Calibre Mining Corp.
TSX VENTURE : CXB

Calibre Mining Corp.

October 17, 2013 09:15 ET

Calibre and Joint Venture Partners Continue Advancing Gold-Silver-Copper Projects on the Borosi Concessions, Northeast Nicaragua

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 17, 2013) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to provide an update on the Company's 100% owned gold-silver projects and gold-copper projects under joint venture with B2Gold Corp. ("B2Gold") (TSX:BTO)(NYSE MKT:BTG) and Alder Resources Ltd. ("Alder") (TSX VENTURE:ALR). Calibre's Borosi Concessions are located in the historic Mining Triangle (the "District") of northeast Nicaragua that has past production exceeding 8 million ozs of gold. Calibre and our Joint Venture partners control 785 km2 of concessions in this prolific mining district which remains largely underexplored for porphyry gold-copper deposits, epithermal gold-silver systems and gold-copper skarn mineralization.

Highlights

100% Calibre Gold-Silver Projects

  • Calibre's projects contain a NI 43-101 Inferred Mineral Resources exceeding 1.05 million ounces of gold and 8.4 million ounces of silver in three deposits,

  • Work continues on the Montes de Oro gold skarn project where recent high grade trench results include; 52.3 metres grading 7.1 g/t gold, 27.5m grading 4.92 g/t gold and 19.3 metres grading 2.71 g/t gold located within a 400 metre by 650 metre gold-copper-zinc soil geochem anomaly,

  • High grade gold-silver mineralization continues to be defined at the Guapinol-La Sorpresa gold-silver project in the Eastern Epithermal District. Gold-silver mineralization has been traced on surface for over 10 km on the Guapinol-La Sorpresa target where up to 5 vein systems have been identified with surface rock sampling returning up to 42.46 g/t Au and 2,457 g/t Ag.

Calibre's Joint Venture Projects

  • Calibre (49%) and B2Gold (51%) continue to advance Primavera gold-copper joint venture where past drilling intersected significant porphyry-style mineralization including: 261.7 metres grading 0.78 g/t Au, 0.30% Cu,

  • Calibre (49%) and B2Gold (51%) recently announced additional channel sampling results from the Minnesota gold-copper project including: 9.2 metres grading 4.17 g/t Au,

  • Alder continues to earn-in to a 65% interest in the Rosita gold-copper-silver project where drilling has intercepted 65 metres grading 1.48 g/t Au, 0.20% Cu, and 2.0 g/t Ag.

President and CEO, Greg Smith stated: "The Mining Triangle of northeast Nicaragua is one of the most prolific mining districts in Central America. Calibre continues to advance a number of exciting epithermal, porphyry and skarn related gold systems on the Company's 100% owned concessions. In addition, the B2Gold and Alder joint ventures are funding on-going exploration programs on additional high priority gold and gold-copper targets within the Borosi concessions. With $1.4 million in working capital and two joint venture partners spending up to a total of $7.0 million over the next three years Calibre is well positioned for building gold-silver resources and making additional gold discoveries in this underexplored District."

Calibre's Borosi Concessions Overview

Calibre's Borosi Concessions, in northeast Nicaragua include a 100% interest in 429 km2 of mineral concessions that contain a NI 43-101 Inferred Mineral Resource in three gold-silver deposits (Cerro Aeropuerto, La Luna and Riscos de Oro) at a 0.6 g/t AuEq cut-off of 10.75 million tonnes grading 3.06 g/t Au and 24.38 g/t Ag containing 1,057,000 ozs gold and 8,430,000 ozs silver. Calibre has joint venture exploration programs underway with B2Gold on 322.3 km2 of concessions, which includes the Primavera gold-copper porphyry discovery and the Minnesota gold-copper target and with Alder on the 33.6 km2 Rosita gold-copper-silver project which hosts a NI 43-101 Inferred Mineral Resource in gold-copper-silver surface stockpiles at a 0.15% CuEq cut-off of 7.9 million tonnes grading 0.46 g/t Au, 0.62% Cu and 9.20 g/t Ag containing 118,000 ozs gold, 108 million lbs copper and 2.35 million ozs silver.

Calibre (49%) and B2Gold (51%) Joint Venture

Calibre and B2Gold have a joint venture on 322.3 km2 of concessions, which includes the Primavera gold-copper porphyry discovery, and the Minnesota gold-copper project.

On September 09, 2013 Calibre signed a definitive Joint Venture Agreement with B2Gold granting B2Gold an option to acquire a further 19% interest for a total 70% by spending $6.0 million in additional project expenditures over 36 months. Calibre currently controls a 49% interest in the Project, while B2Gold controls a 51% interest and is project operator. The 2013 exploration program has focused on detailed surface exploration north and west of the main Primavera gold-copper porphyry zone which is designed to identify potentially faulted/offset mineralization within the Primavera gold-copper system. Previous drilling at Primavera intercepted significant widths of porphyry mineralization including 261.7 metres grading 0.78 g/t Au and 0.30% Cu. In addition, soil geochemistry, pit sampling and a ground magnetics survey has been completed on the San Isidro gold-copper target located 5 kilometres west of Primavera. San Isidro has a similar geological, geochemical, and geophysical signature to the main Primavera target.

