Calibre Mining Corp (CXB)

[ThSeeker]

Gold Production of Between 32,000 and 35,000 ounces

Calibre Mining Provides Partial Fourth Quarter 2019 Guidance: Expects Gold Production of Between 32,000 and 35,000 ounces at All-In Sustaining Costs(2) of Between US$950 and US$980

October 21, 2019

VANCOUVER, British Columbia, Oct. 21, 2019 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (“Calibre” or the “Company”)(TSX: CXB) is pleased to announce production and cost guidance for the period from October 15, 2019 to December 31, 2019 after completing the acquisition of the El Limon and La Libertad mines from B2Gold Corp. (“B2Gold”), effective October 15, 2019. As of the transaction close, Calibre has a strong balance sheet with approximately CDN$45 million in cash and a multi-asset production platfor­­m with significant near-mine, district-scale exploration potential.

Russell Ball, Chief Executive Officer of Calibre stated: “As anticipated, we are processing higher grade ore from the El Limon Central pit. In addition, at La Libertad processing of higher-grade ore from the recently developed Jabali Antenna open-pit commenced in the fourth quarter.”

Looking forward, “I am excited about the near-mine exploration opportunities at La Libertad, El Limon and the Pavon project. Drilling has already commenced at the Buenos Aires target at La Libertad, with expansion drilling at El Limon Central scheduled to begin in early November.”

El Limon

El Limon is expected to produce between 14,000 and 17,000 ounces of gold between October 15 and December 31, 2019 at all-in sustaining costs (“AISC”)(2) between US$950 and US$990 per ounce. As per B2Gold’s 2019 guidance, gold production was forecasted to be weighted towards the second half of 2019 as additional high-grade ore from the new El Limon Central open pit is processed. AISC were forecasted to decrease significantly in the second-half of 2019 due to a combination of higher gold production and the timing of sustaining capital expenditures(3).

La Libertad

La Libertad is expected to produce between 17,000 and 20,000 ounces of gold between October 15 and December 31, 2019 at AISC(2) between US$930 to US$960 per ounce. As per B2Gold’s 2019 guidance, gold production was forecasted to be weighted towards the second half of 2019 as a result of processing higher-grade ore from Jabali Antenna. AISC were forecasted to decrease significantly in the second-half of 2019 due to (i) higher gold production and (ii) the timing of sustaining capital expenditures related to the tailings storage facility expansion(3). As part of an ongoing efficiency review, the Company has idled one of the two ball mills reducing throughput to approximately 1.6 Mtpa (from 2.2 Mtpa), but at significantly higher margins.

The Company intends to elaborate on its 2020 exploration plan during November 2019. In addition, the Company will provide 2020 production and cost guidance in early December 2019.