Calibre Initiates Drill Program at Riscos de Oro, Nicaragua

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2011) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to announce it has initiated drilling of its planned 10 hole, 2,500 metre diamond drill program at its 100% owned, high-grade Riscos de Oro gold-silver epithermal vein system.

Calibre's initial 2011 drilling program at Riscos de Oro will be following up on multiple high grade gold and silver drill intercepts from our 2010 drill program on the Riscos deposit including: 4.23 g/t Au and 384.86 g/t Ag (11.63 g/t Au Eq.) over 8.53 metres (DDH RD10-009); 9.04 g/t Au and 30.02 g/t Ag (9.62 g/t Au Eq.) over 4.14 metres (DDH RD10-005); and 8.81 g/t Au and 55.74 g/t Ag (9.88 g/t Au Eq.) over 3.4 metres (DDH RD10-003).

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.

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.