Calibre Mining and Centerra Continue to Advance the Siuna Project and Receive Positive Metallurgical Results From Cerro Aeropuerto

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 22, 2016) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased announce the Company and Centerra Gold Inc. ("Centerra") continue to advance the Siuna Project, which includes the La Luz targets and the Northern Siuna area, located in Northeast Nicaragua. Centerra can earn a 70% interest in the 253 km² Project area by investing a total of $9.0 million in exploration on the property before December 31, 2020.

Highlights

• Results from four bottle roll tests on average grade Cerro Aeropuerto mineralizaton returned average gold recoveries of 95.6% after 24 hour and 96.4% after 48 hours.
• Trenching completed on the 3.8 kilometre long Cerro Coyol - El Tiburon Trend has defined a number of targets to be tested by the upcoming diamond drill program
• Exploration has been commenced on the Northern Suina area where work will consists of geological mapping, geochemical sampling, and geophysical surveys designed to further define a number of existing gold anomalies
• An estimated 1,600-1,800 metres of drilling is planned for Q3/Q4 2016 and will target high priority anomalies defined along the Cerro Coyol - El Tiburon Trend and west of Cerro Aeropuerto

President and CEO, Greg Smith stated: "the Calibre / Centerra partnership continues to advance the Siuna Project. Recent exploration has defined a series of drill targets along the Cerro Coyol - Tiburon Gold Trend and west of Cerro Aeropuerto. The positive results received for the metallurgical testing on the Cerro Aeropuerto drill core are encouraging. Field crews are busy further defining and prioritizing a series of kilometre-scale gold targets previously identified in the northern Siuna area."

A total of five bottle rolls were completed on material from drill core from the 2015/2016 diamond drilling program at Cerro Aeropuerto. Four samples were prepared of average grade (2.7 to 3.3 g/t Au) and one sample included the higher grade material averaging 146.4 g/t Au. All five samples have excellent recoveries at both 24 and 48 hours. Recoveries in all cases increased after 48 hour compared to 24 hours.

Table 1 - Cerro Aeropuerto Bottle Roll Leach Tests⁽¹⁾

Sample	Grade	Assay	Au g/t	Calculated		Recovery
	Au g/t	24 hr.	48 hr.	24 hr.		48 hr.
Comp 1	146.40	124.89	127.36	85.3	%	87.0	%
Comp 2	2.67	2.29	2.33	85.9	%	87.4	%
Comp 3	3.02	2.98	2.99	98.7	%	99.1	%
Comp 4	2.80	2.84	2.86	101.3	%	102.0	%
Comp 5	3.32	3.20	3.22	96.3	%	96.9	%

1. A total of 30 samples were prepared from coarse rejects, including samples from each of the five holes drilled in 2015/2016, of Cerro Aeropuerto diamond drill core. Each sample prepared by the Bureau Veritas lab in Managua Nicaragua weighted 1.5 kilograms and was shipped directly for metallurgical testing at Bureau Vertias' facility in Reno Nevada. The metallurgical program included metallic screen analyses on each of the 30 samples testing for the presence and importance of coarse gold in samples with a range of gold values. Results of this work confirmed the presence of coarse gold in a small number of samples and also confirmed the reliability of the results for the existing gold fire assays. The remaining material not used in the metallic screen analyses was used to create five composites, each weighting approximately 5 - 6 kilograms. Each composite was homogenized and the bottle rolls were completed on 500 gram sub-samples with assays completed at three stages; on the initial sample, on the solution after 24 hours, and on the solution after 48 hours. All samples had an initial pH of 11.4, no cyanide was added during the test, and the final pH of the average grade samples ranged between 10.9 and 11.2.

The average recovery of the four average grade samples is 95.6% after 24 hours and increased to 96.4% after 48 hours.