BOGOTA, July 14 (Reuters) - Canadian miner B2Gold ( BTG )

could spend $740 million to develop its Gramalote mine

in central Colombia, the company said on Monday, while

announcing the results of the project's feasibility study.

Any investment is subject to a construction decision, the

company later said in an email.

The study confirms the technical, economic and environmental

viability of the project located in the municipality of San

Roque in Colombia's Antioquia department, B2Gold ( BTG ) said in a

statement.

The company said the project is expected to have a mine life

of 11 years and a processing plant life of 13 years.

The study projects average annual gold production at 227,000

ounces during the first five years, and 177,000 ounces per year

over the mine's total operating life, B2Gold ( BTG ) said.

B2Gold ( BTG ) currently operates four gold mines in Mali, the

Philippines, Canada and Namibia. Additionally, the company is

pursuing exploration and expansion projects in Colombia and

Finland.