Mr. Greg Smith of Calibre reports

CALIBRE DRILLING DISCOVERS NEW HIGH GRADE GOLD VEINS IN THE LA SORPRESA ZONE, EASTERN BOROSI PROJECT, NICARAGUA INCLUDING 4.10 METRES GRADING 8.93 G/T GOLD AND 57.4 G/T SILVER

Calibre Mining Corp. has released the first set of results from the 2015 drilling program on the Eastern Borosi gold-silver project, which is being financed under an option agreement with Iamgold Corp.

Highlights:

• The 2015 program, approved by partner Iamgold, began on Feb. 4 and is expected to consist of a minimum 5,500 metres of drilling with an approved budget of $1.5-million.
• Diamond drilling on multiple veins in the La Sorpresa gold-silver vein system has discovered three new gold-silver mineralized shoots, including 4.10 metres at 8.93 grams per tonne gold and 57.4 grams per tonne silver (Cadillac), 1.40 m at 5.71 g/t gold and 15.7 g/t silver (Jaguar), 1.40 m at 9.70 g/t gold and 98.0 g/t silver (Cadillac), and 3.17 m at 2.41 g/t gold and 32.9 g/t silver (Mercedes).
• To date the 2015 drilling program has completed 16 holes for 1,622.6 m at La Sorpresa (results received for 15 of the 16 holes) and three holes totalling 526.6 m at Blag (results pending).
• The La Sorpresa gold-silver vein system is located along trend and seven kilometres north of the California target and had not previously been tested by drilling.
• Mapping by Calibre in the La Sorpresa area identified up to five veins with a cumulative strike length of 5.8 kilometres. Drilling to date in 2015 has tested 1.1 kilometres of four closely spaced veins at La Sorpresa -- Mercedes, Cadillac, Lincoln and Jaguar.

President and chief executive officer Greg Smith stated: "The results for the first few drill holes at La Sorpresa gold-silver vein system are a tremendous start to the 2015 drilling program. We are particularly pleased that we have been able to discover another high-grade gold zone, notably in the La Sorpresa target, where no previous drilling had occurred. With only 20 per cent of the known La Sorpresa vein system having been tested by shallow drilling, Calibre continues to be encouraged by the potential for additional new gold/silver discoveries on the Eastern Borosi project."

                     LA SORPRESA DRILL RESULTS                                           
            FROM 2015 EASTERN BOROSI GOLD-SILVER PROJECT           
                                                                            
                  From         To      Length         Au         Ag
Hole ID            (m)        (m)         (m)      (g/t)      (g/t)

LS15-001         92.20      95.30        3.10       0.64       49.4
including        93.51      94.00        0.49       1.85      179.0
LS15-002         69.60      73.06        3.46       0.08        2.6
including        70.20      70.80        0.60       0.24        2.7
LS15-003         46.16      50.91        4.75       0.19        8.5
LS15-004         57.22      62.71        5.49       0.12       17.3
including        59.95      61.33        1.38       0.31       37.0
including        59.95      60.53        0.58       0.52       69.8
LS15-005        129.54     130.52        0.98       0.19        3.8
LS15-006        117.30     123.00        5.70       1.45       22.2
including       117.30     120.47        3.17       2.41       32.9
including       117.30     119.40        2.10       3.19       42.3
including       117.30     118.00        0.70       5.80       64.5
LS15-007         69.60      71.27        1.67       1.21       15.2
                 74.80      76.20        1.40       9.70       98.0
                 79.65      80.80        1.15       0.30       38.7
LS15-008         65.60      69.70        4.10       8.93       57.4
including        65.60      67.60        2.00      14.93       20.8
including        66.50      67.60        1.10      26.80       35.4
including        68.65      69.70        1.05       6.40      180.0
                 81.70      82.50        0.80       0.25       28.1
LS15-009                         Hole lost prior to reaching target
LS15-010         68.00      71.47        3.47       0.19       17.3
including        70.39      71.47        1.08       0.53       38.0
                 76.32      84.16        7.84       0.03       20.2
LS15-011         57.00      58.00        1.00       0.18       71.4
LS15-012         49.00      53.67        4.67       0.30      106.7
including        51.82      52.50        0.68       0.99      593.0
including        53.00      53.67        0.67       0.57       10.0
LS15-013         45.26      49.77        4.51       0.71       43.9
including        46.10      48.16        2.06       1.11       71.1
and              60.10      68.58        8.48       0.59       16.7
including        60.10      60.92        0.82       1.21       41.7
LS15-014                                                    Pending
LS15-015         56.70      65.64        8.94       1.08        7.5
including        57.50      60.66        3.16       2.81       13.4
including        57.50      58.90        1.40       5.71       15.7
LS15-016         39.62      41.57        1.95       2.13      144.3
including        39.62      41.05        1.43       2.86      184.3

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

The La Sorpresa gold-silver vein system, located seven kilometres north of the California target, had not previously been tested by drilling. Mapping and prospecting by Calibre in the La Sorpresa area identified up to five veins with a cumulative strike length of 5.8 kilometres. Drilling to date in 2015 has tested portions of four closely spaced veins at La Sorpresa -- Mercedes, Cadillac, Lincoln and Jaguar.

In general the drilling program consisted of a series of approximately 100-metre step outs along the multiple targets. Six holes were completed on the Mercedes vein, with results including 3.17 m at 2.41 g/t gold and 32.9 g/t silver. Three holes were drilled on the Cadillac vein with results including 4.10 m at 8.93 g/t gold and 57.4 g/t silver and 1.40 m at 9.70 g/t gold and 98.0 g/t silver. Two holes targeted the Lincoln vein, with results including 1.08 m at 0.53 g/t gold and 38.0 g/t silver. A total of five holes tested the Jaguar vein, with assays now received for four of the five holes, and results include 1.40 m at 5.71 g/t gold and 15.7 g/t silver and 2.06 m at 1.11 g/t gold and 71.1 g/t silver.

Drilling continues on the Eastern Borosi project and is currently testing the Blag gold-silver zone.

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 smoky 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 kilometres 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.

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 National Instrument 43-101.

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