Calibre Mining Corp.
TSX VENTURE : CXB

Calibre Mining Corp.

January 18, 2011 09:15 ET

Calibre Discovers High Grade Epithermal Gold Vein System at the Santa Maria Prospect, Nicaragua

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 18, 2011) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to announce that it has completed an initial field work program on the Santa Maria prospect in north east Nicaragua and has discovered a high grade epithermal gold vein system over a 600 metre strike length with grab and composite chip panel samples grading up to 64.1 g/t Au (1.87 oz/t Au) and 109 g/t Ag (3.18 oz/t Ag). The program consisted of reconnaissance geologic mapping over a 9 square kilometre area, a 4 line-kilometre soil sampling survey and 37 rock chip and grab samples. Mapping has outlined a 2 kilometre long, north striking, epithermal vein system hosted in andesite volcanics. Soil sampling results over a portion of this area outlined an open ended, 800 metre by 40 metre coincident gold and copper in soil anomaly (with results up to 828 ppb Au and 710 ppm Cu). Multiple rock chip and grab samples coincident with the soil anomaly returned values of over 9 g/t Au from quartz veins and andesite tuffs. The sampling and soil survey results are provided in tables and maps within this release and on the Calibre website (www.calibremining.com). The Santa Maria prospect is subject to an option agreement with B2Gold Corp ("B2Gold"), whereby Calibre is acting as operator and B2Gold may earn up to a 51% interest in specific concessions within the Borosi area by funding CDN$ 8 million in expenditures over a 5 year period.

Table 1. Significant rock sample assay results from the Santa Maria Epithermal Vein  
Sample ID Sample Style Rock Type Gold
(g/t Au
) Silver
(g/t Ag
) Copper
(% Cu
)
B10R0350 Grab Quartz Vein 64.10   109.00   0.211  
B10R1421 Chip Quartz Vein 22.30   26.40   0.280  
B10R5124 Grab Quartz Vein 20.90   109.00   0.096  
B10R0351 Chip Quartz Vein 20.40   56.10   0.276  
B10R1420 Chip Andesite Tuff 14.05   93.10   0.413  
B10R1507 Grab Quartz Vein 12.60   13.50   0.125  
B10R5128 Chip Quartz Vein 11.00   66.00   0.513  
B10R0349 Grab Quartz Vein 9.59   9.20   0.106  

"This is an exciting grass roots discovery of a new high grade epithermal gold vein system in the Mining Triangle region of Nicaragua that we believe speaks to the outstanding exploration potential of our Borosi concessions," stated Robert Brown, President & CEO of Calibre. "By following a disciplined and focused exploration program that included investigating mineral occurrences reported by local inhabitants, our exploration team in Nicaragua has discovered a new high grade vein system that is concealed by saprolitic cover. Although this prospect is only 3 kilometres from the Rosita-Bonanza road, it is in area that until now had been relatively under explored. Follow-up exploration at the Santa Maria prospect will include expanding the current soil grid coverage, additional rock chip sampling and preparation of drill targets on this high grade discovery."

Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates intothe soil and rock 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 Roger March, P.Geo., a professional geologist registered in the Province of Newfoundland & Labrador and a qualified person as defined by NI 43-101.

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

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

Calibre Mining Corp.

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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