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Calibre Mining Corp (2)
Symbol CXB
Shares Issued 327,940,547
Close 2020-01-13 C$ 0.93
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Calibre Mining produces 33,506 oz Au in Q4 2019

2020-01-14 07:45 ET - News Release

Mr. Russell Ball reports


Calibre Mining Corp. has released its operating results for the period Oct. 15, 2019, to Dec. 31, 2019.

Fourth quarter 2019 highlights:

  • Transformed Calibre from a junior exploration company into an immediate gold producer through the acquisition of the El Limon and La Libertad gold mines, the Pavon gold project, and a number of prospective exploration concessions in Nicaragua from B2Gold Corp.;
  • Delivered on guidance at both El Limon and La Libertad with production of 15,440 and 18,066 ounces of gold, respectively; consolidated total of 33,506 ounces of gold;
  • Completed an oversubscribed $105-million equity financing;
  • Converted B2Gold's $10-million (U.S.) debenture to equity, making B2Gold the company's largest shareholder at 34 per cent;
  • Completed an updated resource estimate for the development-stage Pavon open-pit gold project, with a 318-per-cent increase in the indicated resource to 230,000 ounces at an average gold grade of 5.16 g/t;
  • Graduated from the TSX Venture Exchange to the Toronto Stock Exchange, with average daily trading volumes of approximately 500,000 shares;
  • Commenced an initial $13-million (U.S.), 47,000-metre resource expansion and discovery drilling program;
  • Strengthened the management team with the appointment of Mark Petersen as vice-president, exploration.

Russell Ball, chief executive officer of Calibre, stated: "Our fourth quarter of 2019 was transformative as we transitioned the company to a multiasset producer, while successfully delivering on our production guidance. As we begin 2020, we look to continue delivering quality, high-margin gold production, driven by increased, high-grade, open-pit ore being mined at Limon Central. In addition, our discovery drilling and resource expansion programs will ramp up significantly as we expect to have six drill rigs turning by the end of January, with four focused at La Libertad. In my opinion, the extension of mine life at La Libertad represents the most compelling near-term, value creation opportunity for Calibre."

            OCT. 15, 2019, TO DEC. 31, 2019, OPERATING SUMMARY
Description                      El Limon      La Libertad       Consolidated

Ore milled (tonnes)               100,221          353,254            453,475
Ore milled grade (g/t Au)            5.74             1.74               2.62
Recovery (%)                         91.3             96.4               94.0
Gold production (ounces)           15,440           18,066             33,506

Operating overview

El Limon

El Limon delivered on guidance by producing 15,440 ounces of gold. Production resulted from processing 100,221 tonnes at an average grade of 5.74 grams per tonne with average recoveries of 91.3 per cent. Ore was mined from the new high-grade Limon Central open pit and the Santa Pancha underground mine, where positive grade reconciliations continue.

La Libertad

La Libertad delivered on guidance by producing 18,066 ounces of gold. Production resulted from processing 353,254 tonnes at an average grade of 1.74 g/t with average recoveries of 96.4 per cent. The mine plan was resequenced due to the temporary suspension of blasting activities at the Jabali underground mine, although no change is expected to the previously announced 2020 production guidance of between 70,000 and 75,000 ounces.

The government continues to make progress with the relocation of households in the nearby community of Santo Domingo affected by the artisanal mining driven ground instability issue. The company is working closely with the government and community to ensure a safe and responsible resolution. Mining at the Jabali open pit remains unaffected.

Cash position

At Dec. 31, 2019, the preliminary cash balance was $32.9-million (U.S.).

2019 financial earnings results and conference call details

2019 financial results will be released on Feb. 18, 2020, after market close. Management will be hosting a conference call to discuss the 2019 results and the outlook for 2020 on Feb. 19, 2020, at 10 a.m. Eastern Daylight Time.

When:  Wednesday, Feb. 19, 2020, at 10 a.m. EDT

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

Conference ID:  4337098

Please join the conference call at least five minutes early to register. The live webcast can be accessed at the company's website in the events and webcast section under the investor relations tab.

The live audio webcast will be archived and made available for replay at the company's website.

Presentation slides which 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

Darren Hall, MAusIMM, MSME, senior vice-president and chief operating officer, Calibre Mining, 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 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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