Calibre and Centerra Gold Drill 71.05 Metres Grading 2.89 g/t Au at Cerro Aeropuerto and Define a New Mineralized Trend, La Luz Gold Project, Siuna, Nicaragua

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 11, 2016) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to provide an update as the Company and Centerra Gold Inc. ("Centerra") continue to advance the La Luz Project, Borosi Concessions, Northeast Nicaragua. Centerra can earn a 70% Interest in the La Luz Project by investing $7.0 million in exploration on the property before December 31, 2019.

Highlights

• The 2015/2016 Diamond Drilling Program is on-going and is focused on the Cerro Aeropuerto Project with an estimated 1600 metres to be completed in 5 drill holes.
  
  
• To date, 3 drill holes of the 5 hole drill program have been completed with results having been received for two holes including CA15-020 with returned 71.05 metres grading 2.89 g/t Au including 26.03 metres grading 6.39 g/t Au (uncut)
  
  
• Extensive soil sampling covering the entire Project area has been completed with results outlining three anomalous trends including the newly defined 2.8 km long Cerro Coyol - El Tiburon trend.
  
  
• Additional exploration including continued drilling at Cerro Aeropuerto, completion of the IP and magnetic geophysical surveys, further in-fill soil sampling, and surface mapping and rock sampling is underway. Further work including trenching and additional drilling will follow-up on high priority targets defined by the on-going program

President and CEO, Greg Smith stated: "Fully funded by our partner Centerra Gold we have been aggressively exploring the La Luz Project and continue to define high priority drill targets from both the historic Cerro Potosi - Cerro Aeropuerto trend and the newly defined Cerro Coyol - Tiburon Trend. Work continues to be focused on new discoveries in this historic gold mining district."

Centerra Gold Option - La Luz Project

Calibre's most recent mid-tier gold producer partner, Centerra Gold, signed an option in September, 2015 to earn 70% in the 12 km² (1200 ha) La Luz Project by spending $7 million by December 31 2019. The La Luz Project is located in the south-west portion of the Borosi Concessions and contains the past producing La Luz Mine that produced 17.1 million tonnes of ore grading 4.14 g/t gold (2.3 million ozs gold) as well as, one kilometre south, the Inferred Resource at the Cerro Aeropuerto gold-silver deposit which hosts 707,750 ozs gold and 3.1 million ozs silver in 6.05M tonnes grading 3.64 g/t Au and 16.16 g/t Ag at a cut off of 0.6 g/t (see Calibre News Release dated February 28, 2011).