The Prospector News

CALIBRE MINING REPORTS Q4 2019 GOLD PRODUCTION; DELIVERS OPERATING RESULTS IN-LINE WITH GUIDANCE

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

CALIBRE MINING REPORTS Q4 2019 GOLD PRODUCTION; DELIVERS OPERATING RESULTS IN-LINE WITH GUIDANCE

 

 

 

 

 

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

Share this news article

MORE or "UNCATEGORIZED"


GoldON Closes Private Placement Financing

GoldON Resources Ltd. (TSX-V:GLD) is pleased to report the closin... READ MORE

February 19, 2020

AbraPlata Intercepts 14 Metres of 6.40 g/t Gold & 197 g/t Silver and Identifies High-Grade Copper Zone with Intercept of 15 Metres of 5.1% Copper, 2.35 g/t Gold & 658 g/t Silver

AbraPlata Resource Corp. (TSX-V:ABRA) (OTCPK: ABBRF) is pleased t... READ MORE

February 19, 2020

Great Atlantic Intersects 61.35 g/t Gold Over 2.04 meters - Golden Promise Gold Property - Central Newfoundland

GREAT ATLANTIC RESOURCES CORP. (TSX-V.GR) is pleased to announce ... READ MORE

February 19, 2020

Continental Gold Announces US$50 Million Unsecured Loan by Zijin Mining

Continental Gold Inc. (TSX:CNL) (OTCQX:CGOOF) is pleased to annou... READ MORE

February 19, 2020

Mineral Mountain Continues To Intersect Wide Intervals Of Homestake-style Mineralization In Target #1

Mineral Mountain Resources Ltd. and Mineral Mountain Resources (S... READ MORE

February 19, 2020

Copyright 2020 The Prospector News - Site design by Spyderbaby Productions