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Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) announced operating results for the period October 15, 2019 to December 31, 2019.


Q4 2019 Highlights:


  • Transformed Calibre from a junior exploration company into an immediate gold producer through the acquisition of the El Limon and La Libertad gold mines, the Pavon Gold Project, and a number of prospective exploration concessions in Nicaragua from B2Gold Corp.;
  • Delivered on guidance at both El Limon and La Libertad with production of 15,440 and 18,066 ounces of gold, respectively; consolidated total of 33,506 ounces of gold;
  • Completed an over-subscribed C$105 million equity financing;
  • Converted B2Gold’s US$10 million debenture to equity, making B2Gold our largest shareholder at 34%;
  • Completed an updated resource estimate for the development stage Pavon open-pit gold project, with a 318% increase in the indicated resource to 230,000 ounces at an average gold grade of 5.16 g/t;
  • Graduated from the TSX Venture Exchange to the TSX Exchange, with average daily trading volumes of approximately 500,000 shares;
  • Commenced an initial US$13 million, 47,000-metre resource expansion and discovery drilling program; and
  • Strengthened the management team with the appointment of Mark Petersen as VP, Exploration.             


Russell Ball, CEO of Calibre stated: “Our fourth quarter of 2019 was transformative as we transitioned the Company to a multi-asset producer, while successfully delivering on our production guidance.  As we begin 2020, we look to continue delivering quality, high-margin gold production, driven by increased, high-grade, open-pit ore being mined at Limon Central.  In addition, our discovery drilling and resource expansion programs will ramp up significantly as we expect to have six drill rigs turning by the end of January, with four focused at La Libertad.  In my opinion, the extension of mine life at La Libertad represents the most compelling near-term, value creation opportunity for Calibre.”


October 15, 2019 to December 31, 2019 Operating Summary


 Description El Limon La Libertad   Consolidated
Ore Milled (tonnes) 100,221 353,254   453,475
Ore Milled Grade (g/t Au) 5.74 1.74   2.62
Recovery (%) 91.3 96.4   94.0
Gold Production (ounces) 15,440 18,066   33,506


Operating Overview 


El Limon 


El Limon delivered on guidance by producing 15,440 ounces of gold.  Production resulted from processing 100,221 tonnes at an average grade of 5.74 g/t with average recoveries of 91.3%.  Ore was mined from the new high-grade Limon Central open-pit and the Santa Pancha underground mine, where positive grade reconciliations continue. 


La Libertad


La Libertad delivered on guidance by producing 18,066 ounces of gold.  Production resulted from processing 353,254 tonnes at an average grade of 1.74 g/t with average recoveries of 96.4%.  The mine plan was resequenced due to the temporary suspension of blasting activities at the Jabali underground mine, although no change is expected to the previously announced 2020 production guidance of between 70,000 and 75,000 ounces.  


The government continues to make progress with the relocation of households in the nearby community of Santo Domingo affected by the artisanal mining driven ground instability issue.  The Company is working closely with the government and community to ensure a safe and responsible resolution. Mining at the Jabali open-pit remains unaffected.


Cash Position


At December 31, 2019, the preliminary cash balance was US$32.9 million.  


Qualified Person


Darren Hall, MAusIMM, MSME, 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.


Posted January 15, 2020

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