Calibre Reports On Operations

VANCOUVER - Russell Ball, Chief Executive Officer of Calibre Mining Corp., said, “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.”

In March, 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 AISC2 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. The Company continues to advance the pre-feasibility study for the Pavon project, which is expected to be completed and filed the first quarter of 2021.