Calibre Delivers on Fourth Quarter 2019 Production and Costs; Reports Consolidated 2019 Financial Results

VANCOUVER, British Columbia, Feb. 18, 2020 (GLOBE NEWSWIRE) — Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) is pleased to announce financial results for the three and twelve months ended December 31, 2019. Full Financial Statements and Management Discussion & Analysis documents can be found at www.sedar.com and the Company’s website, www.calibremining.com. All figures are in United States dollars, unless otherwise stated.

FOURTH QUARTER 2019 AND 2019 HIGHLIGHTS

Delivered on cost guidance for the fourth quarter with all-in sustaining costs (“AISC”)¹ at El Limon, La Libertad and Consolidated at $928/oz, $889/oz and $959/oz, respectively;

Delivered on production guidance at El Limon with fourth quarter production of 15,440 ounces of gold;

Delivered on production guidance at La Libertad with fourth quarter production of 18,066 ounces of gold;

Cash generated from operating activities of $20.7 million for Q4 2019;

Net income per share of $0.01 for Q4 2019; Adjusted net income per share¹ of $0.04 for Q4 2019;

Ended 2019 with a cash balance of $32.9 million;

Completed an updated resource estimate for the development stage Pavon project, with a 318% increase in the indicated resource to 230,000 ounces of gold at an average grade of 5.16 g/t;

Commenced an initial $13 million, ~47,000 metre resource expansion and discovery drilling program;

Announced high-grade drill results from El Limon including: 18.65 g/t Au over 5.1m estimated true width; and

Announced high-grade drill results from Amalia including: 17.84 g/t Au over 7.0m estimated true width.

Russell Ball, CEO of Calibre stated: “Since closing the transaction with B2Gold in October 2019, I am very pleased with the team’s accomplishments including delivering on guidance with production of 33,506 ounces at AISC of $959/oz. We continue to see opportunities for improved efficiencies as we integrate the two operations to maximize the value from our combined asset base.

Our drilling program was accelerated in February 2020, with six drill rigs now active at La Libertad and El Limon. Recently released drilling results strengthen our belief in the resource expansion and discovery potential at La Libertad, the Amalia prospect and El Limon, which have produced over 5.2 million ounces of gold.

Our goals for 2020 are to continue to optimize and integrate our operations, deliver on 2020 production and cost guidance and exit the year debt free and with a robust treasury.”

SUMMARY OF CONSOLIDATED RESULTS