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Calibre Exceeds High-End of 2020 Production Guidance Range; 2021 Production Guidance of between 170,000 and 180,000 ounces of Gold Represents Top-Line Growth of ~30%

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Calibre Exceeds High-End of 2020 Production Guidance Range; 2021 Production Guidance of between 170,000 and 180,000 ounces of Gold Represents Top-Line Growth of ~30%






Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) is pleased to announce gold production for the fourth quarter and year ending December 31, 2020 (all financial amounts in United States dollars).


Q4 and 2020 Production and Sales


  • Q4 production of 42,573 ounces and sales of 42,334 ounces of gold, respectively; and
  • 2020 production of 136,009 ounces and sales of 135,357 ounces of gold, respectively;


2021 Production, Sales and Cost Outlook


  • Gold production and sales of between 170,000 and 180,000 ounces;
  • Total Cash Costs1 of between $950 and $1,050 per ounce; and
  • AISC1 of between $1,040 and $1,140 per ounce.


Russell Ball, Chief Executive Officer of Calibre, stated: “The team delivered a safe and strong fourth quarter to finish the year ahead of guidance and I am grateful for their dedication and focus during an exceedingly difficult year.


Looking to the future, I am excited about the 30% production growth we expect to deliver in 2021 as we commence first ore deliveries from our Pavon Norte open-pit mine this month.  With strong cash flow generation, we will be reinvesting in the business through an increased exploration budget and development of our Panteon and Atravesada underground mines, which are expected to commence ore deliveries before the end of the third quarter of 2021 and 2022, respectively.


In addition, we have started the technical work and expect to commence drilling later this quarter at our now 100%-owned Eastern Borosi Project.   While not included as part of our August 2020 multi-year outlook, I believe the Guapinol deposit represents the next opportunity for us to deploy our ‘hub-and-spoke’ operating philosophy to generate significant value for all stakeholders.”


2020 Operating Overview


Consolidated Operating Results

Description Q4 2020 Q3 2020 Q2 2020 Q1 2020 2020
Ore Milled (tonnes) 501,228 506,748 197,082 524,099 1,729,157
Ore Milled Grade (g/t Au) 2.81 3.02 2.13 2.54 2.71
Au Recovery (%) 90.9 91.6 91.2 91.8 91.4
Gold Production (ounces) 42,573 45,341 6,009 42,085 136,009
Gold Sales (ounces) 42,334 44,842 9,426 38,755 135,357



Q4 2020 Operating Results


Description Limon Libertad
Ore Milled (tonnes) 120,109 381,118
Ore Milled Grade (g/t Au) 5.48 1.97
Au Recovery (%) 89.5 92.2
Gold Production (ounces) 19,006 23,567
Gold Sales (ounces) 18,872 23,463


2021 Guidance


Gold Production/Sales (ounces)     170,000 – 180,000
Total Cash Costs ($/ounce)(1)     $950 – $1,050
AISC ($/ounce)(1)     $1,040 – $1,140
Growth Capital ($ million)     $35 – $40
Exploration Capital ($ million)     $14 – $17
G&A ($ million)     $7 – $8


2021 Growth Capital: Summary/Analysis – Figure 1


2021 Exploration Capital: Summary/Analysis – Figure 2



Qualified Person


Darren Hall, MAusIMM, SVP & Chief Operating 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 gold mining and exploration company with two 100%-owned operating gold mines in Nicaragua. The Company is focused on sustainable operating performance and a disciplined approach to growth.  Since the acquisition of the Limon, 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 mill feed sources that can be processed at either Limon or Libertad, which have a combined 2.7 million tonnes of annual mill throughput capacity.


Posted January 12, 2021

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