Mr. Greg Smith reports

CALIBRE PROVIDES EXPLORATION UPDATE ON 100% OWNED PROJECTS WITHIN THE BOROSI CONCESSIONS, NICARAGUA

Calibre Mining Corp. has provided an update on the exploration programs directed at the company's 100-per-cent-owned projects on the Borosi concessions, northeast Nicaragua. Calibre controls a 100-per-cent interest in 511.1 square kilometres of prospective gold, silver and copper mineral concessions in northeast Nicaragua that include the Cerro Aeropuerto, La Luna and Riscos de Oro gold-silver deposits that host a combined NI 43-101 inferred resource at a gold equivalent cut-off of 0.6 gram per tonne of 10.75 million tonnes grading 3.06 g/t Au and 24.38 g/t silver containing 1,057,000 ounces Au, 8.43 million ounces Ag (see Calibre news release dated Sept. 5, 2012). Additionally, Calibre has joint venture exploration programs under way with Alder Resources Ltd. on the 33.6-square-kilometre Rosita gold-copper-silver project and B2Gold Corp. on the 322.3-square-kilometre Primavera gold-copper porphyry project and surrounding exploration concessions.

Calibre exploration programs have been continuing throughout 2012 on both the:

• 100-per-cent-owned Eastern epithermal gold-silver district which includes the Riscos de Oro and La Luna gold-silver deposits as well as the Blag gold project;

• 100-per-cent-owned Western Siuna gold-silver district which includes the past-producing La Luz gold mine, Cerro Aeropuerto gold deposit and extensive underexplored exploration targets.

President and chief executive officer, Greg Smith, states: "In addition to increasing Calibre's 100-per-cent-owned NI 43-101 inferred resources on the Borosi concessions to over 1.0 million ounces gold and 8.4 million ounces silver, our geologists and field crews continue to be highly successful in discovering and expanding the mineralized footprint within this highly prolific yet underexplored gold-silver-copper district. We continue to advance our 100-per-cent-owned projects through cost-efficient exploration targeted at the discovery and delineation of porphyry, skarn and epithermal gold-copper-silver mineralization."

Eastern epithermal gold-silver district is in the northeastern portion of the Borosi concessions and contains the Riscos de Oro and La Luna gold deposits as well as the Blag gold project. Highlights of recent advancement include:

• Completion of the initial National Instrument 43-101 inferred resource estimate at Riscos de Oro at a cut-off grade of 0.6 g/t AuEq of 2,159,000 tonnes grading 3.20 g/t Au and 59.67 g/t Ag (4.14 g/t AuEq) containing 222,300 ounces Au and 4,142,000 ounces Ag (287,100 ounces AuEq) -- see news release Sept. 5, 2012;

• Completion of a 90-square-kilometre LiDAR laser topographic mapping survey covering the Riscos de Oro, La Luna and Blag areas which was highly successful in defining numerous previously unrecognized structural zones;

• Follow-up detailed soil and rock sampling has been completed on structural targets;

• Trenching of high-priority structural targets is continuing.

LiDAR surveys were completed over the Eastern epithermal district with the production of high-resolution topographic data and imagery. The surveys identified interpreted epithermal vein systems and targets in areas of poor relief and/or thick vegetative cover along strike from known zones, and in areas previously unidentified.

At Blag more than 25 individual structures were recognized, the longest of which is greater than 1.5 kilometres in length. Based on results of the LiDAR a detailed program of soil sampling was completed along lines spaced at roughly 100 m intervals. A total of 881 samples were analyzed with values ranging up to 1,040 parts per billion Au and 21 samples returning highly anomalous values greater than 100 ppb Au. In conjunction with the soil sampling, a program of mapping, prospecting and rock sampling was also undertaken. Grab samples of epithermal-style quartz vein material on surface highlighted several areas with highly anomalous contents for gold and silver. Anomalous gold values are associated with variably anomalous values in silver, arsenic, barium, lead and antimony.

                   ROCK SAMPLE HIGHLIGHTS

Sample ID     Au      Ag      As      Ba      Pb      Sb
            (g/t)   (g/t)   (ppm)   (ppm)   (ppm)   (ppm)

B12R5036   22.72    12.3      72     151      44       1
B12R1031   13.50   100.0      20      32     623      84
B12R0068   11.29     9.7     121     107      30       1
B12R5059    6.90     4.8      50     447      10       6
B12R5061    3.80     5.8      27      55       1       6
B12R1054    3.02     1.9      15      50      27       2
B12R5056    2.98   231.7       5      37     162       3
B12R5062    2.73   423.9      22     119     140       7
B12R3006    2.52     1.2      16      30      15       1
B12R1028    2.34    74.6     2.5     102      10      11
B12R1056    1.25     2.7      17      88      19       7
B12R1035    1.24    45.3      23       5     149       1
B12R3007    0.69    19.1       6      23      50       2
B12R5063    0.59    19.2      20       5      14       6
B12R1029    0.57    20.4       8      17      11      21

Calibre is now advancing the Blag project with a program of trenching on high-priority structural and geochemical targets. To date results have been returned for a total of four preliminary trenches from the Blag gold project with an additional six trenches completed and pending assays. Veins range from north-south oriented (unique to Blag) to northeast-southwest oriented (regional trend) and dip steeply. In some trenches, two veins have been encountered and are separated by several metres of andesite host rock containing minor quartz veinlets of similar orientation. Individual veins/silicified zones can reach two m width. Trenching is continuing on other targets defined by LiDAR topographic anomalies and coincident anomalous soil geochemistry.

