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2020-07-07

Calibre Reports Second Quarter Production; Successful Restart with Operations Back to Steady-State Production

VANCOUVER, British Columbia, July 07, 2020 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) today announced operating results for the three months ended June 30, 2020 and reported cash on hand at quarter-end (all amounts in United States dollars).

Q2 2020 Highlights

  • Commenced phased restart of operations after a 10-week suspension
    • Produced 6,010 ounces of gold
    • Sold 9,426 ounces of gold
  • Issued revised 2020 guidance
    • 110,000 to 125,000 ounces of gold production
    • Total Cash Costs(1) of between $880 and $920 per ounce
  • Ended the second quarter with cash on hand of $25.0 million
  • High-grade drill results reported from Panteon, including
    • 17.96 g/t Au over 4.4 metres
    • 17.77 g/t Au over 10.8 metres
  • High-grade drill results reported from Jabali Underground, including
    • 23.46 g/t Au over 3.3 metres
    • 10.27 g/t Au over 3.9 metres
  • Increased the exploration drilling program by 30%
    • From 47,000 to 60,000 metres
  • Initiated an unbudgeted 20,000-metre infill drilling program
    • Targeting a significant increase in indicated resources as at year-end 2020

Russell Ball, Chief Executive Officer of Calibre, stated: “As previously announced, Calibre initiated a phased restart of operations after a 10-week suspension with enhanced health and safety protocols. The team utilized the temporary suspension effectively by adding key senior management, advancing permitting and technical studies, and progressing a supply chain management review.”

Operating Overview

As announced on March 25, 2020, the Company temporarily suspended operations and withdrew its 2020 guidance as a result of the COVID-19 pandemic.  Upon suspension, Calibre implemented health and safety protocols, personnel training and increased community education and support. The Company continues preventative communication campaigns while working closely with communities, the Ministry of Health, employees and contractors in an effort to minimize further spread of the pandemic. 

On June 10, 2020, Calibre announced a phased restart of operations and on June 24, 2020 provided revised 2020 production and cost guidance. 

Calibre continues to advance the preliminary economic assessment (multi-year outlook for Libertad) and pre-feasibility study for the Pavon project.  The technical studies are expected to be completed and filed on SEDAR during the third and fourth quarters, respectively.             

             

            Consolidated Operating Results

 DescriptionQ2 2020 Q1 2020 YTD 2020 
Ore Milled (tonnes)197,082 524,100 721,182 
Ore Milled Grade (g/t Au)2.13 2.54 2.43 
Au Recovery 91.2%91.8%91.7%
Gold Production (ounces)6,010 42,085 48,095 
Gold Sold (ounces)*9,426 38,755 48,181 

            Q2 2020 Operating Results

DescriptionLimon Libertad 
Ore Milled (tonnes)50,805 146,277 
Ore Milled Grade (g/t Au)3.85 1.54 
Au Recovery 90.4%91.9%
Gold Production (ounces)2,837 3,173 
Gold Sold (ounces)*5,003 4,423 

   *Includes incremental ounces produced from Veta Nueva.

Q2 2020 Financial Results and Conference Call Details

The second quarter 2020 financial results will be released after market close on August 11, 2020, and management will be hosting a conference call to discuss the results and outlook in more detail. 

Date:Wednesday, August 12, 2020
Time:11:00 a.m. (EDT)
Dial-in:+1 (866) 221-1882 or +1 (470) 495-9179 (International)
Conference ID:1374076


The live webcast can be accessed at www.calibremining.com in the Events and Media section under the Investors tab.  The live audio webcast will be archived and made available for replay at www.calibremining.com.  Presentation slides which will accompany the conference call will be made available in the Investors section of the Calibre website under Presentations, prior to the conference call.

Qualified Person

Darren Hall, MAusIMM, SVP & Chief Operating Officer, Calibre Mining Corp. is a “qualified person” as set out under NI 43-101 has reviewed and approved the scientific and technical information in this press release.

ON BEHALF OF THE BOARD

“Russell Ball”

Russell Ball
Chief Executive Officer

For further information, please contact:

Ryan King
Vice President, Corporate Development & IR
Calibre Mining Corp.
T: 604.628.1010
E: calibre@calibremining.com
W: www.calibremining.com

About Calibre Mining Corp.

Calibre Min...

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