Mr. Greg Smith of Calibre reports

CALIBRE MINING ANNOUNCES ADDITIONAL DRILLING RESULTS FROM THE EASTERN BOROSI GOLD-SILVER PROJECT, NICARAGUA INCLUDING 5.07 METRES GRADING 13.44 G/T GOLD AND 2.76 METRES GRADING 26.48 G/T GOLD

Calibre Mining Corp. has released the final assay results for the 2014 phase I drilling program on the Eastern Borosi gold-silver project, which is being financed under an option agreement with Iamgold Corp.

Highlights

• During 2014, Iamgold and Calibre Mining completed 40 drill holes for a total of 5,505.98 metres which tested five gold-silver vein systems over a combined strike length of three kilometres.
• The 2015 phase II drilling program has been approved by partner Iamgold and will consist of a minimum 5,500 m of drilling with a budget of $1.5-million. Drilling is expected to begin in first quarter 2015 and will continue to test downplunge extensions to mineralized shoots found in 2014 and include continued testing for new shoots along previously undrilled veins within a portion of the potential tens of kilometres of vein structures on the project.
• New high-grade results from Guapinol gold-silver vein system include 5.07 metres grading 13.44 grams per tonne gold and 14.49 g/t silver, 2.76 metres grading 26.48 g/t Au and 24.19 g/t Ag, and 1.9 metres grading 14.49 g/t Au and 8.88 g/t Ag.
• Step-out drilling at the Riscos de Oro extension, located 500 metres along trend from the Riscos de Oro gold-silver deposit, intersected 1.6 metres grading 4.42 g/t Au and 402.3 g/t Ag, and 1.04 metres grading 2.35 g/t Au and 77.2 g/t Ag.
• New results from Vancouver gold-silver vein system include 0.65 metre grading 10.80 g/t Au and 5.60 g/t Ag.
• Drilling has been successful in extending the high-grade gold/silver mineralization in both the Guapinol and Vancouver gold-silver vein systems 50 metres downdip to a vertical depth of 200 metres and confirms the continuity of the previously defined high-grade portions of these vein systems. The Guapinol and Vancouver gold-silver vein systems have been traced by drilling along trend for 620 metres and 420 metres, respectively, and both systems are open to depth and along strike.
• The 2014 drilling program was successful in identifying high-grade zones on each of the structures tested, including the adjacent Guapinol and Vancouver gold-silver vein systems, California vein, Blag vein, and the Riscos de Oro extension.

Calilbre president and chief executive officer Greg Smith stated: "The 2014 phase I drilling on the Eastern Borosi project was completed on time and under budget. The drilling successfully intercepted high-grade gold and/or silver mineralization in the Guapinol, Vancouver, California, Blag and Riscos de Oro extension vein systems. Additional drilling in 2015 will follow up on the very positive 2014 results and will continue to expand the tested portions of several structures both along strike and at depth."

        DIAMOND DRILL RESULTS -- EASTERN BOROSI PROJECT

Hole ID             From      To      Length       Au       Ag
                      (m)     (m)         (m)    (g/t)    (g/t)

RD14-038           44.50   46.10        1.60     4.42   402.30
RD14-039           55.46   56.50        1.04     2.35    77.20
GP14-027          146.20  148.10        1.90    14.49     8.88
GP14-028          191.53  196.60        5.07    13.44    14.49
GP14-029          184.85  185.50        0.65    10.80     5.60
GP14-030          158.92  161.68        2.76    26.48    24.19
GP14-031          187.97  190.00        2.03     9.50     9.02
GP14-032          222.95  224.52        1.57     1.10     2.16

Intervals are core lengths; true width is estimated to be 70
to 80 per cent of lengths.
Length-weighted averages from uncut assays.

