Calibre Mining Reports Strong Third Quarter Gold Production

Cash on hand at Quarter End Increased by 124% to $56 million

Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) announced summary results for the quarter ended September 30, 2020 (all amounts in United States dollars).

Q 2020: Summary/ Highlights

  • Gold production45,341  ounces
    • Libertad mill: 23,262 ounces
    • Limon mill: 22,079 ounces
  • Gold sales44,842  ounces
  • Cash on hand: $5 million
    • Represents a $31 million increase from June 30, 2020
  • Received approvals and commenced development of the Pavon Norte open pit mine
    • Initial ore deliveries to the Libertad mill expected in the first quarter of 2021
    • Utilizing Company’s “Hub-and-Spoke” operating philosophy
  • Announced multi-year production and cost outlook
    • Libertad (2021-2023 average)
      • Gold production: 120,000 ounces
      • All-In Sustaining Costs (“AISC” ): $906/ounce
    • Limon (2021-2031)
      • Gold production: 50,000 – 70,000 ounces
      • AISC : $900 – $1,100/ounce
  • Acquired remaining 70% interest in Eastern Borosi Project from IAMGOLD
    • Inferred Resource 
      • 4.4 million tonnes averaging 4.93 g/t Au and 80 g/t Ag
      • Containing 700,500 ounces of Au and 11.3 million ounces of Ag
    • Located approximately 400 km by road from the Libertad Complex
  • High-grade drill results reported at Limonincluding
    • 149.4 g/t Au over 4.8 metres at Panteon underground
    • 7.21 g/t Au over 7.6 metres at Limon open pit
  • Ongoing 80,000 metre drilling program
    • Combination of infill, resource expansion and discovery drilling
    • 14 drill rigs currently active

Russell Ball, Chief Executive Officer of Calibre, stated: “Production of 45,341 ounces clearly demonstrates the benefits of our ‘Hub-and-Spoke’ operating philosophy. The drilling program has ramped up to fourteen rigs with a focus on targets that could quickly translate into organic growth and free cash flow, given our surplus processing capacity at Libertad. With the consolidation of the Eastern Borosi Gold Project, which hosts 700,500 ounces of gold, the focus there has shifted from a stand-alone operation that had to carry in excess of $100 million in CAPEX, to considering the Eastern Borosi as the next satellite pit for the Libertad complex.”

Operating Overview

On March 25, 2020, the Company temporarily suspended operations and withdrew its original 2020 guidance because of the COVID-19 pandemic. On June 10, 2020, Calibre announced a phased restart of operations and at that time provided revised 2020 guidance of between 110,000 and 125,000 ounces of gold production at Total Cash Costs of between $880 – $920 and AISC of between $1,070 – $1,100 an ounce, respectively.

Calibre completed the preliminary economic assessment (multi-year outlook) for Libertad during the quarter and filed the technical report on SEDAR on September 16, 20201. The Company continues to advance the pre-feasibility study for the Pavon project, which is expected to be completed and filed on SEDAR during the first quarter of 2021.

Consolidated Operating Results

DescriptionQ 2020 Q2 2020 Q1 2020 YTD 2020 
Ore Milled (tonnes)506,748197,082524,0991,227,929
Ore Milled Grade (g/t Au)3.022.132.542.67
Au Recovery (%)91.6%91.2%91.8%91.7%
Gold Production (ounces)45,3416,00942,08593,435
Gold Sales (ounces)44,8429,42638,75593,023

Q 2020  Operating Results

DescriptionLimonLibertad
Ore Milled (tonnes)126,683380,065
Ore Milled Grade (g/t Au)5.732.11
Au Recovery (%)90.1%93.0%
Gold Production (ounces)22,07923,262
Gold Sales (ounces)21,85522,987

About Calibre Mining Corp.

Calibre Mining is a Canadian-listed gold mining and exploration company with two 100%-owned operating gold mines in Nicaragua. The Company is focused on sustainable operating performance and a disciplined approach to growth.

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