Calibre Mining Provides Multi-Year Grade Driven Increasing Production Outlook, 2023 Increasing to 250 – 275 Koz & 2024 Increasing to 275 – 300 Koz

VANCOUVER, British Columbia, June 22, 2022 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the "Company" or "Calibre") is pleased to provide a multi-year outlook of its forecast gold production, highlighting the Company’s 2023 and 2024 production increase.   

Highlights

• 2023 consolidated production: 250,000 – 275,000 ounces: 15% increase over 2022;
• 2024 consolidated production: 275,000 – 300,000 ounces: 25% increase over 2022;
• 2023 – 2024 grade driven production growth in Nicaragua underpinned by the development of high-grade reserves, including Pavon Central and the Eastern Borosi Project (“EBP”)
  • Pavon Central open pit (6.5 g/t Au reserve grade) development is expected early 2023 with
  • Strong indications for resource expansion along Pavon Central south extension and Pavon South;
  • EBP open pit (6.8 g/t Au reserve grade) development expected H2, 2023;
• The Company’s outlook does not yet include;
  • Federally approved Gold Rock Project (2020 PEA) 50 – 55 koz annual production;
  • Volcan discovery (news release dated June 8, 2021) located approximately 5 kms from the Libertad mill;
  • Tranca discovery (news release dated September 8, 2021) located approximately 10 kms from the Libertad mill;
  • New high-grade Panteon North discovery (news release dated May 16, 2022) within the Limon Complex.
• 170 km resource expansion and discovery drilling programs underway in Nevada and Nicaragua; and
• >1Mtpa of excess milling capacity representing low capital intensity production upside.
  

Darren Hall, President & Chief Executive Officer of Calibre, stated: “High-grade, open pit reserves at Pavon Central (6.5 g/t Au) and Eastern Borosi (6.8 g/t Au) will fuel a 25% increase in consolidated production by 2024 leading to lower per ounce costs and increased margins. The effectiveness of our operating model to efficiently permit and develop satellite deposits by leveraging off the installed capacity at La Libertad will continue to result in high returns on invested capital.

“Additionally, drilling investment at the Pan Mine in Nevada is expected to lead to mine life expansion and operational efficiencies while we advance the adjacent Gold Rock Project to potentially add a second producing asset with the ability to double our Nevada production which is not yet included in this outlook.”