Calibre Mining and Centerra Expand Project Area to 253 km2 and Increase Option Earn-In to $9.0 Million - Seite 2

On the La Luz Project in addition to the historic trend highlighted by the La Luz Deposit (past production of 2.3 million ounces gold) and the Cerro Aeropuerto resource (707,000 ounces gold and 3.1 million ounces silver) the results from the Project-wide La Luz soil grid now shows two principal gold anomalous trends, the Cerro Coyol - El Tiburon Trend and the San Pablo Trend. Within the Northern Siuna area existing gold anomalies include; Montes de Oro, Mina Victoria, Cerro Aza, Roskilete, and others.

Work completed thus far in 2015/2016 has consisted of 1421 metres in five drill holes on the Cerro Aeropuerto Deposit as well as extensive rock and soil sampling, geophysical surveying, and on-going trenching. The Cerro Coyol - El Tiburon Trend is a 3.8 km x 0.5 - 1.0 km northwest-southeast trending anomaly which in addition to the gold and multi-element soil anomaly contains several areas of artisanal workings as well as anomalous rock samples from float and bedrock (see News Release dated February 11, 2016).

Exploration is on-going on the La Luz Project and will be expanded to include work on the existing gold anomalies within the Northern Siuna area which includes the Montes de Oro Project as well as several gold in soil anomalies including Mina Victoria, Cerro Aza, Roskilete, and San Miguel.

On-Going Work Program

The current exploration and fieldwork is concentrated on a trenching program targeting geological, geochemical, and geophysical anomalies generated by the work to date. The results of the trenching program will be used to prioritize drill targets which will be tested by additional drilling to be completed in 2016. Further work, consisting of in-fill soil sampling, rock sampling and trenching, will be completed on high priority targets with the Northern Siuna area.

The technical content in this news release was read and approved by Gregory Smith, P.Geo, President and CEO of the Company who is the Qualified Person as defined by NI 43-101.

Centerra Gold Option - La Luz Project

Calibre's most recent mid-tier gold producer partner, Centerra Gold, can earn 70% in the 253 km² (25,300 ha) La Luz Project plus the Northern Siuna area by spending $9 million by December 31 2020. The La Luz Project is located in the south-west portion of the Borosi Concessions and contains the past producing open pit and underground 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 to the south, the NI43-101 compliant 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).