The 2014 drilling program tested the strike extent of several gold-silver-bearing vein systems on a portion of the Eastern Borosi project. Previously released results include the first nine holes (GP14-001 through GP14-009) which were drilled on the Guapinol gold-silver vein system testing 670 metres of strike length. Drill holes GP14-010 through GP14-014 targeted 420 metres of the Vancouver gold-silver vein system located approximately 250 metres southeast of the Guapinol structure. Drill holes GP14-015 through GP14-018 targeted 340 metres of the California structure located one kilometre north of drill hole GP14-008. Five drill holes (BL14-001 to BL14-005) tested 250 metres of the Blag gold-silver vein system, located three kilometres northeast of the California structure.

New drill results

Six drill holes (GP14-027 to GP14-032) tested the downdip portion of the Guapinol and Vancouver structures. All of the six holes intersected gold-silver mineralization and extended the defined high-grade portions of the structures. These new intercepts include: 5.07 metres grading 13.44 g/t Au and 14.49 g/t Ag, 2.8 metres grading 26.48 g/t Au and 24.19 g/t Ag, and 1.9 metres grading 14.49 g/t Au and 8.88 g/t Ag. This drilling has been successful in extending the high-grade gold-silver mineralization in both the Guapinol and Vancouver gold-silver vein systems 50 metres downdip to a vertical depth of 200 metres and confirms the continuity of the previously defined high-grade portions of these vein systems. Both structures are open to depth and along strike.

Three drill holes (RD14-038 to RD14-040) were completed on an extension of the Riscos de Oro vein system approximately 500 metres northeast of the existing National Instrument 43-101 inferred gold-silver resource. Results were successful in extending the Riscos de Oro zone 500 metres to the northeast with intercepts including 1.6 m at 4.42 g/t Au and 402.3 g/t Ag. These new intercepts tested 220 metres of strike length and are interpreted to be defining a second high-grade portion to the Riscos de Oro vein system.

Eight holes (GP14-019 to GP14-026) tested further extensions to the Guapinol and Vancouver structures. Drill hole GP14-019 was successful in extending the defined gold and silver mineralization a further 100 metres to the southwest returning 1.16 metres grading 2.46 g/t Au and 7.30 g/t Ag.

Approved 2015 drill program

The 2015 drilling program has been approved and will consist of a minimum 5,500 metres of drilling with a budget of $1.5-million. The majority of drilling will begin the process of delineating the 2014 discoveries by testing their downplunge extensions starting with the high-grade sections of the Guapinol and Vancouver veins. Further drilling will continue to be directed at step-out drill holes on the currently defined vein systems.

Additional drilling will also be completed in first quarter 2015 on areas which were not tested in 2014 notably the La Sorpresa gold-silver zone located seven kilometres north of the California target.

Low-sulphidation epithermal gold-silver mineralization intersected at the Eastern Borosi project gold-silver vein systems is hosted within porphyritic andesite and consists of structurally controlled, high-energy quartz-carbonate vein breccias, vein stockworks and discrete smokey quartz veins containing fine-grained sulphide minerals.

Calibre and Iamgold entered into an option agreement dated May 26, 2014, whereby Iamgold can earn a 51-per-cent interest in the Eastern Borosi gold-silver project consisting of 176 square km within the Borosi concessions, northeast Nicaragua, by incurring $5-million (U.S.) in exploration expenditures and making $450,000 (U.S.) in payments to Calibre by May 26, 2017. The total potential investment by Iamgold to earn a 70-per-cent interest in the Eastern Borosi project is $10.9-million (U.S.). The Eastern Borosi project hosts gold-silver resources in two deposits and a series of well-defined low-sulphidation epithermal gold-silver targets.

Updated maps detailing the drilling program at the Eastern Borosi project will be posted on the company's website.

Calibre is committed to best practice standards for all exploration, sampling and drilling activities. Drilling was completed by independent firm Kluane Drilling Ltd. Analytical quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings. Samples are placed in sealed bags and shipped directly to Acme Labs (a Bureau Veritas Group Company) in Managua, Nicaragua, for sample preparation and then to Acme Labs in Vancouver, Canada, for 50-gram gold fire assay and ICP-MS multielement analyses.

The technical content in this news release was read and approved by Gregory Smith, PGeo, president and chief executive officer of the company, who is the qualified person as defined by NI 43-101.

We seek Safe Harbor.