Mr. Greg Smith of Calibre reports

CALIBRE AND CENTERRA GOLD DRILL 71.05 METRES GRADING 2.89 G/T AU AT CERRO AEROPUERTO AND DEFINE A NEW MINERALIZED TREND, LA LUZ GOLD PROJECT, SIUNA, NICARAGUA

Calibre Mining Corp. has provided an update as the company and Centerra Gold Inc. continue to advance the La Luz project on the Borosi concessions in northeast Nicaragua. Centerra can earn a 70-per-cent interest in the La Luz project by investing $7-million in exploration on the property before Dec. 31, 2019.

Highlights

• The 2015/2016 diamond drilling program is continuing and is focused on the Cerro Aeropuerto project with an estimated 1,600 metres to be completed in five drill holes.
• To date, three drill holes of the five-hole drill program have been completed, with results having been received for two holes, including CA15-020 with returned 71.05 metres grading 2.89 grams per tonne gold, including 26.03 metres grading 6.39 grams per tonne gold (uncut).
• Extensive soil sampling covering the entire project area has been completed, with results outlining three anomalous trends, including the newly defined 2.8-kilometre-long Cerro Coyol/El Tiburon trend.
• Additional exploration, including continued drilling at Cerro Aeropuerto, completion of the induced polarization and magnetic geophysical surveys, further infill soil sampling, and surface mapping and rock sampling, is under way. Further work, including trenching and additional drilling, will follow up on high-priority targets defined by the continuing program.

President and chief executive officer, Greg Smith, stated: "Fully funded by our partner Centerra Gold, we have been aggressively exploring the La Luz project and continue to define high-priority drill targets from both the historic Cerro Potosi/Cerro Aeropuerto trend and the newly defined Cerro Coyol/El Tiburon trend. Work continues to be focused on new discoveries in this historic gold mining district."

Centerra gold option -- La Luz project

Calibre's most recent mid-tier gold producer partner, Centerra Gold, signed an option in September, 2015, to earn 70 per cent in the 12-square-kilometre (1,200-hectare) La Luz project by spending $7-million by Dec. 31, 2019. The La Luz project is located in the southwest portion of the Borosi concessions and contains the past-producing La Luz mine that produced 17.1 million tonnes of ore grading 4.14 grams per tonne gold (2.3 million ounces gold), as well as, one kilometre south, the inferred resource at the Cerro Aeropuerto gold-silver deposit, which hosts 707,750 ounces gold and 3.1 million ounces silver in 6.05 million tonnes grading 3.64 grams per tonne gold and 16.16 grams per tonne silver at a cut-off of 0.6 gram per tonne (see Calibre news release dated Feb. 28, 2011).

Notes:

• Mineral resources that are not mineral reserves do not have economic viability.
• The quantity and grade of reported inferred resources in this estimation are uncertain in nature, and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource, and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

The 2015 fourth quarter/2016 first quarter continuing drilling program consists of 1,600 metres in five drill holes to be completed on the Cerro Aeropuerto project. Drilling is designed to test the continuity and orientation of the previously identified primary gold-bearing structures. The drilling will test the mineralization over approximately 450 metres of strike length and between 100 metres and 250 metres below surface. Additional drilling on other targets has been budgeted for later in 2016.

Continuing exploration is covering the entire 12-kilometre (1,200-hectare) La Luz gold-silver project area. Work is consisting of soil and rock sampling, geological mapping, and ground geophysical surveys. The exploration program is designed to advance the three main mineralized trends on the project: the La Luz/Cerro Aeropuerto, Cerro Coyol/Tiberon and Campo Viejo/San Pablo trends.

2015/2016 diamond drilling

The 2015 fourth quarter/2016 first quarter drill program is testing the gold continuity at the Cero Aeropuerto deposit. A total of three holes, 1,081 metres, have been completed to date. The continuing drill hole, CA16-022 (Cerro Aeropuerto), was started on Jan. 30, 2016.

Results have been received for two diamond drill holes completed at Cerro Aeropuerto during the current program and are shown in the attached table.

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

CA15-019             90.10      126.57       36.47        0.46         8.8
Including           100.65      102.17        1.52        2.21        45.8
And                 228.75      242.68       13.93        0.77         1.6
Including           241.50      242.68        1.18        2.29         3.7
CA15-020             76.25       86.92       10.67        0.40         3.9
And                 190.45      261.50       71.05        2.89         4.8
Including           211.97      238.00       26.03        6.39         9.1
And                 249.50      261.50       12.00        2.27         5.6

Notes:   
Intervals are core lengths; true width are estimated to be 80 per cent
to 90 per cent of lengths.
Length-weighted averages are from uncut assays.

Geologic interpretation of drill holes to date has identified a gold-bearing hornblende diorite porphyry body bounded by shear zones containing imbricated serpentinized inferred basic to ultrabasic rock and calcareous metasediments. The strongest visible mineralization is located near the serpentinite-diorite contacts, where sulphide bearing quartz-carbonate veins and silicified hydrothermal breccias are observed. Sulphide mineralization includes patchy to centre-line vein hosted pyrite-sphalerite-galena and minor chalcopyrite, as well as intervals of massive sulphide (less than one metre). Vein types include quartz-carbonate, quartz-carbonate-sulphide, sulphide only (pyrite), carbonate-chlorite-epidote and gypsum.

