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Calibre Mining Corp (2)
Symbol CXB
Shares Issued 448,082,964
Close 2022-06-21 C$ 1.11
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Calibre expects 2023 Au production of up to 275,000 oz

2022-06-22 09:52 ET - News Release

Mr. Darren Hall reports


Calibre Mining Corp. has released a multiyear outlook of its forecast gold production, highlighting the company's 2023 and 2024 production increase.


  • 2023 consolidated production: 250,000 to 275,000 ounces: 15-per-cent increase over 2022;
  • 2024 consolidated production: 275,000 to 300,000 ounces: 25-per-cent increase over 2022;
  • 2023 to 2024 grade driven production growth in Nicaragua underpinned by the development of high-grade reserves, including Pavon Central and the Eastern Borosi project (EBP):
    • Pavon Central open pit (6.5-gram-per-tonne (g/t) gold reserve grade) development is expected early 2023 with:
    • Strong indications for resource expansion along Pavon Central south extension and Pavon South;
    • EBP open pit (6.8-gram-per-tonne Au reserve grade) development expected H2 2023;
  • The company's outlook does not yet include:
    • Federally approved Gold Rock project (2020 preliminary economic assessment (PEA)) 50,000-ounce-to-55,000-ounce annual production;
    • Volcan discovery (see news release dated June 8, 2021) located approximately five kilometres from the Libertad mill;
    • Tranca discovery (see news release dated Sept. 8, 2021) located approximately 10 kilometres from the Libertad mill;
    • New high-grade Panteon North discovery (see news release dated May 16, 2022) within the Limon complex;
  • 170-kilometre resource expansion and discovery drilling programs under way in Nevada and Nicaragua;
  • over one million tonnes per year (Mtpa) of excess milling capacity representing low capital intensity production upside.

Darren Hall, president and chief executive officer of Calibre, stated: "High-grade, open-pit reserves at Pavon Central (6.5 g/t Au) and Eastern Borosi (6.8 g/t Au) will fuel a 25-per-cent increase in consolidated production by 2024 leading to lower per ounce costs and increased margins. The effectiveness of our operating model to efficiently permit and develop satellite deposits by leveraging off the installed capacity at La Libertad will continue to result in high returns on invested capital.

"Additionally, drilling investment at the Pan mine in Nevada is expected to lead to mine life expansion and operational efficiencies while we advance the adjacent Gold Rock project to potentially add a second producing asset with the ability to double our Nevada production which is not yet included in this outlook.

"With $77.3-million in cash at the end of Q1 2022, no debt and strong cash flow from our producing assets, this reserve backed multiyear production outlook solidly positions Calibre to self fund additional, low-capital intensity growth initiatives while continuing to invest in value accretive exploration to support our future."

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 news release.

About Calibre Mining Corp.

Calibre Mining 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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