Trenching at Primavera (Company)

Trenching at Primavera (Company)

B2Gold (BTO:TSX) and joint venture partner Calibre Mining (CXB:TSXV) have signed a definitive joint venture agreement granting BTO an option to acquire another 19% interest in the Primavera gold-copper project in Nicaragua.

Read: Calibre and B2Gold Sign Definitive Joint Venture Agreement.

Calibre currently owns 49% of the project and B2Gold owns the remaining 51%.  Once this earn in is complete, B2Gold will own 70% of the project.  In order to earn the next 19% interest, B2Gold must spend $6 million over 3 years of which a minimum spend of $1.5 million in any given year is required.

Greg Smith, President and CEO stated, "The signing of the Joint Venture Agreement with B2Gold is an important step forward for the Primavera Gold-Copper Porphyry Project. As previously announced, B2Gold has initiated a $2.0 million program on the Primavera Project to expand the existing high grade gold-copper mineralized zone and to locate additional gold and copper discoveries within the 322 km2 Borosi mineral concessions. We are very pleased to have B2Gold as Calibre's partner in the Primavera gold-copper discovery and look forward to significantly advancing the Project under the JV Agreement."

B2Gold's La Libertad mine (Company)

B2Gold's La Libertad mine (Company)

This is a positive step forward for Calibre and its shareholders who have been patiently waiting (some more than others) for news on this agreement with B2Gold.  B2Gold is one of the biggest mining operators and believers in Nicaragua.  The company operates the La Libertad and Limon mines and also has a joint venture with Simon Ridgeway’s Radius Gold (RDU:TSXV) for assets in Nicaragua.

Here's the 5 year CXB chart:

(Yahoo Finance)

(Yahoo Finance)

News Release: Calibre and B2Gold Sign Definitive Joint Venture Agreement