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2014-06-23 09:17

CALIBRE MINING ANNOUNCES 3400 METRE DRILL PROGRAM ON THE EASTERN BOROSI PROJECT, NICARAGUA

Calibre Mining Corp. and Iamgold Corp. have finalized the scope and budget of the 2014 diamond drilling program on the Eastern Borosi project, Nicaragua. Calibre and Iamgold entered into an option agreement dated May 26, 2014, whereby Iamgold can earn a 51-per-cent interest and subsequently an additional 19 per cent for a total of 70-per-cent interest in the Eastern Borosi project, consisting of 176 square kilometres within the Borosi concessions, northeast Nicaragua. The total potential investment by Iamgold to earn a 70-per-cent interest in the Eastern Borosi project is $10.9-million (U.S.). The Eastern Borosi project hosts gold-silver resources in two deposits and a series of well-defined low-sulphidation epithermal gold-silver targets.

Highlights

The 2014 drilling program will begin with approximately 3,400 metres of diamond drilling with a total budget of $1.0-million. The remaining $500,000 of the first year's work commitment will allow for an additional 2,600 metres of drilling, which will be prioritized following a review of the results.
The planned drilling program will comprise an estimated 31 diamond drill holes totalling 3,400 metres designed to test approximately three kilometres of strike length of previously identified gold-silver-bearing structures.
Drill targets have been prioritized and are based on previous exploration, including surface mapping, exposures in small miner's working, historic underground development and drilling, soil and rock geochemistry, and LIDAR surveying.
Drilling will test a number of high-priority gold-silver targets, including Guapinol, Riscos de Oro extension, Blag, California, Veta Vancouver and Veta Toronto.
Drilling is planned to commence in July, 2014.
President and chief executive officer Greg Smith stated: "It is a testament to the high-quality drill targets, favourable infrastructure, positive exploration results generated by Calibre and the overall gold-silver potential of the Eastern Borosi project that, with Iamgold, we have been able to quickly prioritize and plan the 2014 drill program, which will be managed by Calibre. The 2014 drilling program is planned to start in July, 2014, and will test up to three km of gold-silver-bearing structures with tens of kilometres of potential structures having been identified on the Eastern Borosi project."

The Eastern Borosi project includes the Riscos de Oro and La Luna National Instrument 43-101 inferred mineral resources which total 4.70 million tonnes grading 2.31 grams per tonne gold and 34.99 g/t silver, containing 350,000 ounces of gold and 5.29 million ounces of silver. Both zones are open for potential expansion (see Calibre news release dated May 27, 2014, for details).

Updated maps detailing the planned drilling program at the Eastern Borosi project will be posted on Calibre's website.

Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings. Samples are placed in sealed bags and shipped directly to Acme Labs in Managua, Nicaragua, for sample preparation and then to Acme Labs in Vancouver, Canada, for gold fire assay and ICP-MS multielement analyses.