VANCOUVER, British Columbia, Dec. 04, 2019 (GLOBE NEWSWIRE) – Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) is pleased to provide 2020 production and cost guidance; all dollar amounts are expressed in US dollars.

Calibre is expecting 2020 consolidated gold production of between 140,000 and 150,000 ounces at Total Cash Costs1 of between $840 and $890 an ounce, with All-In Sustaining Costs2 of between $1,020 and $1,060 per ounce. Calibre is expected to generate significant operating cash flows that will allow it to reinvest aggressively in resource expansion and discovery drilling, advancing the high-grade Limon Central open-pit, and progressing the Pavon gold project as a satellite ore source for the La Libertad mill.

Russell Ball, Chief Executive Officer of Calibre stated: “I look forward to the first full year of operations at El Limon and La Libertad under Calibre management. With significant operating cash flow generation, we are investing in our operations to add value for all stakeholders through the drill-bit and by focusing on extending the mine life at La Libertad.”

2020 Production and Cost Guidance


El Limon La Libertad Consolidated
Gold Production (ounces) 70,000 - 75,000 70,000 - 75,000 140,000 - 150,000
Total Cash Costs ($/ounce)(1) $740 - $780 $930 - $970 $840 - $890
AISC ($/ounce)(2) $875 - $925 $1,050 - $1,100 $1,020 - $1,060
Growth Capital ($ million) $14 - $16 $10 - $12 $24 - $28
Near-Mine Drilling ($ million) $3 - $4 $9 - $10 $12 - $14
G&A ($ million) N/A N/A $6 - $7

Calibre is significantly investing in operations through the drill bit and will have a total of six drills turning by the end of January 2020.

Qualified Person

Darren Hall, MAusIMM, MSME, SVP & Chief Operating Officer, Calibre Mining Corp. is a “qualified person” as set out under NI 43-101 has reviewed and approved the scientific and technical information in this press release.

ON BEHALF OF THE BOARD

“Russell Ball”