                             INITIAL BLAG TRENCH RESULTS

Trench ID          From           To     Interval           Au           Ag
                     (m)          (m)          (m)        (ppm)        (ppm)

BTR12-064          12.7         14.1          1.4         0.12         39.7
BTR12-065          18.2         19.0          0.8         0.10         12.3
BTR12-068          16.0         18.0          2.0         0.51          6.1
BTR12-070          15.0         16.0          1.0         0.84         11.7

Western Siuna gold-silver-copper district is in the southwestern portion of the Borosi concessions and contains the Cerro Aeropuerto gold-silver deposit as well as the past-producing La Luz gold mine. Recent exploration has also included an extensive regional program on a large land package located along trend from the known mineralized zones. Highlights of recent advancement include:

• Trenching of Cerro Aeropuerto gold system;

• Extensive geological and structural mapping and geochemical sampling of the northern extension to the Siuna mineralization have defined areas of favourable geology and alteration, including surface samples anomalous in gold, silver, copper, lead and zinc;

• Additional work will include follow-up detailed soil sampling on structural and geological targets, and trenching of high-priority anomalies.

A series of five trenches at Cerro Aeropuerto were remapped and resampled. Structural data from Calibre geologists show a dominant north-south-oriented mineralized zone with dips ranging between 72 and 90 degrees (west dipping). The structural zones range from 0.1 to 5.3 m in width and contain remnant sulphide. Results confirm significant gold, zinc, silver and copper mineralization in all trenches including 11.0 m grading 0.56 g/t Au and 7.6 g/t Ag and 14.0 m grading 1.7 g/t Au and 8.5 g/t Ag.

                       CERRO AEROPUERTO TRENCH INTERCEPTS

               From     To    Int     Au     Ag     Cu     Zn     Pb     Mo
Trench ID        (m)    (m)    (m)  (g/t)  (g/t)  (ppm)  (ppm)  (ppm)  (ppm)

CATR12-001     0.00  11.00   11.0   0.56    7.6    565   3368    534   15.9
               2.00   3.70    1.7   1.04    7.0    890   5552    672   24.0
CATR12-002     0.00  14.00   14.0   1.70    8.5   1153   1966     94    6.6
               0.00   3.00    3.0   3.95   11.6   2378   3201    232    4.4
               4.60   8.40    3.8   1.50    7.4    938   1672     52    9.4
CATR12-003     0.00   7.00    7.0   0.93    8.7   1705   2892    202    3.6
               1.00   2.00    1.0   4.13    6.1   2250   5493   1094    3.0
CATR12-004    16.00  20.70    4.7   0.74    7.4    881    817    238    3.5
              19.50  20.70    1.2   1.50   13.4   1522    430    438    7.0
              32.00  51.90   19.9   0.27    1.6     78    310     39    0.8
CATR12-005     0.00  34.00   34.0   0.64   13.1    233    827    305    2.4
               1.60   3.00    1.4   1.51    4.5    139   1212   1212    2.0
              30.00   34.0    4.0   2.23   90.5   1538   1791   1982    7.8

Reconnaissance mapping and prospecting in the Northern Siuna area have confirmed bedrock to consist of andesite volcanics similar in character to those encountered in the Bonanza and Riscos de Oro areas. A total of 43 stream sediment samples have been collected in the Northern Siuna area including in several drainages where visible gold was noted. Results are pending and additional sampling is continuing. The presence of epithermal-style quartz veins in the Northern Siuna concessions suggests a possible extension of the Bonanza gold camp located 25 kilometres to the north. Additional prospects of interest include La Toboba where strongly silicified andesite enveloped by diorite and cut by a northwest-oriented fault contains disseminated pyrite. At the Roskilete gold target diorite units are exposed along a northwest-oriented drainage containing abundant active and abandoned placer gold workings, and quartz veining. Assays are pending for these targets that may be prospective for either porphyry and/or skarn-style mineralization.

In the central portion of the Siuna camp numerous northeast- and northwest-oriented, steeply dipping fault zones have been observed in outcrops of local creeks and rivers. The geochemical signature of rock sample results (gold-silver-copper-lead) of the Casa Blanca prospect points toward an epithermal nature for the mineralization. La Virgen and Cerro Asa have signatures of gold-arsenic plus/minus copper indicative of possible porphyry and/or skarn systems while Montes de Oro has a signature of gold-zinc-arsenic plus/minus copper more characteristic of skarn-style mineralization. Individual samples assayed up to 1.32 per cent Cu, 3.30 g/t Au and 25.2 g/t Ag.

Gregory Smith, PGeo, president and chief executive officer of the company, is the qualified person as defined by NI 43-101, and is responsible for the accuracy of the technical data and information contained in this news release.