Calibre Mining and Centerra Expand Project Area to 253 km2 and Increase Option Earn-In to $9.0 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 1, 2016) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased announce the Company and Centerra Gold Inc. ("Centerra") have amended the Calibre/Centerra La Luz Option Agreement dated September 8, 2015 on the 12 km² La Luz Project to include an additional 241 km² of mineral concessions in the Northern Siuna Area of Northeast Nicaragua. With the addition of the Northern Siuna concessions, Centerra is required to spend an additional $2.0 million to earn a 70% interest in the combined 253 km² Project area by investing a total of $9.0 million in exploration on the property before December 31, 2020.

Highlights

• The La Luz Project has been expanded to include the 241 km² Northern Siuna concessions and now consists of a total of 253 km².
  
  
• To earn 51% of the expanded Project area, Centerra is now required to spend $5 million by December 31, 2018.
  
  
• Centerra has the further option to earn 70% of the Project by spending an additional $4 million for a total spend of $9 million by December 31, 2020.
  
  
• Current fieldwork is concentrating on an extensive trenching and surface sampling program testing geological, geochemical, and geophysical anomalies generated by the Calibre/Centerra exploration with a goal of prioritizing drill targets for additional diamond drilling in 2016

President and CEO, Greg Smith stated: "Calibre's partnership with Centerra has been very successful in advancing the existing Cerro Aeropuerto Project and discovering the Cerro Coyol - Tiburon Gold Trend. We are pleased to be able to expand the Project area and accelerate exploration in the northern Siuna area where previous work by Calibre has identified gold mineralization at the Montes de Oro Project and outlined several additional gold anomalies. Expanding Calibre's partnership with Centerra will allow Calibre to focus on our high priority, 100% owned gold targets which total more than 340 km² in the Mining Triangle of NE Nicaragua and where exploration in 2016 will include the up-coming drilling program at the Santa Maria Gold Project."