Advancement Continues At Monte Carmelo Gold Project

VANCOUVER, BC - Calibre Mining Corp. and B2Gold Corp. continue to advance the Joint Venture on the Borosi Concessions, Northeast Nicaragua.

Highlights: Fieldwork is focused on the Monte Carmelo Gold Project which is located north of the town of Rosita where geological mapping an auger rock-soil sampling has outlined skarn and structurally related gold mineralization over an area of 700 meters by 200-300 meters; Four lines of auger holes collecting 110 rock-soil samples were completed in Q4 2015 with results including: North-east -orientated Line TR1 average is; 105 meters grading 5.47 g/t Au, North-west -orientated Line NW1 average is; 47 meters grading 3.82 g/t Au, Line TR2 returned; 25 meters grading 1.38 g/t Au, samples in the central portion of Monte Carmelo gold project show a consistent >0.5 g/t Au gold anomaly that extends 370 m long and 35 to 100 m wide which remains open; Additional exploration including mapping as well as surface and auger sampling is on-going and is designed to expand and further define the Monte Carmelo Targets - Auger rock-soil samples were collected at 5 to 20 meter spacing along lines with average grades representing arithmetic averages of auger rock-soils collected along the lines

President and CEO, Greg Smith said, "The results of this recent auger sampling program by B2Gold are defining the source for the previously outlined gold in soil anomaly on the Monte Carmelo Gold Project. The good gold grades and consistent nature of the results are encouraging and the mineralization remains open. On-going work will test extensions to the currently defined zone as well as additional near-by zones in order to fully evaluate the potential of the Monte Carmelo Project."

Exploration in Q4 2015 at Monte Carmelo consisted of auger rock-soil sampling over the area of the previously defined gold in soil anomaly. A total of 110 samples in four lines which includes two NW-SE lines along the trend of the mineralization and two NE-SW lines crossing the mineralized trend. The samples in the main zone at Monte Carmelo show a consistent >0.5 g/t Au gold anomaly that extends 370 m long and 35 to 100 m wide. Additional auger sampling will be completed on the Monte Carmelo Main Zone area as well as in the Los Chontalenos garnet skarn to the east where local samples with gold anomalies are reported from previous sampling.

The close-spaced auger samples (rock-soils) were collected every 5 to 20 m along lines designed to test the consistency of the gold anomaly and to identify control to gold mineralization. Recent sampling has outlined zones of magnetite skarn with massive, semi-massive, bands (lamina) of magnetite-specularite in irregular NW-trending bodies that alternate with zones of garnet skarn. In general the zone of massive magnetite are found embedded in the garnet unit and are frequently intercalated with lamina and thin layers of garnet and lixiviated sulphides (boxworks) with hematite and limonite. A trend showing increasing massive pure magnetite in the direction of the contact with intrusive towards the north can be observed.

Assays for 114 samples were received (110 rock-soils and 4 rocks) taken in November and December. Of the 110 rock-soils analyzed 97 of them returned >0.1 g/t Au including 55 >0.5 g/t Au, 37 >1.0 g/t Au, 18 >2.0 g/t Au and 8>5.0 g/t Au with a high of 38.4 g/t Au. Gold shows a very good correlation with Bi and Te and a fair correlation with W, Fe, Mn and U. W is pretty high in most of the samples even without gold anomaly indicating more a Fe--W skarn mineralization classification for the main process.

The average grade of the mineralized zone along NE-orientated Line TR1 located in the upper part of the hill is 105 meters grading 5.47 g/t Au. In the same area in the western part of NW-orientated Line NW1 (W edge) the average is 47 meters grading 3.82 g/t Au. The mineralized zone along Line TR2 returned 25 meters grading 1.38 g/t Au. Note the average grades are the arithmetic averages of the auger rock-soils along the lines.

The results of the auger rock-soils show that the high-grade gold zone is semi-continuous along the NW trend 370 m long with an average width of 50 m (range 35 to 100 m) with some intercalations or lenses of low-grade rocks probably of reduced width made up mainly by massive magnetite and minor garnet skarn.

Results to date show a fairly well defined drill target in the upper and middle part of the hill while in the lower part of the area more auger sampling work is needed to better define the extent of the anomaly. Mineralization is interpreted to be controlled by a combination of structural and stratigraphic features. Stratigraphic control is more associated to true skarn mineralization in bands, lamina and dissemination of sulphides formed during the alteration of the host carbonatic rock and now irregularly hosted in the garnet, magnetite and hornfels. Structural features probably are controlling the intrusion and distribution of dikes and late formation of veinlet’s and thin veins.

Detailed exploration at Monte Carmelo is on-going and will continue to consist of close-spaced (10 m) auger sampling to be carried out in two lines in the southern-southeastern extension of the main zone. Three E-W orientated lines will be sampled in the Los Chontalenos area skarn 500 meters to the northeast of the currently sampled area.