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Calibre Mining Corp (2)
Symbol CXB
Shares Issued 333,205,144
Close 2021-07-12 C$ 1.63
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Calibre Mining produces 43,506 oz Au in Q2

2021-07-13 10:06 ET - News Release

Mr. Darren Hall reports


Calibre Mining Corp. has released operating results for the three months ended June 30, 2021, and cash on hand at quarter-end (all amounts in U.S. dollars).

Q2 2021 highlights

  • Gold production of 43,506 ounces, on track to meet full year guidance of 170,000 to 180,000 ounces;
  • Gold sales of 43,682 ounces;
  • Cash on hand of $66.3-million at June 30, 2021, increased $8.1-million from March 31, 2021;
  • 550 tonnes per day of ore delivered from the Pavon Norte mine to the Libertad mill, a 57-per-cent increase over Q1 2021 and targeting 1,000 tonnes per day by the end of 2021;
  • Released inaugural 2020 sustainability report;
  • Advancing the high-grade Eastern Borosi project, including:
    • Completed 75 per cent of the infill, metallurgical, geotechnical and hydrological drilling;
    • Acquired most of the required surface rights during the quarter;
    • Advanced social, technical and environmental work with project permit applications and updated resource estimates expected during Q1 2022;
  • Rio Tinto Exploration and Calibre joint venture copper-porphyry drill program well under way;
  • 16 exploration drills active across 100-per-cent-owned mine sites and satellite opportunities.

Highlight drill results: Eastern Borosi project (EBP)

  • 9.07 grams per tonne gold and 19.9 g/t silver over 6.5 metres estimated true width (ETW) (GP-21-082);
  • 25.90 g/t Au and 15.3 g/t Ag over 1.9 metres ETW (GP-21-083);
  • 6.42 g/t Au and 14.1 g/t Ag over 7.1 metres ETW (GP-21-071);
  • 26.49 g/t Au and 99.4 g/t Ag over 2.2 metres ETW (RDO -21-052).

Highlight drill results: Libertad mill site

  • 11.37 g/t Au over 5.4 metres ETW from 61.4 metres (VN-21-026);
  • 16.78 g/t Au over 2.8 metres ETW from 41.9 metres (TR-21-039);
  • 13.83 g/t Au over 4.4 metres ETW from 127.7 metres (TR-21-052).

Highlight drill results: Limon mill site

  • 5.50 g/t Au over 7.1 metres ETW from 285.5 metres (LIM-21-4549);
  • 13.42 g/t Au over two metres ETW from 304.8 metres (LIM-20-4540).

Darren Hall, president and chief executive officer of Calibre, stated: "Calibre's hub-and-spoke operating strategy continues to deliver strong quarter-over-quarter performance at our Limon and Libertad operations. Year to date, we have produced 88,958 ounces and are on track to meet the high end of production guidance. With an anticipated increase in processing head grade in the second half of 2021 due to mine sequencing, combined with lower growth capital expenditures, we anticipate lower production costs in H2/2021 generating strong free cash flow.

"We continue to make excellent progress at EBP, where infill drilling, surface rights acquisition and environmental work is progressing ahead of schedule positioning the project to expand our hub-and-spoke operating strategy. Infill drilling at EBP continues to meet our expectations, and I look forward to the commencement of resource expansion and discovery drilling along multiple kilometres of already defined vein structures."

Operating overview

The company produced 43,506 ounces of gold in the second quarter of 2021 from a total of 461,843 tonnes processed at a grade of 3.11 g/t at a recovery of 93.4 per cent. The Limon mill processed 127,465 tonnes at a grade of 4.06 g/t and a recovery of 89.6 per cent producing 15,767 ounces. The Libertad mill processed 334,378 tonnes at a grade of 2.74 g/t and a recovery of 95.5 per cent, producing 27,739 ounces.

During the quarter, the company continued its gradual ore haulage increase from its newest mining spoke, Pavon Norte, to 550 tonnes per day, 57 per cent higher than the first quarter of operation and well on track to meet the company's target of 1,000 tonnes per day by the end of 2021. Higher recoveries at the Libertad mill offset lower feed grades driven by higher-than-expected spent ore volumes. At the Limon complex, as planned, mining in lower-grade parts of the pit were offset by higher grades from Panteon as first ore production came on-line during the quarter.

Strong free cash flow generation continues to drive the company's organic growth strategy with 16 drill rigs turning across Calibre concessions and work progressing ahead of schedule to advance the high-grade Eastern Borosi project and grow quality production.

Q2 2021 financial results and conference call details

The second quarter 2021 financial results will be released after market close on Aug. 4, 2021, and management will be hosting a conference call to discuss the results and outlook in more detail.

Date: Thursday, Aug. 5, 2021

Time: 10 a.m. (EDT)

Dial-in: 1-866-221-1882 or 1-470-495-9179 (international)

Conference ID: 2282181

The live webcast can be accessed at the company's website in the events and media section under the investors tab. The live audio webcast will be archived and made available for replay at the company's website. Presentation slides which will accompany the conference call will be made available in the investors section of the Calibre website under presentations, prior to the conference call.

Qualified person

Mr. Hall, MAusIMM, president and chief executive office, Calibre Mining, is a qualified person as set out under National Instrument 43-101, and has reviewed and approved the scientific and technical information in this press release.

About Calibre Mining Corp.

Calibre Mining is a Canadian-listed gold mining and exploration company with two 100-per-cent-owned operating gold mines in Nicaragua. The company is focused on sustainable operating performance and a disciplined approach to growth. Since the acquisition of the Limon and Libertad gold mines and Pavon gold project, Calibre has proceeded to integrate its operations into a hub-and-spoke operating philosophy whereby the company can take advantage of reliable infrastructure, favourable transportation costs, and multiple high-grade ore sources that can be processed at either Limon or Libertad, which have a combined 2.7 million tonnes of annual mill throughput capacity.

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