone
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TR08-009 308.12 363.10 54.98 0.50 0.50 0.42 Trinidad Zone
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TR08-010 6.50 73.05 66.55 0.36 0.36 0.49 Trinidad Zone
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TR08-010 384.00 407.40 23.40 1.00 1.00 1.13 Trinidad Zone
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TR08-011 25.00 123.80 98.80 0.51 0.51 0.53 Trinidad Zone
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Includes 93.60 112.50 18.90 1.06 1.06 0.85 Trinidad Zone
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TR08-011 158.53 212.00 53.47 0.78 0.78 0.32 Trinidad Zone
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TR08-012 147.00 178.30 31.30 0.51 0.51 0.64 Trinidad Zone
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TR08-012 444.50 469.70 25.20 0.45 0.45 0.31 Trinidad Zone
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TR08-013 382.70 426.70 44.00 0.47 0.47 0.37 Trinidad Zone
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TR08-014 0.13 113.67 113.54 0.34 0.34 0.94 Trinidad Zone
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 and 249.48 299.50 50.02 0.79 0.79 0.40 Trinidad Zone
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TR08-015 380.67 482.40 101.73 0.83 0.83 0.68 Trinidad Zone
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TR08-017 189.89 241.70 51.81 0.86 0.86 6.76 Trinidad Zone
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 and 276.14 296.75 20.61 0.60 0.60 0.40 Trinidad Zone
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TR08-018 29.77 68.47 38.70 0.40 0.40 0.37 Trinidad Zone
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 and 166.07 185.64 19.57 0.37 0.37 0.91 Trinidad Zone
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TR08-019 62.32 80.67 18.35 0.64 0.64 0.49 Trinidad Zone
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 and 129.00 164.92 35.92 0.31 0.31 1.06 Trinidad Zone
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TR08-020 39.32 101.70 62.38 0.64 0.64 0.65 New zone SE of
 Trinidad Zone 
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(i) Assays received subsequent to previously released results

A new zone located approximately 150 m southeast of the Trinidad Zone has been discovered in hole TR08-020. Follow-up drilling of this new discovery will be undertaken in 2009. In addition, three holes totaling 1,001 m have been completed on the Cristales Zone located three km south of the Gramalote Ridge Zone. Wide zones of alteration and veining similar to the Gramalote Ridge Zone have been intersected in all three holes. Assays on this new potential zone are expected in January 2009.

In 2009, the Company plans to further explore the new zones discovered on the Gramalote property and complete a scoping study on the Gramalote Ridge Zone.

The drilling program at the Gramalote property is reviewed and the results approved by Tom Garagan, B2Gold's Qualified Person under National Instrument 43-101. The Gramalote drill program utilizes extensive QA/QC (quality assurance and quality control) protocols for assaying and core sample handling that consist 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 one-half of the core placed in sealed bags and shipped directly to ALS Chemex Labs in Bogota, Colombia for sample preparation with the pulps subsequently sent to ALS Chemex Labs in Lima, Peru for gold fire assay and ICP analyses.

ON BEHALF OF B2GOLD CORP.

Clive T. Johnson, President and Chief Executive Officer

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.