Calibre and IAMGOLD Sign Option Agreement on the Eastern Borosi Project, Nicaragua - Seite 2

Significant Terms of the CALIBRE - IAMGOLD Option Agreement

1. First Option: IAMGOLD has the option to earn a 51% interest in the mineral titles held by Calibre in the "Eastern Borosi Project of the Borosi Concessions" (the "Project"). The option consists of:
   1. IAMGOLD to invest $5.0 million in exploration on the Project over three years;
   2. There will be a minimum $1.5 million year one commitment, additional expenditures are optional;
   3. IAMGOLD will make cash payments to Calibre totalling $450,000 including $150,000 on signing, $150,000 on the first anniversary date, and $150,000 on the second anniversary date of the option agreement;
   4. IAMGOLD will present exploration budgets and plans to a Technical Committee, having equal representation from IAMGOLD and Calibre, for approval with IAMGOLD to have tie breaking vote;
   5. Calibre to be Project Operator in the first year or a longer period should the parties agree, with IAMGOLD having the option to assign a geologist;
   6. IAMGOLD to have the right to take over operatorship following the first anniversary, or such later time as the parties agree;
   7. During the period that Calibre operates it will receive a 10% overhead recovery fee on all costs incurred on the project excepting government payments and drill contracts for which the overhead fee will be 5%.

2. Second Option: IAMGOLD to earn an additional 19% over the subsequent three years by spending an additional $5.0 million and making staged cash payments of an additional $450,000 in three annual payments.

3. At such time as IAMGOLD exercises the Second Option, or elects not to enter into the Second Option, the parties will form a Joint Venture to advance the project. The participation ratio of IAMGOLD to Calibre interests being 51:49 or 70:30 depending on whether the 2^nd Option has been exercised.
   1. At such time the Parties will agree to enter into an Industry standard agreement to govern a Joint Venture when formed;
   2. Should a Party elect not to participate in a work program a standard straight-line dilution formula will apply;
   3. Dilution to a 10% direct joint venture interest converts to a 10% Net Profits Interest ("NPI").

4. The Option Agreement with IAMGOLD is subject to TSXV Exchange approval.

IAMGOLD and Calibre are in agreement on the objectives for the initial 2014 - $1.5 million exploration program on the Eastern Borosi Project and diamond drilling is expected to commence in the near term. Previous work by Calibre has outlined a series of high priority drill targets including the existing Riscos de Oro and La Luna gold-silver deposits; the high grade Guapinol and Blag gold systems, as well as the La Sorpresa and El Paraiso gold targets. The Riscos de Oro and La Luna NI 43-101 Inferred Mineral Resources are tabled below and are open for potential expansion.