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Calibre Mining Corp (2)
Symbol CXB
Shares Issued 444,330,158
Close 2022-04-05 C$ 1.45
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Calibre Mining produces 51,900 oz Au in Q1 2022

2022-04-06 10:28 ET - News Release

Mr. Darren Hall reports


Calibre Mining Corp. has released operating results for the three months ended March 31, 2022 (all amounts in United States dollars).

Q1 2022 highlights:

  • Successful completion of the acquisition of Fiore Gold on Jan. 12, 2022, creating a diversified, Americas-focused, growing, mid-tier gold producer;
  • Consolidated gold production of 51,900 ounces and gold sales of 52,290 ounces;
    • Nicaragua gold production of 42,897 ounces: 401,215 tonnes milled, 3.79 grams per tonne, 90.1-per-cent recovery;
    • Nevada gold production of 9,003 ounces: 15,064 ounces placed, 1,006,540 tonnes at 0.48 g/t;
  • Nicaragua mineral reserves increased to 1,013,000 ounces of gold, at a record grade of 4.62 g/t gold;
  • Nicaragua indicated mineral resources increased to 1,806,000 ounces of gold;
  • Drill results from the Pan mine in Nevada demonstrate resource expansion and higher-grade potential;
  • Commenced a 170,000-metre drill program across its assets, including an 85,000-metre discovery and emerging resource program in Nicaragua and an 85,000-metre resource growth and conversion program in Nevada;
  • Calibre launched its multiyear sustainability strategy.

Darren Hall, president and chief executive officer of Calibre, stated: "The integration of our Nevada assets continues Calibre's journey of creating shareholder value as the company solidifies its position as a diversified, Americas-focused, growing, mid-tier gold producer. I am very pleased with the teams first quarter performance, delivering a record 51,900 ounces, positioning the company well to deliver full-year consolidated guidance of 220,000 to 235,000 ounces. Q1 results included expected lower production from Pan resulting from fewer ounces placed in Q4 2021 and the shortened quarter due to the Jan. 12, 2022, transaction closing date.

"Additionally, we commenced leveraging the commercial strength of the consolidated entity with the successful negotiation of new Nevada drilling contracts which resulted in securing rigs for the full years program at approximately 20-per-cent favourable unit rates.

"We are well positioned to continue self-funding growth, exploration and mine development and with multirig exploration drill programs across each of our assets we remain committed to reinvesting to expand resources, make new discoveries and grow production organically."

Operating overview

Calibre completed the acquisition of Fiore Gold on Jan. 12, 2022, establishing the company as a multiasset, multijurisdictional gold producer. Calibre's Q1 production of 51,900 ounces was higher than expectation, positioning the company well to meet full-year gold production guidance of 220,000 to 235,000 ounces. Nicaraguan gold production is forecasted to increase quarter-over-quarter and is expected to be approximately 20 per cent higher in the second half of the year due to increased grades and mine sequencing. As a result, the company expects lower total cash costs and all-in sustaining costs during the second half of the year.

The company will continue to optimize its consolidated mine and process plans to maximize value from its integrated asset base.

Q1 2022 financial results and conference call details

First quarter financial results will be released after market close on Tuesday, May 3, 2022, and management will be hosting a conference call to discuss the results and outlook in more detail.

Date: Wednesday, May 4, 2022

Time: 10 a.m. (EDT)

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

Conference ID: 1776837

The live webcast can be accessed at the Calibre website under the events and media section under the investors tab. The live audio webcast will be archived and made available for replay at the Calibre website. Presentation slides that 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 officer of 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 is a Canadian-listed, Americas-focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Nevada and Washington in the United States, and Nicaragua. Calibre is focused on delivering sustainable value for shareholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, no debt, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities, Calibre will unlock significant value.

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