B2Gold Corp. Announces an Updated Resource Calculation for the Gramalote Gold Property in Colombia

Vancouver, January 26, 2009 - B2Gold Corp. (TSX: BTO) ("B2Gold" or the "Company"), is pleased to announce that the Company has completed a National Instrument 43-101 compliant mineral resource estimate for the Gramalote Ridge Zone. The Gramalote property is a 51% - 49% B2Gold - AngloGold Ashanti Ltd. ("AngloGold Ashanti") joint venture, with B2Gold as the operator, and is located 230 kilometres ("km") northwest of Bogota and 80 km northeast of Medellin in central Colombia. The Inferred resource for the Gramalote Ridge Zone at a 0.5 gram per tonne ("g/t") cutoff, within a US$1,000 per ounce gold ("Au") optimised Whittle pit, consists of 74.375 million tonnes grading 1.00 g/t Au for a total of 2.39 million troy ounces of gold.

The following matrix outlines this undiluted inferred resource calculation ^{(1) (2)} using various cut-off grades and gold price assumptions:

⁽¹⁾ Mineral resources that are not mineral reserves do not have a demonstrated economic viability. In addition, dueto the uncertainty which may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration.
⁽²⁾ Resources are reported within a Lerchs-Grossman pit shell.

The Gramalote Ridge Zone remains open to the east and a drill program designed to test potential extensions to the zone is scheduled to commence in the second quarter of 2009. Several additional mineralized zones have been discovered on the Gramalote property,which were not included in this resource calculation. These new discoveries, which are discussed later in this news release, will be further explored through surface sampling and drilling commencing in the second quarter of 2009.

The resource estimate is supported by drilling and a tunnel completed by AngloGold Ashanti in 2007 and drilling completed by B2Gold in 2008. A total of 34,481 metres ("m") of diamond drilling in 110 drill holes and 441 m of sampling from the underground tunnel support the resource estimate. The QA/QC (quality assurance and quality control) program used to monitor the accuracy of the B2Gold assay database was audited by Smee and Associates, who found it to be compliant with National Instrument 43-101 regulations. AngloGold Ashanti monitored the accuracy of the assay data they collected in 2007.

The mineralization at the Gramalote property consists of intrusive hosted, structurally controlled quartz and quartz-pyrite veining and stockwork associated with carbonate-sericite, quartz-sericite and potassic alteration. The Gramalote Ridge Zone is a continuous zone extending 1,200 x 275 x 500 m. Using GEMS, a commercially available software package, solid models of the mineralized zones and a surface representing the saprock contact, were modeled. These interpreted geological zones were used as the basis of the resource estimate.

Capping levels were determined using statistical methods and were applied to individualassay grades by zone before calculating six metre down-hole composites. Capping levels are 20 g/t Au in the Gramalote Ridge Zone, 7 g/t Au in the Felipe Zone and 10 g/t Au in the Balzal Zone. At a zero cutoff, capping reduces the overall metal content by 6%.

The geological zones were used as hard boundaries for Au grade estimation by Ordinary Kriging into 6 x 12 x 6 m blocks. Gold grade estimates were validated using statistical methods, visual checks of composite data relative to block estimates on sections and levels and nearest neighbor model comparisons to check for global bias. An inverse-distance-squared estimation run was also made.

A total of 6,885 density measurements were made at site on dry core samples using a wax-coated density technique. Density was estimated into blocks using an inverse-distance algorithm.

Inferred resources are defined by two drill holes within a 120 x 30 x 120 m volume with the long axes parallel to the strike (azimuth 70�) and down-dip directions (sub-vertical to the southeast) of the mineralized zones.

To assess whether the resource has a reasonable prospect of economic extraction, Lerchs-Grossman pit optimisations were run on the model with Whittle software using preliminary metallurgical recoveries from work completed by AngloGold Ashanti, preliminary cost data developed by B2Gold and a gold price of US$1,000 per ounce. Inferred resources are reported within the highest NPV pit and above a 0.5 g/t Au cutoff. Dilution has not been applied to the resource. This, along with additional metallurgical testwork and additional drilling, will be addressed as further work continues on the project.

A National Instrument 43-101-compliant Technical Report supporting the mineral resource estimate will be issued within 45 days of this press release. Susan N. Meister, AusIMM, an independent consultant, is a Qualified Person ("QP") under the National Instrument 43-101 for this resource calculation and will be the QP for the report. This resource estimate has been reviewed and the results approved by Susan N. Meister, AusIMM.

In addition to the resource drilling, a total of 9,421 m in 28 drill holes were drilled on other targets on the Gramalote property in 2008 including the Trinidad Zone, the Felipe Zone, the La Reina Zone and the Cristales Zone. All the peripheral zones drill tested to date have intersected wide zones of alteration and veining similar to the Gramalote Ridge Zone. Previously released results (see press releases dated January 12, 2009, September 04, 2008 and August 05, 2008 ) include 223 m at 1.00 g/t Au and 102 m at 1.24 g/t Au on the Trinidad Zone, 16 m at 1.51 g/t Au on the Felipe Zone and 26 m at 2.17 g/t Au on the La Reina Zone. Assays from the 1,001 m drilled in three holes on the Cristales Zone returned up to 17 m at 1.22 g/t Au and 33 m at 0.83 g/t Au. The Company believes these targets have the potential to increase the Gramalote resource significantly.

Cristales Zone Drill Holes 1 to 3 Assay Results

The upside potential of the large 85,534 hectare ("ha") Gramalote property is further demonstrated by the discovery of several new surface zones containing alteration and mineralization characteristics similar to Gramalote Ridge Zone.

The Trinidad SE Zone is located three km northwest of Gramalote Ridge Zone and has been tested by one drill hole, TR08-020, which intersected 74 m at 0.60 g/t Au. Anomalous soil geochemical results with up to 2,130 ppb Au have been defined over a 350 x 550 m area. The soil geochemical grid is open to the south and east and is currently being expanded. The Limon Zone, located 700 m south of the Gramalote Ridge Zone comprises an 850 x 300 m gold soil geochemical anomaly with results up to 7,280 ppb Au. Rock channel sampling has returned up to 13 g/t Au over 1.1 m. The Limon Zone will be drill tested early in 2009.

The Maria Zone is located 2.5 km east of the Gramalote Ridge Zone. Soil geochemical sampling has returned anomalous values up to 2,820 ppb Au over a 400 x 120 m area. Rock channel sampling has returned up to 18 g/t Au over 1 m. The Monjas Ridge Zone is located immediately along the westward strike extension of the Gramalote Ridge Zone. Anomalous soil geochemistry is outlined over a 1,000 x 120 m area with 13% of the soil samples assaying greater than 200 ppb Au and values up to 4,200 ppb Au. The Cisneros Zone is located 23 km west of the Gramalote Ridge Zone. Mineralization and alteration similar to the Gramalote Ridge Zone has been noted and 12% of the current channel sampling has assayed greater than 1 g/t Au.

Drilling is scheduled to recommence in second quarter of 2009 to further explore and test the new surface zones with diamond drilling.

The drilling program at the Gramalote property is reviewed and the results approved by Tom Garagan, B2Gold's QP 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 two-thirds 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

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

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

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.