Additional work by B2Gold has included sampling of recently exposed small miner workings on the Minnesota gold-copper target where channel sampling has returned 7.5 metres grading 3.93 g/t gold and 9.2 metres grading 4.17 g/t gold.

Calibre and Alder Joint Venture

Calibre and Alder entered into an option agreement whereby Alder can earn a 65% interest in the 33.6 km2 Rosita gold-copper-silver project by spending $4.0 million on exploration on the Rosita project and by issuing to Calibre a total of 1,000,000 Alder common shares by 2015. Past production from the Santa Rita open pit gold-copper-silver mine was 305 million pounds of copper, 177,737 ounces of gold and 2.6 million ounces of silver. Significant drill intercepts from Alder's work include; 65 metres grading 1.48 g/t Au, 0.20% Cu, and 2.0 g/t Ag and 15 metres grading 15.82 g/t Au, 0.04% Cu, and 0.23 g/t Ag. Alder has tabled a NI 43-101 Inferred Mineral Resource in surface, stockpiled material from the former Santa Rita mine that contains 108 million lbs copper, 118,000 ozs gold and 2.35 million oz silver. (see Calibre News Release dated May 09, 2012).

Calibre's 100% owned Siuna District (Montes de Oro Gold Project)

The Siuna District is located in the south-west portion of the Borosi Concessions and contains the past producing La Luz Mine that produced 17.1 million tonnes of ore grading 4.14 g/t gold (2.3 million ozs gold). Approximately 1.0 kilometre south of the La Luz Mine Calibre has defined an NI 43-101 Inferred Mineral Resource, the Cerro Aeropuerto gold-silver deposit at a 0.6 g/t AuEq cutoff of 6.0 million tonnes grading 3.64 g/t gold and 16.16 g/t Ag containing 707,750 ozs gold and 3.1 million ozs silver. Calibre has recently announced a new gold discovery at the Montes de Oro gold project located 10 kilometres north of the La Luz Mine and to date Calibre has outlined a 400 metre by 650 metre gold in soil anomaly at Montes de Oro where trenching results include 52.3 metres grading 7.1 g/t gold, 27.5 metres grading 4.92 g/t gold and 19.3 metres grading 2.71 g/t gold (see Calibre News Release dated September 19, 2013 for further details). At Montes de Oro, gold-skarn target trenching has defined two high-grade, sub-parallel gold mineralized zones each over approximately 250 metres long and open in both directions. Additional trenching is now underway along the Northern zone targeting soil samples located 150 metres southwest of the currently defined mineralized zones and on the northern half of the main soil anomaly which has not to date been tested by trenching.

Calibre 100% owned Eastern Epithermal District (Guapinol & La Sorpresa Gold trend)

The Eastern Epithermal District hosts the Riscos de Oro gold-silver deposit where limited past gold and silver production came from open pit and limited underground development. Riscos de Oro has a defined NI-43-101 Inferred Mineral Resource estimate at a cut-off grade of 0.6 g/t AuEq of 2,159,000 tonnes grading 3.20 g/t Au and 59.67 g/t Ag (4.14 g/t AuEq) containing 222,300 ozs gold and 4,142,000 ozs silver (287,100 ozs AuEq.) (see Calibre News Release September 5, 2012). At Riscos de Oro the majority of the 7.0 km long gold-silver trend remains open in all directions and largely untested by diamond drilling. Significant trench results on the Riscos de Oro extension located 500 metres north-east of the existing NI-43-101 gold-silver resource has returned 13.50 metres grading 3.26 g/t gold and 14.7 g/t silver. Calibre continues to advance the +10km long Guapinol and La Sorpresa Gold trend located east of the Riscos de Oro gold deposit with mapping and rock and soil sampling programs underway. The Riscos de Oro, Guapinol and La Sorpresa gold projects combined are very similar in strike length and have comparable geology and style of gold mineralization to the nearby Bonanza Gold Mine which has past production and current reserves in excess of 4.0 million ounces gold. A 90% interest in the Bonanza mine was recently purchased by Mineros SA of Medellin, Columbia for $95.4 million.

Updated maps detailing the result of the current exploration programs will be posted on the Company's web site at www.Calibremining.com.

The technical content in this news release was read and approved by Gregory Smith, P.Geo, President and CEO of the Company who is the Qualified Person as defined by NI 43-101.

Calibre also announces the filing of an amended National Instrument 43-101 technical report on the Riscos de Oro Deposit located in Nicaragua, prepared by independent qualified person under NI 43-101, Todd McCracken, P. Geo formerly of Tetra Tech Inc. (presently with Genivar Inc.) with an effective date of October 9, 2013. The inferred resource remains unchanged.

About Calibre Mining Corp.

Calibre controls a 100% interest in 429 km2 of mineral concessions and additionally, Calibre has joint venture exploration programs underway with B2Gold Corp. on 322.3 km2 of concessions which include the Primavera gold-copper porphyry discovery and Alder Resources Ltd. on the 33.6 km2 Rosita gold-copper-silver project. Major shareholders of Calibre include gold producer B2Gold and investment fund Sun Valley Gold.

Calibre Mining Corp.

Greg Smith, P.Geo., President and CEO

Neither the 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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