Calibre and IAMGOLD Sign Option Agreement on the Eastern Borosi Project, Nicaragua

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 27, 2014) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to announce that the Company and IAMGOLD Corporation (TSX:IMG)(NYSE:IAG) ("IAMGOLD") have signed an option agreement dated May 26, 2014 whereby IAMGOLD can earn a 51% interest and subsequently an additional 19% for a total of 70% interest in the Eastern Borosi Project (the "Project") consisting of 176 km² within the Borosi Concessions, Northeast Nicaragua. The Eastern Borosi Project hosts gold-silver resources in two deposits and a series of well defined low sulphidation epithermal gold-silver targets. Unless otherwise specified, all amounts set out in this news release are expressed in United States dollars.

Highlights

• First Option: To earn a 51% interest in the Eastern Borosi Project, IAMGOLD must pay Calibre $450,000 and invest $5.0 million in exploration on the property over three years.
• The minimum Year 1 exploration commitment under the First Option is $1.5 million.
• Second Option: Once vested at 51%, IAMGOLD can elect to earn an additional 19% in the Eastern Borosi Project for a total of 70% by paying Calibre an additional $450,000 and by investing a further $5.0 million in exploration on the Project over a subsequent three year term
• The total potential investment by IAMGOLD under the First and Second Options is US$10.9 million.

President and CEO, Greg Smith stated: "Calibre is tremendously excited to have formed this partnership with IAMGOLD to advance the gold-silver resource potential of the Eastern Borosi Project. The Eastern Borosi Project represents less than 40% of Calibre's 463 km² of 100% owned concessions in the Mining Triangle of Nicaragua. On the Eastern Borosi Project, Calibre has defined existing gold-silver resources at the Riscos de Oro and La Luna deposits and has also outlined a series of high priority drill targets all with existing permits allowing for drill testing of new, high grade vein targets and for expanding the existing gold-silver resource base. We welcome IAMGOLD to Nicaragua where they join B2Gold Corp and Alder Resources Ltd. as Calibre's partners in advancing the gold-silver-copper potential of the Borosi concessions. Calibre and our shareholders will benefit from our three partners investing a total of up to $12 million on the Company's gold-silver-copper projects over the next three years."