PROJECTS

Overview

The historic Rosita open pit copper-gold mine is located in the town of Rosita, within Calibre's 100% owned Borosi concessions of northeast Nicaragua. Formal mining in the area dates back to 1906 with total historic production from the mine estimated at 305 million pounds of copper, 177,737 ounces of gold, and 2,629,720 ounces of silver from 5,924,572 tons of ore. Average historic grades from the mine were calculated at 2.06% Cu, 0.925 g/t Au, and 15.08 g/t silver (Arengi, 2002).

The town of Rosita is located in the Region Autonoma Atlantico Norte (RAAN) province of northeastern Nicaragua, and lies within the historic mining triangle (Triangulo Minero). Mines located here (Siuna-Bonanza-Rosita) are estimated to have produced more than 5 Moz of gold, 4Moz of silver and 305 Mlbs of copper (Arengi, 2002).

Calibre has executed an option agreement with Alder Resources Ltd. (TSX-V: ALR) ("Alder") whereby Alder can earn a 65% interest in the 3,356 hectare Rosita D concession (the "Property") located within Calibre's 100%-owned Borosi concessions in northeast Nicaragua. Located within the Property is the historic Santa Rita open pit copper-gold mine and the Bambana copper-gold prospect. Under the terms of the option agreement, Alder can earn a 65% interest in the Rosita D concession by expending a total of CDN$4.0 million on exploration and other work on the Property and by issuing to Calibre a total of 1,000,000 common shares of Alder over a 4 year period. Alder will be acting as the project operator for all work conducted on the Property during the option period with the first year exploration commitment being CDN$500,000. Upon Alder earning a 65% interest in the Property a joint venture will be formed with Calibre and Alder being responsible for their pro-rata share of all subsequent project expenditures. The option agreement is subject to a 45 day due diligence period by Alder from the date of execution of the agreement.




Exploration at Rosita

Calibre recently completed the following;

• 156 metres of trenching (71 saw-channel rock samples)
• 31 surface rock samples
• 1:1000 scale geologic mapping

Initial sampling results from the historic Santa Rita open pit confirms the potential to locate additional copper and gold mineralization in the vicinity of this former producer. Calibre's initial findings will be compared to historical data and used to prepare a larger pit bench sampling program including sampling of the old mine dumps, stockpiles and tailings sites.

A total of 71 rock samples were collected from 17 trenches on the north and south sides of the Santa Rita open pit. The most significant results were from trench STR11-002 which returned 1.06 g/t Au, 0.96% Cu and 9.33 g/t Ag over 12.0 metres. A summary of the other significant results are listed in the table below.




In addition to the trenching program, 31 surface rock samples were collected during the initial mapping phase of the program. The samples were collected from areas north and south of the historic open pit. Of the 31 samples collected 15 samples returned gold values greater than 1.0 g/t Au and up to 5.36 g/t Au (B11R3087). In addition, 25 of the 31 samples returned values greater than 0.4% Cu with the best sample containing being 1.87% Cu (B11R3081). The table below summarizes the most significant rock samples collected during this recent program.