Calibre Exceeds High-End of 2020 Production Guidance Range; 2021 Production Guidance of between 170,000 and 180,000 ounces of Gold Represents Top-Line Growth of ~30%

VANCOUVER, British Columbia, Jan. 12, 2021 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) is pleased to announce gold production for the fourth quarter and year ending December 31, 2020 (all financial amounts in United States dollars).

Q4 and 2020 Production and Sales

• Q4 production of 42,573 ounces and sales of 42,334 ounces of gold, respectively; and
• 2020 production of 136,009 ounces and sales of 135,357 ounces of gold, respectively;

2021 Production, Sales and Cost Outlook

• Gold production and sales of between 170,000 and 180,000 ounces;
• Total Cash Costs¹ of between $950 and $1,050 per ounce; and
• AISC¹ of between $1,040 and $1,140 per ounce.

Russell Ball, Chief Executive Officer of Calibre, stated: “The team delivered a safe and strong fourth quarter to finish the year ahead of guidance and I am grateful for their dedication and focus during an exceedingly difficult year. 

Looking to the future, I am excited about the 30% production growth we expect to deliver in 2021 as we commence first ore deliveries from our Pavon Norte open-pit mine this month.  With strong cash flow generation, we will be reinvesting in the business through an increased exploration budget and development of our Panteon and Atravesada underground mines, which are expected to commence ore deliveries before the end of the third quarter of 2021 and 2022, respectively.

In addition, we have started the technical work and expect to commence drilling later this quarter at our now 100%-owned Eastern Borosi Project.   While not included as part of our August 2020 multi-year outlook, I believe the Guapinol deposit represents the next opportunity for us to deploy our ‘hub-and-spoke’ operating philosophy to generate significant value for all stakeholders.”

2020 Operating Overview

Consolidated Operating Results

Description	Q4 2020	Q3 2020	Q2 2020	Q1 2020	2020
Ore Milled (tonnes)	501,228	506,748	197,082	524,099	1,729,157
Ore Milled Grade (g/t Au)	2.81	3.02	2.13	2.54	2.71
Au Recovery (%)	90.9	91.6	91.2	91.8	91.4
Gold Production (ounces)	42,573	45,341	6,009	42,085	136,009
Gold Sales (ounces)	42,334	44,842	9,426	38,755	135,357

Q4 2020 Operating Results