PROJECTS

Overview

NI 43-101 Inferred resource totaling 835,450 ounces gold and 4,288,070 ounces silver
In February 2011 Calibre announced new gold and silver resources for the 100% owned Cerro Aeropuerto and La Luna deposits. Wardrop, a Tetra Tech company ("Wardrop"), has completed a review of both deposits and calculated National Instrument 43-101 ("NI 43-101") compliant, inferred resource totaling 835,450 ounces of gold and 4,288,070 ounces of silver (903, 000 ounces of gold equivalent).

	Tonnes and Grade				Total Contained Metal
Deposit	Tonnes	Gold	Silver	Au Eq*	Gold	Silver	Gold	Silver	Au Eq*
		(g/t)	(g/t)	(g/t)	(grams)	(grams)	(ounces)	(ounces)	(ounces)
Cerro Aeropuerto	6,052,000	3.64	16.16	3.89	22,013,480	97,804,750	707,750	3,144,500	757,000
La Luna	2,539,000	1.56	14.01	1.78	3,972,160	35,568,870	127,700	1,143,570	146,000
						Total	835,450	4,288,070	903,000

* Au Eq cutoff equivalent calculated using Wardrop's estimated gold price of US$1058/oz and silver price of US$16.57 per ounce.
** Mineral resources that are not mineral reserves do not have economic viability

Large land package in strategic location
Calibre has a 100% interest in the Borosi gold-copper concessions consisting of 86,700 hectares of contiguous mining and exploration concessions in the highly prolific but underexplored Mining Triangle ("Golden Triangle") in northeastern Nicaragua. The Borosi concessions are named after the three historical producing regions -- Bonanza, Rosita and Siuna. The concessions are located approximately 230 kilometres northeast of the capital city of Managua and 80 kilometres west of the port town of Puerto Cabezas. Three small towns (Siuna, Rosita and Bonanza) are located within the concessions.

Borosi located in historic Mining Triangle of Nicaragua
The Mining Triangle of Nicaragua is one of the most prolific mining districts of Central America. Historical production in the Mining Triangle district is estimated* at over:

• 5 million ounces gold
• 4 million ounces silver
• 305 million lbs copper

Two major historic mines operated on the Borosi concessions as recently as the early 1980s -- the La Luz-Siuna gold mine and Santa Rita copper mine. The La Luz-Siuna mine produced approximately 2.3 million ounces of gold and the Santa Rita mine produced approximately 350 million pounds of copper from skarn deposits*. A number of smaller past producers are also located on the Borosi concessions including the La Luna, Riscos de Oro and Blag historic mines.

Gold is currently produced at the Bonanza gold mine. Calibre's concessions in the Bonanza district are contiguous claims surrounding the Bonanza mine, which is owned and operated by a private, arms-length company. The Bonanza mine has produced over 2.6 million ounces of gold from low-sulphidation epithermal veins since 1939*.

Potential for two major types of mineral deposits
The Borosi concessions have has the potential to host two major types of mineralization:

• Low sulphidation epithermal veins (gold and silver)
• Skarns and associated porphyry mineralization (gold and copper)

Numerous mineral prospects and projects located within four camps
The Borosi concessions are subdivided into four regional camps based on the dominant geology and type of mineralization:

• Eastern Epithermal camp
• Rosita camp
• Bonanza camp
• Siuna camp

Calibre has over 20 mineral prospect and projects that have the potential to host significant gold, silver and copper mineralization.

Comprehensive grassroots and target delineation work
The initial grassroots and target delineation exploration program focused on the Eastern Epithermal (Riscos de Oro), Rosita (Primavera), Siuna and Bonanza camp and has accomplished the following to date:

• New gold and silver resources totaling 835,450 ounces of gold and 4,288,070 ounces of silver on the 100% owned Cerro Aeropuerto and La Luna Deposits
• 7,500 metres of diamond drilling
• 1:10,000 scale mapping over 7,100 hectares
• 1,397 lithology point stations collected
• Assayed over 1,500 rock samples
• Collected over 7,000 soil samples
• 1,350 metres of trenching
• Outlined new epithermal veins from rock and soil sampling
• Outlined potential skarn/porphyry mineralization
• Completed surveying and reconnaissance mapping over much of the concessions

Regional geology at Borosi
Basement rocks in the region consist of northeast trending interbedded sequences of limestone, (calcareous) mudstone, and greywacke of the Early Cretaceous Todos Santos Formation. These units host most of the reported skarn mineralization. Sedimentary rocks may be locally interbedded with pre-Matagalpa andesitic tuffs and flows of Cretaceous age. Near continuous volcanism from the late Cretaceous to mid-Tertiary resulted in the intrusion of numerous felsic to intermediate composition stocks, plugs and dikes with a dominant northeast orientation. Porphyry style mineralization is reported in some of these intrusions. The associated Matagalpa andesitic to basaltic volcanics and pyroclastics are widely distributed through the region and host most of the low-sulphidation style epithermal mineralization.

Calibre as operator at Borosi
Calibre purchased a 100% interest in the Borosi concessions from Yamana Gold in July 2009 and subsequently entered into a joint venture agreement with B2Gold to further explore and develop the project. Under the terms of the agreement, B2Gold may earn a 51% interest in the Borosi concessions by completing C$8 million of exploration expenditures over a three year period. In September 2009, the Management Committee approved a C$2.5 million exploration program for the Borosi concessions, with Calibre acting as operator.

On October 20, 2010, Calibre and B2Gold Corp. reported that the area of interest covering the Borosi option agreement will be reduced from its existing 710 sq kilometres to 322 sq kilometres, covering highly prospective grass roots gold prospects in the Rosita and Eastern Epithermal Districts. As a result, Calibre has secured a 100% interest in the past producing La Luz Gold Mine and Rosita Copper-Gold Mine, the high grade gold and silver Riscos de Oro project, the newly discovered extension of the La Luna gold vein system, and the on-strike extensions of the Bonanza Group of Gold Mines. Concession areas that remain under the option agreement will be subject to B2Gold earning a 51% interest in by completing C$8 million in expenditures over an amended 5 year term. B2Gold may elect to carry an individual prospect within the amended concession area through to a Preliminary Economic Assessment for an additional 14% interest in the prospect. To date, C$2.9 million have been expended on the concessions in fulfilment of the year one option agreement obligations. A map of the area is provided below.

* Historical production from (Arengi 2002).