Calibre Mining Corp.

Calibre Mining Corp.

August 24, 2011 09:30 ET

Calibre Initiates Major Resource Delineation Drill Program at 100% Owned Riscos de Oro Gold-Silver Project, Nicaragua

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 24, 2011) - Edward Farrauto, President and CEO of Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to announce that the Company has commenced a planned 6,000 metre diamond drill program at its 100% owned, Riscos de Oro epithermal gold-silver vein stockwork system in northeast Nicaragua.

Calibre has previously completed two drilling programs at the Riscos de Oro project totalling 4,600 metres, which successfully delineated high-grade gold and silver mineralization over a strike length of 600 metres and to a depth of 300 metres. Highlights from the previous drill programs include hole RD10-009 which intersected 4.23 g/t gold and 384.86 g/t silver over 8.53 metres; hole RD11-010 intersected 10.25 g/t gold and 288.25 g/t silver over 5.40 metres; and hole RD11-012 that intersected 7.69 g/t gold and 211.87 g/t silver over 10.60 metres.

Edward Farrauto, President and CEO of Calibre stated: "We are pleased to initiate an extensive resource delineation drill program at our 100% owned Riscos de Oro gold-silver deposit. This impressive, high grade gold-silver system is open for expansion in all directions. On completion of the current drill campaign Calibre intends to complete the first NI 43-101 resource estimate for the Riscos de Oro deposit."

The current resource delineation drill program will be Calibre's most significant and extensive exploration program to date. The program will include:

  • infill and step out drilling in order to define the full extent of the high-grade gold-silver mineralization encountered in previous drilling;
  • reconnaissance drilling to test new gold in soil anomalies along the 7.0 km long structure that hosts the Riscos de Oro deposit
  • deeper drilling in order to better define the extent and geometry of multiple stacked gold-silver stockwork zones

The program will initially be undertaken with one drill rig with a second rig being mobilized to the project by September 2011. The total budget for this diamond drilling program is $1.6 million. An up-to-date drill plan map and longitudinal section are available at

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. Calibre has outlined a NI 43-101 compliant inferred resource totalling 835,450 ounces of gold and 4,288,070 ounces of silver at its 100% owned Borosi Project in Nicaragua. The Company is presently focused on the drilling program at its 100% owned Riscos de Oro gold-silver project and the trenching and drilling program at the Primavera gold-copper prospect in conjunction with B2Gold, also within the Borosi concessions in Nicaragua.

Major shareholders of Calibre include gold producer Yamana Gold Inc. and investment fund Sun Valley Gold.

Calibre Mining Corp.

Edward Farrauto, CGA, 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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