Calibre Mining Corp.
TSX VENTURE : CXB

Calibre Mining Corp.

January 17, 2012 09:15 ET

Calibre Continues to Expand Gold-Silver Mineralized Zone at 100% Owned Riscos de Oro Project, Nicaragua

Drill Results Include 2.45 Metres @ 10.3 g/t Gold and 56.7 g/t Silver

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 17, 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 drilling program on the Company's 100%-owned Riscos de Oro epithermal gold-silver project in the Borosi Concession of Northeast Nicaragua.

The Phase II Program has completed 19 diamond drill holes totaling 4833.25 metres. Assays results have now been received for 13 holes totaling 3158.6 metres. Recent results from the Phase II Drill Program include;

Hole ID From To Length (m) Au (g/t) Ag (g/t)
RD11-028 47.1 48.1 1.00 0.30 56.3
RD11-029 282.52 284.97 2.45 10.30 56.7
including 282.52 283.97 1.45 16.30 90.1
RD11-030 No significant results
RD11-031
Upper Zone 148.5 151.15 2.65 3.32 11.2
including 148.5 149.6 1.10 6.06 14.9
Lower Zone 219.06 223.60 4.54 2.03 12.2
including 221.10 222.10 1.00 7.25 15.8
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: "Calibre's Phase II drill program continues to expand gold-silver mineralization at the Riscos de Oro project. Particularly significant is Drill Hole RD11-029 which intersected excellent grade gold and silver mineralization in an area previously interpreted as unmineralized as a result of a gap in drilling information."

Drilling has been paused awaiting receipt of the additional assays for the remaining drill holes completed to date. As detailed in a previous Calibre news release dated December 6, 2011, the drilling program is designed to further delineate high grade epithermal gold-silver vein stockwork mineralization encountered in previous drilling including 7.69 g/t Au and 211.80 g/t Ag over 10.6 metres in RD11-012 and 10.25 g/t Au and 288.25 g/t Ag over 5.4 metres in RD11-010.

Additional maps and results as well as current information on the Riscos de Oro program 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 and silver deposits in Central America. The Company is focused on a delineation drill program at its 100% owned Riscos de Oro gold-silver project, the drilling program at the Primavera gold-copper prospect in conjunction with B2 Gold Corp. and the drilling program on the Rosita copper-gold-silver project in conjunction with Alder Resources Ltd. Major shareholders of Calibre include gold producer Yamana Gold Inc. and investment fund Sun Valley Gold.

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.

Contact Information