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

VANCOUVER, British Columbia, April 16, 2020 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) today announced operating results for the three months ended March 31, 2020 and cash on hand at quarter end (all amounts in United States dollars).

Q1 2020 Highlights:

• Production of 42,085 ounces of gold
  • Limon mill production of 20,636 ounces
  • Libertad mill production of 21,449 ounces
     
• Cash on hand at quarter end of $43 million
  • Represents a $10 million increase from December 31, 2019
  • Deferred $15.5 million purchase price obligations due to B2Gold from October 15, 2020 to April 15, 2021, providing significant financial flexibility
     
• Positive resource expansion drilling from
  • Limon Norte (including 18.65 g/t Au over 5.1 metres)
  • Panteon (including 17.77 g/t Au over 10.8 metres)
     
• Execution of Borosi Earn-in Agreement and Nicaraguan Exploration Alliance Agreement with Rio Tinto Exploration

Q1 2020 Operating Summary
             

Description	Total/Average		Limon		Libertad
Ore Milled (tonnes)	524,100		130,485		393,615
Ore Milled Grade (g/t Au)	2.54		5.11		1.69
Au Recovery	91.8%		89.5%		94.2%
Gold Production (ounces)	42,085		20,636		21,449

Russell Ball, CEO of Calibre, stated: “A strong start to the year with first quarter gold production ahead of budget at 42,085 ounces.   The integration of our assets into a ‘hub-and-spoke’ philosophy continues and we see further opportunities for cost savings, mine plan optimization and production efficiencies.  We look forward to resuming operations when we can do so in a manner that preserves and maintains the health and safety of our workforce.”