Mr. Greg Smith of Calibre reports

CALIBRE MINING STARTS 3400 METRE DRILL PROGRAM ON THE EASTERN BOROSI GOLD-SILVER PROJECT, NICARAGUA

Calibre Mining Corp. and Iamgold Corp. have started the 2014 diamond drilling program on the Eastern Borosi gold-silver project, Nicaragua.

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 over three years. 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.

Highlights

• Drilling equipment has been mobilized and drilling has commenced on the 3,400-metre 2014 drill program.
• The 2014 drilling program will comprise an estimated 31 diamond drill holes designed to test approximately three kilometres of strike length of previously identified gold-silver-bearing structures.
• Drilling will test a number of high-priority gold-silver targets, including Guapinol, Riscos de Oro extension, Blag, California, Veta Vancouver and Veta Toronto.
• The current drilling program utilizing one drill rig is expected to take three months to be completed.

President and chief executive officer Greg Smith stated: "We are excited to start the drilling program on the Eastern Borosi project. The series of high-quality drill targets represent more than three kilometres of potential gold-silver-bearing structures within the tens of kilometres of potential structures which have been identified within this prolific district."

Drilling has begun on the Guapinol gold-silver target which has been prioritized based on previous exploration, including surface mapping, historic underground development and previous shallow drilling, soil and rock geochemistry, and LIDAR surveying. At Guapinol, results from surface channel sampling completed by Calibre include 1.3 metres at 21.0 grams per tonne gold and 13.3 g/t silver, and 0.9 metre at 9.6 g/t Au and 108.0 g/t Ag.

The Eastern Borosi project includes the Riscos de Oro and La Luna National Instrument 43-101 inferred mineral resources which total 4.70 million tonnes grading 2.31 g/t Au and 34.99 g/t Ag, containing 350,000 ounces of gold and 5.29 million ounces of silver. Both zones are open for potential expansion (see Calibre news release dated May 27, 2014, for details).

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

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 in Managua, Nicaragua, for sample preparation and then to Acme Labs in Vancouver, Canada, for 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.