Mr. Greg Smith reports

CALIBRE MINING ANNOUNCES LOAN FROM DIRECTORS

Calibre Mining Corp. intends to obtain an unsecured loan of $400,000 from several directors of the company. The loan will bear an annual interest of 7.0 per cent and will be payable in cash every quarter. The term of the loan is 18 months from the closing date and the loan will be due in full on the maturity date. The company may prepay the loan, in whole or in part, at any time prior to the maturity date.

The company will, subject to TSX Venture Exchange approval, issue that number of common shares of the company to each lender as is equal to 20 per cent of the loan amount advanced by such lender divided by the market price of the company's common shares on the date that the proposed loan is publicly announced by the company. The term "market price" will follow the meaning prescribed under TSX Venture Exchange Policy 1.1 -- Interpretation. The company will issue 1,333,333 common shares at a deemed price of six cents per common share to the lenders as bonus shares.

The company will use the proceeds of the loan for general working capital purposes.

As insiders of the company are participating in the loan and receiving bonus shares, the issuance of such bonus shares to the insiders will be considered to be a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of any insider participation.

All bonus shares issued pursuant to the loan will be subject to a hold period expiring four months and a day following the date of issue. All dollar figures in this press release are in Canadian currency.

About Calibre Mining Corp.

Calibre owns a 100-per-cent interest in over 413 square kilometres of mineral concessions in the mining triangle of northeast Nicaragua, including the Primavera gold-copper project and the Santa Maria gold project. Additionally, the company has optioned to Iamgold (176 square kilometres) and Centerra Gold (253 square kilometres) concessions covering an aggregate area of 429 square kilometres, and is party to a joint venture on the 33.6-square-kilometre Rosita D gold-copper-silver project with Rosita Mining Corp. Major shareholders of Calibre include gold producer B2Gold Corp., Pierre Lassonde and management.

We seek Safe Harbor.