Calibre Mining Corp.
TSX VENTURE : CXB

Calibre Mining Corp.

December 09, 2010 09:15 ET

Calibre Trenches 4.7 Metres Grading 7.30 g/t Gold on the 100% Owned Bonanza H1 Concession, Nicaragua

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 9, 2010) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to announce encouraging gold exploration results from the 100% owned Bonanza H1 Concession in Nicaragua. A combination of mapping, prospecting, soil sampling and trenching over a 2.5 km x 2.0 km area has delineated several sets of gold-bearing quartz veins extending northeast for 2.5 kilometres from the southern concession boundary. Highlights of the trenching work include 4.7 metres grading 7.30 gram per tonne ("g/t") gold in Trench BTR10-18 and 10.9 metres grading 1.35 g/t gold in Trench BTR10-29. Results from these trenches confirm that mineralization extends at least 600 metres on strike of what is inferred to be the northeast extension of the Washington vein, part of the Panama group of low sulphidation gold veins, currently being mined by Hemco Nicaragua SA ("Hemco").

A series of six trenches were cut across two sub-parallel silicified zones containing quartz veins and crystalline quartz veinlets within argillic altered andesite volcanics. Trenches from the western most vein, outboard of the main structural trend, returned anomalous results. The two trenches that cut across the inferred strike extension of the Washington Vein returned significant results, summarized below.

Table 1 Trench Results from Bonanza H1 Concession  
TRENCH From (m ) To (m ) Interval (m ) Au (g/t )
BTR10-18 8.8   13.5   4.70   7.30  
  Incl. 9.8   10.9   1.10   24.70  
BTR10-29 0.0   10.9   10.90   1.35  
  Incl. 4.0   5.0   1.0   4.05  

Exploration of the Bonanza H1 Concession is ongoing; once all results are compiled Calibre will review potential diamond drill targets that will test the depth and strike continuity of the system.

Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the soil and rock sample strings. Samples are placed in sealed bags and shipped directly to ALS CHEMEX labs in North Vancouver, BC for gold fire assay and ICP multi element analyses. The technical content in this news release was read and approved by Roger March, P.Geo., a professional geologist registered in the Province of Newfoundland & Labrador and a qualified person as defined by NI 43-101.

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.

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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