Significant Progress Advancing Eastern Borosi High-Grade Mining

VANCOUVER - Calibre Mining Corp., President and CEO, Darren Hall, reported that, “Calibre’s hub-and-spoke operating strategy continues to deliver strong quarter over quarter performance at our Limon and Libertad operations. Year to date, we have produced 88,958 ounces and are on track to meet the high-end of production guidance. With an anticipated increase in processing head grade in the second half of 2021 due to mine sequencing, combined with lower growth capital expenditures, we anticipate lower production costs in H2/2021 generating strong free cash flow.  

We continue to make excellent progress at EBP, where infill drilling, surface rights acquisition and environmental work is progressing ahead of schedule positioning the project to expand our hub-and-spoke operating strategy. Infill drilling at EBP continues to meet our expectations and I look forward to the commencement of resource expansion and discovery drilling along multiple kilometers of already defined vein structures.”

The Company produced 43,506 ounces of gold in the second quarter of 2021 from a total of 461,843 tonnes processed at a grade of 3.11 g/t at a recovery of 93.4%. The Limon mill processed 127,465 tonnes at a grade of 4.06 g/t and a recovery of 89.6% producing 15,767 ounces. The Libertad mill processed 334,378 tonnes at a grade of 2.74 g/t and a recovery of 95.5%, producing 27,739 ounces.

During the quarter, the Company continued its gradual ore haulage increase from its newest “mining spoke”, Pavon Norte, to 550 tonnes per day, 57% higher than the first quarter of operation and well on track to meet our target of 1,000 tonnes per day by the end of 2021. Higher recoveries at the Libertad mill offset lower feed grades driven by higher than expected spent ore volumes. At the Limon Complex, as planned, mining in lower grade parts of the pit were offset by higher grades from Panteon as first ore production came online during the quarter.