Mr. Russell Ball reports
CALIBRE MINING PROVIDES PARTIAL FOURTH QUARTER 2019 GUIDANCE: EXPECTS GOLD PRODUCTION OF BETWEEN 32,000 AND 35,000 OUNCES AT ALL-IN SUSTAINING COSTS(2) OF BETWEEN US$950 AND US$980 PER OUNCE
Calibre Mining Corp. has provided production and cost guidance for the period from Oct. 15, 2019, to Dec. 31, 2019, after completing the acquisition of the El Limon and La Libertad mines from B2Gold Corp., effective Oct. 15, 2019. As of the transaction close, Calibre has a strong balance sheet with approximately $45-million in cash and a multiasset production platform with significant near-mine, district-scale exploration potential.
Russell Ball, chief executive officer of Calibre, stated: "As anticipated, we are processing higher grade ore from the El Limon Central pit. In addition, at La Libertad processing of higher-grade ore from the recently developed Jabali Antenna open pit commenced in the fourth quarter."
Looking forward: "I am excited about the near-mine exploration opportunities at La Libertad, El Limon and the Pavon project. Drilling has already commenced at the Buenos Aires target at La Libertad, with expansion drilling at El Limon Central scheduled to begin in early November."
OCT. 15 TO DEC. 31, 2019, GUIDANCE (10 WEEKS)
Description El Limon La Libertad Total/average
Gold production (ounces) 14,000-17,000 17,000-20,000 32,000-35,000
AISC (U.S.$/oz) $950-$990 $930-$960 $950-$980
El Limon is expected to produce between 14,000 and 17,000 ounces of gold between Oct. 15 and Dec. 31, 2019, at all-in sustaining costs (AISC) between $950 (U.S.) and $990 (U.S.) per ounce. As per B2Gold's 2019 guidance, gold production was forecasted to be weighted toward the second half of 2019 as additional high-grade ore from the new El Limon Central open pit is processed. AISC were forecasted to decrease significantly in the second half of 2019 due to a combination of higher gold production and the timing of sustaining capital expenditures.
La Libertad is expected to produce between 17,000 and 20,000 ounces of gold between Oct. 15 and Dec. 31, 2019, at AISC between $930 (U.S.) to $960 (U.S.) per ounce. As per B2Gold's 2019 guidance, gold production was forecasted to be weighted toward the second half of 2019 as a result of processing higher-grade ore from Jabali Antenna. AISC were forecasted to decrease significantly in the second half of 2019 due to (i) higher gold production and (ii) the timing of sustaining capital expenditures related to the tailings storage facility expansion. As part of a continuing efficiency review, the company has idled one of the two ball mills reducing throughput to approximately 1.6 million tonnes per annum (Mtpa) (from 2.2 Mtpa), but at significantly higher margins.
The company intends to elaborate on its 2020 exploration plan during November, 2019. In addition, the company will provide 2020 production and cost guidance in early December, 2019.
Darren Hall, MAusIMM, MSME, senior vice-president and chief operating officer, Calibre Mining, is a qualified person as set out under National Instrument 43-101 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.
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