VANCOUVER, British Columbia, March 29, 2021 (GLOBE NEWSWIRE) – Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to announce the results of the Company’s updated Mineral Reserves and Mineral Resources at our El Limon and La Libertad mining complexes in Nicaragua as of December 31, 2020. Calibre’s 202% increase in Mineral Reserves supports a strong foundation for a multi-year “Hub-and-Spoke” production and growth strategy. With the largest Mineral Reserve base in the last 10 years, and the highest reserve grade on record, we have increased confidence in our ability to generate strong cash flow providing a platform to fund organic growth .
100% Owned Mineral Reserves and Mineral Resources highlights:
202% increase in Mineral Reserves to 864,000 ounces since year-end 2019 and after 2020 depletion;
Largest Mineral Reserve since 2010 with the highest grade on record, 4.49 g/t Au;
296,000 ounce increase in Libertad Mineral Reserves, from zero at year-end 2019;
137% increase in Limon Open Pit Mineral Reserves after depletion;
Total Indicated Mineral Resources of 1,532,000 ounces;
Total Inferred Mineral Resources of 1,314,000 ounces;
New discoveries at Atravesada and Panteon during 2020; and
60,000 metre, exploration and resource growth drilling program underway.
Darren Hall, President and CEO, stated: “Our investment in exploration in 2020 has resulted in the largest Mineral Reserve since 2010 and the highest reserve grade of 4.49 g/t Au on record which provides an excellent foundation for future growth. I am very pleased with how the team has integrated our assets utilizing our ‘Hub and Spoke’ operating model and positively exceeded production and cost guidance in our first full year of operation.”
“These assets have produced over 5 million ounces and yet during 2020 we discovered two new zones at Limon demonstrating the continued upside discovery potential from this long lived and prolific epithermal gold district. With the largest Mineral Reserve base in a decade and a 60,000-metre discovery and resource expansion drilling program underway, Calibre is well positioned to execute and expand our multi-year ‘Hub-and-Spoke’ operating model including advancing satellite sources like our Eastern Borosi Project in northeastern Nicaragua.”
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