Calibre Mining Corp.
TSX VENTURE : CXB

Calibre Mining Corp.

October 07, 2013 09:00 ET

Calibre and B2Gold Sampling Expands Mineralized Zone at the Minnesota Gold-Copper Project, Borosi Concessions, Nicaragua

Channel Sampling Results Include 7.5 metres Grading 3.93 g/t Gold and 9.2 metres Grading 4.17 g/t Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 7, 2013) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to announce results from a channel sampling program on the Minnesota Gold-Copper Project within the B2Gold Corp. ("B2Gold") (TSX:BTO, BTG:NYSE MKT) Joint Venture on the Borosi concessions, northeast Nicaragua. Calibre controls a 49% interest in the Joint Venture and B2Gold has a 51% interest and is project operator. As announced on September 9th, 2013 Calibre has executed a Definitive Joint Venture Agreement with B2Gold that grants B2Gold the right to earn an additional 19% in the Borosi concessions joint venture by spending $6 million in additional project expenditures over three years.

Recent Minnesota Project channel sampling assay results include:

Prospect Channel ID From (m) To (m) Interval (m) Au (g/t)
Minnesota MNTR13-001 0.00 7.50 7.50 3.93
Minnesota MNTR13-002 0 2 2.00 1.01
MNTR13-002 4.00 14.50 10.50 3.70
including 5.30 14.50 9.20 4.17
Minnesota MNTR13-03 0.00 7.00 7.00 1.45
- Weighted averages calculated using uncut assays.
- Channel sampling intercepts are sample lengths and further work is required to determine true widths.
- For channel MNTR13-002 no sampling was completed for 2.0 to 4.0 metres as material had been removed by small miners.

Greg Smith, President and CEO of Calibre stated: "These channel sampling results are very encouraging especially given the consistent nature of the gold mineralization across each of the three channels and the fact that the mineralization is open in all directions. With additional strong channel sampling results along trend and a soil anomaly almost two kilometres in length Minnesota continues to be an exciting gold target."

Previous channel sampling assay results along the Minnesota trend include: 6.40 metres grading 5.56 g/t Au (BRTR11-044), 8.00 metres grading 6.35 g/t Au (BRTR11-047), 12.80 metres grading 1.27 g/t Au (BRTR11-057), 6.00 metres grading 2.12 g/t Au (BRTR11-054), and 4.65 metres grading 1.51 g/t Au (BRTR11-053).

The Minnesota Gold-Copper Project is located 20 kilometres northwest of the Primavera Gold-Copper Project where a B2Gold/Calibre drill program intersected significant porphyry-style gold-copper mineralization including: 261.70 metres grading 0.78 g/t Au, 0.30% Cu (PR-11-002) and 172.35 metres grading 0.48 g/t Au and 0.24% Cu (PR-12-008). The Minnesota area was selected as a high priority target during regional evaluation of the entire Borosi Joint Venture area.

Previous work completed at Minnesota includes; 25.5 line kilometres of soil sampling (449 samples), 138 rock samples, 339.55 metres of face sampling of artisanal workings (189 samples), detailed geologic mapping over 15 square kilometres, and reconnaissance geologic mapping over 52 square kilometres. An updated airborne geophysical survey consisting of magnetics and radiometrics was completed over the entire Minnesota trend in 2012.

The geochemically anomalous gold trend and associated alteration and mineralization at Minnesota has been delineated over a 1.75 kilometre by 1.25 kilometre area. The strongest gold and copper soil anomaly occurs in the area surrounding the recent channel sampling and measures 500 metres by 250 metres. The trend is also variably anomalous in Mo, Pb and Zn. The target consists of a favourable multi-phase intrusive centre with peripheral epithermal vein sets and widespread alteration. Abundant small-scale artisanal gold miners are active in the Minnesota region and the channel sampling reported in this news release was from newly exposed artisanal miner workings.

Updated maps detailing the result of the current exploration program at the Minnesota Gold/Copper Project will be posted on the Company's web site at www.calibremining.com.

Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the rock sample strings. Samples are placed in sealed bags and shipped directly to Acme Labs in Managua, Nicaragua for sample preparation and then to Acme Labs in Vancouver, Canada for gold fire assay and ICP multi element analyses. The technical content in this news release was read and approved by Gregory Smith, P.Geo, President and CEO of the Company who is the Qualified Person as defined by NI 43-101.

About Calibre Mining Corp.

Calibre controls a 100% interest in 429 km2 of mineral concessions and additionally, Calibre has joint venture exploration programs underway with B2Gold Corp. on 322.3 km2 of concessions which include the Primavera gold-copper porphyry discovery and Alder Resources Ltd. on the 33.6 km2 Rosita gold-copper-silver project. Major shareholders of Calibre include gold producer B2Gold Corp.

Calibre Mining Corp.

Greg Smith, P.Geo.

President and CEO

Neither the 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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