Calibre Mining Initiates Two Drilling Programs in Nicaragua

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 25, 2017) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to announce the start of the first two drilling programs of 2017 on the Borosi Concession, Northeast Nicaragua. The first drilling program is at the Eastern Borosi Project, which is being funded by Calibre's partner IAMGOLD Corporation ("IAMGOLD") and the second program is on the 100% Calibre owned Monte Carmelo Gold Skarn Project.

Highlights

• The 2017 drilling program has been approved by partner IAMGOLD and consists of a minimum 6,000 metres of drilling. Drilling has begun and is continuing to test extensions of high grade gold-silver vein systems outlined in the 2014-2015-2016 drilling programs which to date has included 18,600 metres of drilling in 116 drill holes and step out drilling on the Riscos de Oro Inferred Resource
• The maiden drilling program on the 100% owned Monte Carmelo Gold Skarn has commenced and will consist of a minimum of 2,500 metres.
• A total of three additional drilling programs are planned for 2017

President and CEO Greg Smith stated: "It is great to get off to such an early start to our drilling programs for 2017. Both the Eastern Borosi Project with IAMGOLD and the 100% owned Monte Carmelo Project have excellent infrastructure and existing road access which greatly increases the efficiency of the drilling campaigns. Both Projects are host to high grade gold- silver targets and we are excited about the opportunity for further discoveries."

IAMGOLD Option - Eastern Borosi Project

Exploration to date on the Eastern Borosi Project has outlined several tens of kilometres of highly prospective gold-silver mineralized structures located in an historic mining district. Targets have been defined by surface soil and rock sampling, trenching and drilling.

In 2014-2015-2016 over 18,600 metres in 116 drill holes were completed resulting in several high grade gold-silver discoveries including; Guapinol, Vancouver, Main Blag, East Dome, Santos Trend, La Sorpresa (Cadillac Vein), and Riscos de Oro extension. Previous drilling by Calibre on Riscos de Oro consisted of 9,494 metres in 37 drill holes. Exploration and drilling has been highly successful in discovering and defining high-grade, gold-silver mineralization on the Eastern Borosi Project where all zones remain open and with numerous additional targets yet to be tested. Drilling in 2017 will focus on step out drill holes which will test down plunge and on-strike extensions, with holes designed to expand open high-grade intercepts at Riscos de Oro, Guapinol, Main Blag, and East Dome.