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
2021 Production, Sales and Cost Outlook
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
|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|
|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
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.
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