Soil sampling

Results from the La Luz soil grid shows two principal gold trends. The first is a 2.8-kilometre-by-0.6-kilometre northwest-southeast trend which aligns with the Cerro Coyol/El Tiburon targets. The second is a 3.5-kilometre-by-0.3-kilometre northeast-southwest Campo Viejo/San Pablo trend that in part follows the Siuna River and which is interpreted to be partially alluvial in nature. Soil sampling was previously completed over the known mineralization on the La Luz/Cerro Aeropuerto trend.

Additionally, the gold and multielement anomalies found to the east and south of the Huracan and Campo Viejo targets may be related to the Cerro Aeropuerto system as they lie more or less along strike of the main zone.

The Cerro Coyol/El Tiburon trend is anomalous in gold, arsenic, copper, lead, antimony and zinc, with coincident sulphur anomalies. The trend contains several areas of artisanal workings, as well as anomalous rock samples -- see the following section.

An additional 55 infill soils were collected in 2016, with results pending.

Surface rock sampling

A total of 71 surface rock samples have been collect as part of the current exploration program. Outcrop on the project is extremely limited. Fourteen samples have returned greater than 0.2 gram per tonne gold and six samples have returned greater than one gram per tonne gold. Gold values are most closely associated with silver, with moderate relationship with zinc, manganese, lead, bismuth and arsenic.

One grab sample from outcrop returned 1,305 grams per tonne gold from the Cerro Coyol/El Tiburon trend. This sample also contained 181 grams per tonne silver, greater than 10,000 parts per million arsenic, greater than 2,000 parts per million antimony and 281 parts per million bismuth. Visible gold was recognized in the sample, which consisted of an intermediate dike or sill with abundant quartz-carbonate stockwork veining. Additional samples along the Cerro Coyol/El Tiburon include B15R2030, located in the southern portion of the Cerro Coyol/El Tiburon trend, which returned 7.3 grams per tonne gold, 7.4 grams per tonne silver, 617 parts per million arsenic and 15 parts per million antimony and consists of quartz vein material and silicified volcanic float.

B15R2020 is a chip sample collected in a bedrock exposure in a shallow (five-metre depth) artisanal miner's working south of the Siuna river. The anomalous gold value of 1.895 grams per tonne gold confirms that the Campo Viejo/San Luis surface anomaly is, at least in part, reflective of underlying bedrock mineralization.

Other anomalous rock samples were returned for the Cerro Aeropuerto/Campo Viejo trend. B16R5000 was collected from outcrop in the Siuna river immediately to the east of Cerro Aeropuerto and returned 1.11 grams per tonne gold. The outcrop potentially defines a bedrock source for the strong gold-in-soil anomaly located immediately to the south of the sample location. In addition, it may represent the surface expression gold mineralization in the lower portions of previous drill holes and observed in the current drill holes. The elevated nickel value in B16R5000 may indicate that the sample is the protolith for the serpentinite units seen at depth. More work is needed in the area, as well as the Camp Viejo area to the south, to identify potential lode sources for the strong gold in soil anomalies.

Ground geophysical surveys

Zonge Geophysics has been contracted to completed ground dipole-dipole induced polarization and magnetic surveys. The crews have completed 13 of the planned 21 dipole-dipole IP lines for a total of 14.5 line kilometres and 23 of the 31 north-south-oriented magnetic survey lines (74 per cent).

The preliminary IP data returned to date for the Cerro El Coyol/El Tiburon trend (lines No. 4 to No. 12) show a split eastern and western coincident chargeability and resistivity high. The features correlate well with the broad gold-copper soil anomaly present along the trend. Once the survey is complete, a 3-D inversion will be performed, which will allow for further interpretation of the data. The anomalies will be followed up in the field prior to the start of trenching program. Trenching will supply additional lithologic and structural data along the prospective northwest-southeast corridor.

The preliminary dipole-dipole IP line data from the Cerro Aeropuerto and Cerro Potosi targets appear to show a correlation between the gold zones and chargeability highs (overall subtle amplitudes) and breaks in resistivity where the contours are closely spaced (high rate of change).

Continuing work program

The continuing exploration program includes infill soil sampling, following up of the positive results of the project-wide sampling program. Additional surface mapping and rock sampling continue. Additionally, the remainder of the ground magnetic and IP geophysics surveys will be concluded in the first quarter of 2016. Results of the multifaceted work program, including soil and rock geochemistry, magnetic and IP geophysics, and surface mapping, will be compiled and interpreted and a trenching program initiated in March, 2016. A 1,600-metre drilling program is testing the continuity of the Cerro Aeropuerto deposit. Additional work, including further drilling on new targets generated by the multifaceted exploration program, will be tested later in 2016.

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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