Calibre Mining Corp.
TSX VENTURE : CXB

Calibre Mining Corp.

February 16, 2012 16:34 ET

Calibre Completes Phase II Drilling at the 100% Owned Riscos de Oro Gold-Silver Project, Nicaragua

New Drill Results Include 4.21 Metres Grading 8.66 g/t Gold and 37.57 g/t Silver

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 16, 2012) - Douglas Forster, Chairman of Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to announce additional results from the Phase II delineation diamond drilling program on the Company's 100%-owned Riscos de Oro epithermal gold-silver project in the Borosi Concessions of Northeast Nicaragua.

The Phase II drilling consisted of an additional 19 diamond drill holes totaling 4867.2 metres and was successful in expanding and further defining high-grade gold-silver mineralization at the Riscos de Oro project. Assays results have now been received for all holes. Previously unreleased results from the Phase II Drill Program include;

Hole ID Zone From
(m)
To
(m)
Interval
(m)
Gold
(g/t)
Silver
(g/t)
RD11-031 Upper 148.50 151.15 2.65 3.33 11.22
including 148.50 149.60 1.10 6.06 14.90
Lower 219.06 223.60 4.54 2.03 12.18
including 221.10 222.10 1.00 7.25 15.8
RD11-032 No Significant Results
RD11-033 Upper 191.50 193.00 1.50 0.13 0.10
Middle 211.00 219.00 8.00 2.38 2.28
including 214.00 219.00 5.00 3.66 2.32
Lower 272.87 274.45 1.58 1.94 6.90
Lower 302.00 303.40 1.40 0.26 2.40
RD11-034 No Significant Results
RD11-035 Upper 117.75 119.43 1.68 0.19 1.40
RD11-036 Upper 134.63 138.00 3.37 0.22 10.06
RD11-037 Upper 167.05 168.00 0.95 0.19 1.80
Middle 191.98 193.17 1.19 0.12 8.80
Lower 250.39 254.60 4.21 8.66 37.57
including 251.79 252.98 1.19 24.74 84.60
Notes: 1) All reported intercepts are core lengths and true widths are estimated at 80 per cent of core lengths
2) Weighted averages calculated using uncut assays.

Douglas Forster, Chairman of Calibre stated: "A total of 37 diamond drill holes totaling 9494 metres have been completed at Calibre's 100% owned Riscos de Oro project which has successfully outlined a continuously mineralized gold-silver zone 725 metres long and to a depth of 300 metres. The mineralized zone consists of one to three closely spaced sub-parallel vein structures each averaging between three to six metres in width. The majority of the 7.0 km long Riscos de Oro gold-silver trend remains untested by diamond drilling".

Highlights of the diamond drilling completed to date at the Riscos de Oro project include:

Hole ID Thickness
(m)
1
Au Grade
(g/t)
2
Ag Grade
(g/t)
2
AuEq
(g/t)
3
RD10-001 5.80 2.44 292.60 7.84
RD10-002 4.90 0.97 28.72 1.50
RD11-003 3.40 8.81 55.74 9.84
RD10-005 4.14 9.04 30.02 9.59
RD10-009 8.53 4.23 384.86 11.34
RD11-010 1.50 5.98 9.10 6.15
and 4.20 2.50 5.16 2.60
RD11-011 3.62 6.41 139.21 8.98
RD11-012 10.60 7.69 211.87 11.60
RD11-013 5.08 0.82 2.76 0.87
RD11-014 3.03 1.54 46.30 2.39
RD11-015 2.20 5.44 405.55 12.93
RD11-016 7.10 2.72 287.65 8.03
and 4.29 3.20 13.30 3.45
RD11-017 3.90 9.31 336.06 15.51
RD11-018 1.39 9.11 14.33 9.37
RD11-019 5.80 9.37 64.8 10.57
RD11-021 8.64 4.4 24.12 4.85
RD11-024 2.35 7.75 15.49 8.04
RD11-025 2.95 4.23 449.8 12.53
RD11-026 2.58 8.74 120.5 10.96
RD11-027 4.60 2.28 11.56 2.49
RD11-029 2.45 10.30 56.71 11.35
RD11-031 2.65 3.33 11.22 3.54
RD11-037 4.21 8.66 37.57 9.35
Notes: 1) All reported intercepts are core lengths and true widths are estimated at 80 per cent of core lengths
2) Weighted averages calculated using uncut assays.
3) AuEq (g/t): Gold Equivalent calculated using $1,300/oz gold and $24.0/oz Ag and metallurgical and net smelter returns are assumed to be 100%.

During 2011, Calibre completed a regional soil survey program at Riscos de Oro that included over 1,500 soil samples that defined anomalous gold values over a three kilometre strike length in the vicinity of the Riscos de Oro deposit. Additional soil sampling has extended the gold-in-soil anomaly for a further four kilometres for an overall strike length of seven kilometres towards the southwest where historic sampling of a trench in the El Paraiso-Murcielago area returned 3.0 metres grading 12.43 g/t gold and 93.0 g/t silver.

The Company is currently compiling all drilling and exploration data in order to complete a detailed and upgraded geological and structural interpretation for the Riscos de Oro gold-silver project.

Additional maps and assay results for all drill holes on the Riscos de Oro project can be found 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 Inspectorate Labs in Managua, Nicaragua for sample preparation and then to Inspectorate Labs in Vancouver, Canada for gold and silver fire assay and ICP multi element analyses. The technical content in this news release was read and approved by Gregory Smith, P.Geo, Vice President, Exploration and a Qualified Person ("QP") as defined by NI 43-101.

About Calibre Mining Corp.

Calibre Mining Corp. is a TSX Venture Exchange listed company (TSX VENTURE:CXB) that is focused on the acquisition, exploration and development of gold, copper and silver deposits in Central America. The Company is focused on advancing its 100% owned Riscos de Oro gold-silver project, the drilling program at the Primavera gold-copper porphyry prospect in conjunction with B2 Gold Corp., and the drilling program on the Rosita copper-gold-silver project in conjunction with Alder Resources Ltd.

CALIBRE MINING CORP.

Douglas Forster, M.Sc., P.Geo., Chairman

Cautionary Note Regarding Forward Looking Statements

Safe Harbour 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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