Calibre Mining Reports First Quarter Gold Production; Strong Start to 2021 with 45,452 ounces

VANCOUVER, British Columbia, April 14, 2021 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) is pleased to announce operating results for the three months ended March 31, 2021 (all amounts in United States dollars).

Q1 2021 Highlights:

• Gold production: 45,452 ounces, highest quarterly production since Q3 2016;
• Production includes the first ore delivery from the Pavon Norte mine to the Libertad mill
  • Demonstrating Calibre’s ability to advance new satellite deposits: ‘permit to plant’ in less than 18 months;
• Gold sales of 45,882 ounces;
• Cash on hand of $58.2 million, a $5.1 million increase from December 31, 2020;
• 2021 production and cost guidance remain on track;
  • Growth and exploration capital are currently expected to be H1 weighted;
• More than 200% increase in Mineral Reserves to 864,000 ounces since year-end 2019;
  • Largest Mineral Reserve since 2010 with the highest grade on record, 4.49 g/t Au¹;
• High-grade drill results reported at Limon, including:
  • 7.98 g/t Au over 6.8 metres at Atravesada underground;
  • 8.92 g/t Au over 9.8 metres at Atravesada underground;
  • 251.90 g/t Au over 1.0 metres at Limon Norte open pit; and
  • 6.97 g/t Au over 6.1 metres at Panteon underground;
• 60,000 metre exploration and resource growth drilling program underway.
  

Darren Hall, President & Chief Executive Officer of Calibre, stated: “Another solid quarter of production demonstrating the reliability of our assets underpinned by the revitalization of the Libertad Complex. I am particularly pleased with our progress expanding our ‘Hub-and-Spoke’ operation to incorporate the high-grade ‘Mining Spoke’ at Pavon Norte. I would like to acknowledge the teams’ efforts in safely and responsibly progressing Pavon Norte from ‘permit to plant’ in less than 18 months, a great result that clearly demonstrates the in-country expansion opportunity and supportive regulatory environment.”

“With the improved confidence in our multi-year outlook afforded by the more than 200% increase in Mineral Reserves, our exploration programs have been expanded to include growing resources at our emerging districts and generative drilling. Given Nicaragua’s prolific history of gold production, it’s somewhat surprising how much of the country remains relatively under-explored much beyond the known producing and historic gold mines. During 2020 we took steps to more than double our portfolio of 100% owned mineral properties and concession applications, bringing our total land position to over 2,000 km², exclusive of our Rio Tinto joint venture properties. Currently Calibre has 15 drill rigs in operation and our exploration teams continue to see positive results and excellent opportunities for delineation of new resources and growth.”