Calibre Mining Reports Q4 2019 Gold Production; Delivers Operating Results In-Line with Guidance

VANCOUVER, British Columbia, Jan. 14, 2020 (GLOBE NEWSWIRE) — Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) today announced operating results for the period October 15, 2019 to December 31, 2019.

Q4 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. (“B2Gold”);

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 over-subscribed C$105 million equity financing;

Converted B2Gold’s US$10 million debenture to equity, making B2Gold our largest shareholder at 34%;

Completed an updated resource estimate for the development stage Pavon open-pit gold project, with a 318% 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 TSX Exchange, with average daily trading volumes of approximately 500,000 shares;

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

Strengthened the management team with the appointment of Mark Petersen as VP, Exploration.

Russell Ball, CEO of Calibre stated: “Our fourth quarter of 2019 was transformative as we transitioned the Company to a multi-asset 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.”

October 15, 2019 to December 31, 2019 Operating Summary

Operating Overview