Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) is pleased to announce the operating results for the fourth quarter and year ended December 31, 2021 and 2022 production, sales, and cost guidance (all financial amounts are in United States dollars).
Q4 and Full Year 2021 Production and Sales:
Full Year 2021 Highlights:
2022 Nicaragua Production and Cost Guidance:
Darren Hall, President and Chief Executive Officer of Calibre, stated: “Calibre exceeded the high-end of full year 2021 production guidance driven by continued successful operational execution. During the year, Calibre generated strong operating cash flows and self-funded significant exploration and mine development while building cash quarter over quarter. Since acquiring the assets in October 2019, we have re-invested into the business which has increased reserves, discovered new deposits, and identified new targets, positioning Calibre to unlock additional mill feed sources and grow production. As we continue our multi-pronged exploration activities across the assets, we realize the prospective and under-explored potential our portfolio has to offer and will continue to re-invest in the business as exploration and resource delineation programs continue at Libertad, Pavon, Limon, and Eastern Borosi.
“Our goal of becoming a growth oriented, Americas focused mid-tier gold producer continues to advance given our recent agreement to acquire Fiore Gold, providing the next logical step to a robust and jurisdictionally diversified gold producer with three established operations, significant exploration potential and a clear path to growth.”
Fourth Quarter and Full Year 2021 Operating Overview
During the quarter we delivered 935 tpd from the Pavon Norte mine to the Libertad Mill.
Strong cash flows continue to drive the Company’s organic growth with multiple rigs turning across Calibre’s concessions and steady progress continues to be made at the high-grade Eastern Borosi Project positioning the Company for expected H2 2023 production growth.
Q4 2021 Operating Results
|Ore Milled (tonnes)||123,330||456,561|
|Ore Milled Grade (g/t Au)||5.59||2.29|
|Au Recovery (%)||89.8%||90.3%|
|Gold Production (ounces)||19,599||29,619|
|Gold Sales (ounces)||19,578||29,629|
Consolidated Operating Results
|Description||Q4 2021||Q3 2021||Q2 2021||Q1 2021||FY 2021|
|Ore Milled (tonnes)||579,891||497,507||461,843||419,340||1,958,581|
|Ore Milled Grade (g/t Au)||2.99||3.20||3.11||3.54||3.19|
|Au Recovery (%)||90.1%||92.2%||93.4%||91.3%||91.7%|
|Gold Production (ounces)||49,218||44,579||43,506||45,452||182,755|
|Gold Sales (ounces)||49,207||44,471||43,682||45,882||183,242|
2022 Nicaragua Guidance
|Gold Production/Sales (ounces)||180,000 – 190,000|
|Total Cash Costs ($/ounce)(1)||$1,000 – $1,100|
|AISC ($/ounce)(1)||$1,100 – $1,200|
|Growth Capital ($ million)||$45 – $50|
|Exploration Capital ($ million)||$20 – $22|
Nicaraguan 2022 gold production is forecast to increase quarter over quarter with a significant increase during the fourth quarter. Production in the second half of 2022 is expected to be approximately 20% higher than that of the first half due to change in deposit grade profiles and mine sequencing. As a result, the Company expects lower Total Cash Costs1 and AISC1 during the second half of the year. 2022 Total Cash Costs1 are forecast to be slightly higher than 2021 mainly due to higher forecast fuel, consumables, and labour costs. Growth capital is anticipated to be relatively consistent throughout the year to unlock value at new deposits including the high-grade Pavon Central and Eastern Borosi Project – both expected to increase production and reduce costs in 2023.
Growth capital outside AISC1 includes underground development at Panteon Central and Atravesada to advance additional mill feed sources; an open pit mine at Pavon Central; Limon Norte and Tigra waste stripping in excess of the planned life-of-mine strip ratio; and land acquisition and early construction activity on the Eastern Borosi Project, which is expected to be the next “spoke” for the Libertad complex.
Calibre will provide updated full-year 2022 production and cost guidance that incorporate the Nevada operations in the second quarter.
Darren Hall, MAusIMM, President & Chief Executive Officer, Calibre Mining Corp. is a “qualified person” as set out under NI 43-101 has reviewed and approved the scientific and technical information in this press release.
About Calibre Mining Corp.
Calibre Mining is a Canadian-listed international gold mining and exploration company with three 100%-owned operating gold mines and strong exploration assets located in highly prospective gold regions across Nicaragua. The Company is focused on unlocking resources and generating value through sustainable operating performance and a disciplined approach to growth. Since the acquisition of the Limon and Libertad gold mines and Pavon Gold Project, Calibre has proceeded to integrate its operations into a ‘hub-and-spoke’ operating philosophy whereby the Company can take advantage of reliable infrastructure, favorable transportation costs, and multiple high-grade ore sources that can be processed at either Limon or Libertad, which have a combined 2.7 million tonnes of annual mill throughput capacity.
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We acknowledge the [financial] support of the Government of Canada.