Calibre Reports Strong First Quarter Gold Production; Cash On Hand at Quarter End Increases by 30% to $43 Million - Seite 2

Operating Overview

Calibre’s asset base includes multiple ore sources, 2.7 million tpa of installed mill capacity from two processing facilities, reliable in-country infrastructure and favourable transportation costs. The Company will continue to optimize its consolidated mine and process plans as we progress our “hub-and-spoke” approach to maximizing value from our integrated asset base. This philosophy was demonstrated during the quarter at Libertad which delivered 21,449 ounces, despite the ongoing suspension at the Jabali underground mine, with approximately 20% of Libertad’s production sourced from Limon and Pavon.

Regarding the suspension at the Jabali underground mine, the government has made significant progress negotiating the relocation of the Barrio Jabali impacted households. The Company continues to support the government to ensure a safe and responsible resolution and anticipates recommencing operations at Jabali underground in the third quarter of 2020.

As announced on March 25, 2020, the Company temporarily suspended operations and withdrew 2020 guidance as a result of the COVID-19 pandemic.  The Company will provide updated 2020 production and cost guidance when operations restart.

During the suspension, the Company continues to progress technical studies, social investment programs and permitting activities, including the Pavon Project (“Pavon”).   In addition to permitting activities, the Company initiated a Pre-Feasibility Study (“PFS”) for Pavon during the quarter and anticipates (i) approval of an exploitation permit, and (ii) a positive PFS announcement during the fourth quarter of 2020.

On December 3, 2019, Calibre reported indicated mineral resources at Pavon totaling 1.39 million tonnes averaging 5.16 g/t Au and containing 230,175 ounces of gold, and inferred resources totaling 567,000 tonnes averaging 3.38 g/t Au and containing 61,624 ounces of gold.  Pavon has significant potential to expand along strike and down plunge of the current open pit resources. The Company plans to initiate a 10,000-metre exploration drilling program at Pavon during the second half of 2020.

Q1 2020 Financial Earnings Results and Conference Call Details

Q1 2020 financial results will be released after market close on May 6, 2020. Management will be hosting a conference call to discuss the Q1 2020 results and outlook on May 7, 2020 at 10:00 a.m. (EDT). 

When:	Thursday, May 7, 2020 at 10:00 a.m. (EDT)
Dial-in:	[phone] or [phone] (International)
Conference ID:	6645598

The live webcast can be accessed at www.calibremining.com in the Events and Webcast section under the Investor Relations tab.  The live audio webcast will be archived and made available for replay at www.calibremining.com.  Presentation slides which will accompany the conference call will be made available in the Investors section of the Calibre website under Presentations, prior to the conference call.