Calibre and Centerra Gold Drill 71.05 Metres Grading 2.89 g/t Au at Cerro Aeropuerto and Define a New Mineralized Trend, La Luz Gold Project, Siuna, Nicaragua - Seite 2

Notes:	- Mineral Resources that are not mineral reserves do not have economic viability.
	- The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

The Q42015/Q12016 on-going drilling program consists of 1600 metres in five drill holes to be completed on the Cerro Aeropuerto Project. Drilling is designed to test the continuity and orientation of the previously identified primary gold-bearing structures. The drilling will test the mineralization over approximately 450 metres of strike length and between 100 and 250 metres below surface. Additional drilling on other targets has been budgeted for later in 2016.

On-going exploration is covering the entire 12 km² (1200 ha) La Luz Gold-Silver Project area. Work is consisting of soil and rock sampling, geological mapping, and ground geophysical surveys. The exploration program is designed to advance the three main mineralized trends on the Project; the La Luz - Cerro Aeropuerto, Cerro Coyol - Tiberon, and Campo Viejo - San Pablo Trends.

2015/2016 Diamond Drilling

The Q42015/Q1 2016 drill program is testing the gold continuity at the Cero Aeropuerto deposit. A total of three holes, 1,081 metres, have been completed to date. The on-going drill hole, CA16-022 (Cerro Aeropuerto) was started on January 30th.

Results have been received for two diamond drill holes completed at Cerro Aeropuerto during the current program and results include;

Hole ID		From m	To m	Length (m)	Au g/t	Ag g/t
CA15-019		90.10	126.57	36.47	0.46	8.8
	Incl.	100.65	102.17	1.52	2.21	45.8
	And	228.75	242.68	13.93	0.77	1.6
	Incl.	241.50	242.68	1.18	2.29	3.7
CA15-020		76.25	86.92	10.67	0.40	3.9
	And	190.45	261.50	71.05	2.89	4.8
	Incl.	211.97	238.00	26.03	6.39	9.1
	And	249.50	261.50	12.00	2.27	5.6

Notes:	- Intervals are core lengths / true width are estimated to be 80-90% of lengths
	- Length weighted averages from uncut assays.

Geologic interpretation of drill holes to date has identified a gold-bearing hornblende diorite porphyry body bounded by shear zones containing imbricated serpentinized inferred basic to ultrabasic rock and calcareous metasediments. The strongest visible mineralization is located near the serpentinite-diorite contacts where sulphide bearing quartz-carbonate veins and silicified hydrothermal breccias are observed. Sulphide mineralization includes patchy to centre-line vein hosted pyrite-sphalerite-galena and minor chalcopyrite, as well as intervals of massive sulphide (<1m). Vein types include quartz-carbonate, quartz-carbonate-sulphide, sulphide only (py), carbonate-chlorite-epidote and gypsum.