VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 21, 2013) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to announce that Calibre and Raystar Capital Inc. ("Raystar") (TSX VENTURE:RYA.H) have executed a Purchase and Sale Agreement dated June 20, 2013 (the "Transaction") which outlines the proposed terms by which Calibre will sell a 100% interest in the Point Leamington Zn-Au-Ag-Cu massive sulphide deposit and 263 hectare Mining Lease (the "Project"), north-central Newfoundland to Raystar. As consideration for the Project, Raystar has agreed to issue 1,000,000 common shares and pay $250,000 to Calibre on closing of the Transaction. Calibre will also retain a 0.5% net smelter return royalty on production from the Project, which can be purchased by Raystar at any time after closing for $1,000,000.
Calibre President and CEO, Greg Smith, states; "The sale of the Point Leamington Property to Raystar will allow Calibre to focus 100% of our efforts on the Borosi gold-silver-copper project in Nicaragua while also increasing the Company's working capital position. We look forward to being a shareholder of Raystar and to seeing the Project advanced."
The Point Leamington Zn-Au-Ag-Cu deposit was discovered by Noranda in 1971 and is a volcanogenic massive sulphide system consisting of a series of massive sulphide bodies and sulphide stringer hanging wall zones with associated post mineral faulting and porphyry dykes. Tetra Tech Inc. of Sudbury, Ontario, Canada has recently completed an Inferred Resource Estimate on the Point Leamington deposit as outlined in Calibre's news release dated June 19, 2013.
Mr. Gregory Smith, P.Geo, the President and CEO of the Company, is the Qualified Person as defined by NI 43-101, and is responsible for the accuracy of the technical data and information contained in this news release.
About Calibre Mining Corp.
At the Borosi Project in Nicaragua 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 km 2 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
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