06:31:26 EST Mon 25 Jan 2021
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Calibre Mining Corp (2)
Symbol CXB
Shares Issued 330,275,208
Close 2021-01-12 C$ 2.15
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Calibre Mining produces 136,009 oz Au in 2020

2021-01-12 09:09 ET - News Release

Mr. Russell Ball reports


Calibre Mining Corp. has provided gold production for the fourth quarter and year ending Dec. 31, 2020 (all financial amounts in United States dollars).

Q4 and 2020 production and sales

  • Q4 production of 42,573 ounces and sales of 42,334 ounces of gold, respectively; and
  • 2020 production of 136,009 ounces and sales of 135,357 ounces of gold, respectively.

2021 production, sales and cost outlook

  • Gold production and sales of between 170,000 and 180,000 ounces;
  • Total cash costs of between $950 and $1,050 per ounce;
  • AISC (all-in sustaining costs) of between $1,040 and $1,140 per ounce.

Russell Ball, chief executive officer of Calibre, stated: "The team delivered a safe and strong fourth quarter to finish the year ahead of guidance and I am grateful for their dedication and focus during an exceedingly difficult year.

"Looking to the future, I am excited about the 30-per-cent production growth we expect to deliver in 2021 as we commence first ore deliveries from our Pavon Norte open-pit mine this month. With strong cash flow generation, we will be reinvesting in the business through an increased exploration budget and development of our Panteon and Atravesada underground mines, which are expected to commence ore deliveries before the end of the third quarter of 2021 and 2022, respectively.

"In addition, we have started the technical work and expect to commence drilling later this quarter at our now 100-per-cent-owned Eastern Borosi project. While not included as part of our August, 2020, multiyear outlook, I believe the Guapinol deposit represents the next opportunity for us to deploy our hub-and-spoke operating philosophy to generate significant value for all stakeholders."

2020 operating overview

                                      CONSOLIDATED OPERATING RESULTS
Description                        Q4 2020         Q3 2020         Q2 2020         Q1 2020            2020

Ore milled (tonnes)                501,228         506,748         197,082         524,099       1,729,157
Ore milled grade (g/t Au)             2.81            3.02            2.13            2.54            2.71
Au recovery (%)                       90.9            91.6            91.2            91.8            91.4
Gold production (ounces)            42,573          45,341           6,009          42,085         136,009
Gold sales (ounces)                 42,334          44,842           9,426          38,755         135,357

          Q4 2020 OPERATING RESULTS
Description                   Limon   Libertad

Ore milled (tonnes)         120,109    381,118
Ore milled grade (g/t Au)      5.48       1.97
Au recovery (%)                89.5       92.2
Gold production (ounces)     19,006     23,567
Gold sales (ounces)          18,872     23,463

2021 guidance


Gold production/sales:  170,000 ounces to 180,000 ounces

Total cash costs:  $950 per ounce to $1,050/ounce

AISC:  $1,040 per ounce to $1,140/ounce

Growth capital:  $35-million to $40-million

Exploration capital:  $14-million to $17-million

General and administrative:  $7-million to $8-million

Q4 and 2020 financial results and conference call details

The fourth quarter and 2020 financial results will be released after market close on Feb. 24, 2021, and management will be hosting a conference call to discuss the results and outlook in more detail.

Date:  Thursday, Feb. 25, 2021

Time:  10 a.m. EDT

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

Webcast link:  available on-line

Conference ID:  9476435

The live webcast can be accessed at the company's 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 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

Darren Hall, MAusIMM, senior vice-president and chief operating officer, 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 mill feed 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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