Calibre Mining Corp.
TSX VENTURE : CXB

Calibre Mining Corp.

May 16, 2011 09:15 ET

Calibre Drills 10.60 Metres of 7.69 g/t Gold and 211.87 g/t Silver at the Riscos de Oro Gold-Silver Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 16, 2011) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to announce assay results for two additional drill holes from the 2011 drill program at its 100% owned Riscos de Oro property. The results are highlighted by hole RD11-012 which intersected 7.69 g/t gold and 211.87 g/t silver over 10.60 metres (12.09 g/t AuEq1,2 over 10.60 metres). The mineralization is characterized by banded sulphosalts hosted within low sulphidation epithermal banded quartz veins and quartz vein breccias. A cross section and drill plan map are available at www.calibremining.com.

Table 1: Assay Results from the Riscos de Oro Property
Hole IDZoneFrom (m)To
(m)
Interval (m)Gold (g/t )Silver (g/t)AuEq (g/t)1,2
RD11-012Lower Zone249.30259.9010.607.69211.8712.09
including249.30255.956.659.16252.5014.42
and257.90259.902.0010.02268.0015.60
RD11-011Lower Zone198.38202.003.626.41139.219.31
Previously Released
RD11-010Upper Zone167.1168.61.55.989.106.17
Middle Zone187.4191.64.22.505.162.61
Lower Zone223.0228.45.410.25288.2516.26
Including224.5226.52.024.00714.2538.88
1 AuEq equivalent calculated using estimated gold price of US$1200/oz and silver price of US$25 per ounce.
2 Metallurgical recoveries and net smelter returns are assumed to be 100%.

"These three drill holes tested the continuity of the southwest mineralized shoot, up-dip from hole RD10-003 that intersected 8.81 g/t Au and 55.74 g/t Ag over 3.4 metres. These drill holes have successfully intersected high grade gold and silver mineralization consistently over a 200 metre distance with an average intercept width of 5.75 metres," stated Robert Brown, President and CEO of Calibre. "We are currently drilling 300 metres on strike to the northeast of this zone, and are continuing to intersect banded sulphosalts hosted within low sulphidation epithermal banded quartz veins and breccias. The assay results from these holes will be released shortly."

Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the 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 intrusive related deposits in Central America. Major shareholders of Calibre include gold producer Yamana Gold Inc. and investment fund Sun Valley Gold.

Calibre Mining Corp.

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

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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