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Calibre Releases Multi-Year Production and Cost Outlook, including Initial Libertad Complex Preliminary Economic Assessment

VANCOUVER, British Columbia, Aug. 11, 2020 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (“Calibre” or the “Company”)(TSX: CXB; OTCQX: CXBMF) is pleased to announce its initial multi-year outlook (the “Plan”), which includes the initial Libertad Complex Preliminary Economic Assessment (“PEA”).  

The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.  All figures are expressed in United States dollars. 

LIBERTAD COMPLEX:  PEA HIGHLIGHTS                        

  • 2021 to 2023 annual average
    • Gold production:  120,000 ounces
    • All-In Sustaining Costs1 (“AISC”):  $906 per ounce
    • After-tax, free cash flow:  $69 million (at $1,800 gold)
  • 2021 to 2025 cumulative, after-tax free cash flow
    • $216 million at $1,500 gold
    • $319 million at $1,800 gold
  • Of the Mineral Resources reviewed for this plan, ~60% of the Indicated Mineral Resources and ~40% of the Inferred Mineral Resources were included in the PEA. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 
    • Additional technical studies (drilling, engineering, and mine design) are required to better understand the Mineral Resources excluded from the PEA
  • Exploration
    • No drilling results or data after December 31, 2018 are included
      • Other than Jabali and Panteon Underground have more current drilling results and a mid-2020 effective date
    • Near-mine and infill drilling programs designed to provide additional mill feed
  • 2021 to 2025 milling capacity
    • ~1,500,000 average annual tonnes of surplus mill capacity (installed, permitted and paid for)
    • Underpins potential for significant organic production growth in the near-term    


  • Average annual
    • Gold production:  50,000 – 70,000 ounces
    • AISC1:  $900 - $1,100 per ounce
  • Open Pit Probable Mineral Reserves (as at December 31, 2019)
    • 1.4 million tonnes grading 4.25 g/t gold containing 195,000 ounces mined in 2020-2023
  • Additional Open Pit Mineral Resources (as at December 31, 2019) have the potential to extend mine life through 2031
    • Open Pit Indicated Mineral Resources exclusive of Mineral Reserves
      • 0.5 million tonnes grading 4.29 g/t gold containing 62,000 ounces
    • Open Pit Inferred Mineral Resources
      • 3.8 million tonnes grading 5.49 g/t gold containing 679,000 ounces
  • 20,000-meter infill drilling program underway at Limon Open Pits
    • Anticipating majority of Inferred Mineral Resources will be upgraded to Indicated Mineral Resources when year-end 2020 reserves and resources are announced

Russell Ball, Chief Executive Officer of Calibre stated: “Since completing the acquisition of Limon and Libertad just ten months ago, we have made a number of changes that position us to deliver significant value through the implementation of our ‘hub-and-spoke’ operating philosophy.  With the increased investment in near-mine exploration and infill drilling, the recent restart of operations at Jabali underground, receipt of the development permit for Pavon Norte and additional Limon ore available, we have a number of opportunities in front of us to utilize more of the surplus mill capacity at our Libertad Complex.”

“The initial Libertad PEA provides a ‘snapshot’ into our view of the next three years based on the drilling data and mineral inventory we acquired from B2Gold last October.  We expect to provide an updated ‘snapshot’ of the multi-year outlook for both Limon and Libertad in the second quarter of 2021.”


The financial models in the PEA were prepared by SLR Consulting (Canada) Ltd. (formerly Roscoe Postle Associates Inc.) using a base case gold price of $1,500 per ounce.  The PEA includes metal price sensitivities detailed in the technical report which is expected to be published on in early September.

 Metal Price Sensitivities (2021 – 2025)
Gold Price Assumption ($/ounce)$1,500$1,800$2,000
Cumulative after-tax free cash flow$216$319$386



  2021 2022 2023 2024 2025Total
Milled (tonnes) 804,000 977,000 1,165,000 413,000 254,000  3,613,000
Grade (g/t) 5.18 4.06 

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