Calibre Mining Corp.

Calibre Mining Corp.

February 03, 2010 08:30 ET

Calibre Mining Trenches 4.2 Metres of 3.49 G/T Gold at La Luna

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2010) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to report that initial trench data from the Borosi gold-silver-copper project area in northeast Nicaragua has been received from ALS CHEMEX labs of North Vancouver BC. Sampling results from the La Luna and Blag targets within the Eastern Epithermal Camp have confirmed the presence of new low-sulphidation epithermal gold-silver vein trends.

"The trenching program has confirmed the presence of epithermal gold vein systems that were outlined with our initial soil sampling and mapping program," Robert Brown, President and CEO of Calibre stated. "These trench results have further defined our initial targets that will be followed up with a multi-rig drill program beginning in the first quarter of 2010."

The La Luna vein system is at the south end of a 10 kilometres by 12 kilometres epithermal camp of gold bearing veins within the Borosi concessions. La Luna is characterized by a north west trending low sulphidation epithermal quartz vein system that has been traced over a distance of two kilometres. The northern extension of the La Luna vein system has been tested by seven trenches over a strike length of 900 metres. Highlights from the trenching include trench BTR10-009 which intersected 18.2 metres grading 1.00 g/t gold, including 3.49 g/t over 4.2m, and trench BTR10-011 which intersected 3.2 metres grading 3.92 g/t gold and 1.30 metres of 3.36 g/t Au in two separate quartz veins. Assay results from additional trenching at La Luna will be released when they are received.

Highlights of the trenching results are as follows:

Trench Area From (m) To (m) Metres Gold (g/t Au)
BTR10-009 La Luna 0.00 18.20 18.20 1.00
BTR10-009 La Luna 9.20 13.40 4.20 3.49
BTR10-011 La Luna 8.50 11.70 3.20 3.92
BTR10-011 La Luna 18.90 20.20 1.30 3.36
BTR10-017 La Luna 7.50 9.80 2.30 1.45
BTR10-013 Blag 5.80 6.60 0.80 2.10

To view accompanying map, please click on the following link:

In addition, four trenches have been completed on the central portion of the Blag vein system located 9.5 kilometres northeast of La Luna. The four trenches have tested a strike length of 350 metres and the zone is open in both directions along the northeast-southwest strike. Highlights from the trenching include Trench BTR10-013 which intersected 0.80 metres grading 2.10 g/t Au. Trenching continues on the western zone, a 900 metre by 400 metre north-northeast trending vein system at Blag. Further results will be released when received.

In 2010, the Company plans to develop and test drill targets along the La Luna vein trend as well as other high priority veins in the Eastern Epithermal Camp. The exploration program at Calibre's Borosi Gold-Copper-Silver Project is being funded by B2 Gold Corp ("B2 Gold") whereby B2 Gold can earn a 51% interest in the project by funding $8.0 million in exploration expenditures over a 3 year period. The Borosi exploration budget through July 2010 is $2.5 million. Calibre is the project operator.

Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the trench sample strings. Samples are placed in sealed bags and shipped directly to ALS CHEMEX labs in North Vancouver BC for gold fire assay and ICP multi element analyses. The technical content in this news release was read and approved by Dr. Alan Wainwright, Ph.D. P.Geo. Dr. Wainwright is a professional geologist registered in the Province of British Columbia and is a qualified person as defined by NI 43-101.

Calibre Mining Corp. is an aggressive, well financed, TSX Venture Exchange listed company (TSX VENTURE:CXB) that is focused on the acquisition, exploration and development of gold and copper deposits in Central America. Major shareholders of Calibre include gold producers Yamana Gold Inc. and Kinross Gold Corp.

Calibre Mining Corp.

Signed "Robert Brown"

Robert D. Brown, B.Sc., MBA
President and CEO

Cautionary Note Regarding Forward Looking Statements

Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements including but not limited to those with respect to the price of gold, silver or copper, potential mineralization, reserve and resource determination, exploration results, and future plans and objectives of the Company involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Calibre Mining Corp. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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