Calibre Mining Corp.

Calibre Mining Corp.

June 15, 2012 09:15 ET

Calibre Mining Appoints Greg Smith as President and CEO

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 15, 2012) - Douglas B. Forster, Chairman of the Board of Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is very pleased to announce that Mr. Greg Smith, P.Geo. has been appointed President, Chief Executive Officer and Director of the Company effective immediately.

Mr. Smith is an exploration geologist with more than 25 years of experience. He has worked for both junior and senior mining companies in various parts of the world which has included the management and administration of multi-million dollar work programs that have been successful in outlining more than 10 million ounces of gold. Greg brings a broad range of management and technical experience to Calibre from the evaluation of grass roots properties to management of advanced projects including resource and reserve estimation, oversight of geological and technical activities for active underground and open pit mining operations including grade control, QA/QC programs and NI43-101 compliance. His broad range of experience in the natural resource sector also includes administering programs and budgets for advanced technical and economic studies including Preliminary Assessments, Prefeasibility and Feasibility Studies. Mr. Smith was formally Vice President, Exploration of Calibre.

Douglas Forster, Chairman of the Board of Calibre stated: "We are very pleased to have Greg Smith accept the position as President and Chief Executive Officer of Calibre. Greg's substantial experience working on major gold and copper projects in Central and South America will be exceptionally valuable to the Company as we advance our Borosi Gold-Copper-Silver Project in Nicaragua. Calibre is well positioned for growth with $5.8 million in working capital, a major $4.0 million drilling and exploration program being funded and undertaken at the Primavera gold-copper project by our joint venture partner B2Gold Corp. and an 8,000 m discovery drill program being funded and conducted by our joint venture partner Alder Resources at our Rosita copper-gold-silver project."

Mr. Greg Smith, President and CEO stated: "I am excited to take on these added responsibilities at Calibre. Calibre has an excellent group of professionals and we are well positioned to advance the highly prospective Borosi Project in conjunction with our joint venture partners. In addition to our joint venture projects, Calibre is currently conducting a maiden resource estimate on the Company's 100% owned high-grade Riscos de Oro gold-silver vein system which, when completed, will join our wholly-owned Cerro Aeropuerto and La Luna gold deposits as quality core assets of the Company."

The Board wants to thank Mr. Edward Farrauto, CGA who has been acting as Interim President and CEO of Calibre. Mr. Farrauto will continue to advise the Company as a member of the Board of Directors.

Calibre has granted 500,000 stock options at a price of $0.19 per share for a period of 5 years to Mr. Smith. These options are subject to regulatory approval and are granted under the Company's stock option plan and include vesting provisions.

In addition, Calibre has appointed Mr. Ryan King as Vice President effective immediately. Mr. King's primary responsibilities will be to manage the Company's Corporate Development and Corporate Communications activities. Mr. King has worked in the resource sector for the past seven years.

About Calibre Mining

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. The Company is focused on its 100% owned Riscos de Oro gold-silver project, the drilling program at the Primavera gold-copper project in conjunction with B2Gold Corp. and the drilling program on the Rosita copper-gold-silver project in conjunction with Alder Resources Ltd. Major shareholders of Calibre include gold producer B2Gold and investment fund Sun Valley Gold.


Douglas B. Forster, M.Sc., P.Geo., Chairman

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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