Iamgold Option - Eastern Borosi Project


Calibre Mining Corp. and IAMGOLD Corporation have signed an Option Agreement whereby IAMGOLD can earn a 51.0% interest and subsequently an additional 19.0% for a total of 70.0% interest in the Eastern Borosi Project (the "Project") consisting of 176 km2 within the Borosi Concessions, Northeast Nicaragua.

The Eastern Borosi Project hosts gold-silver resources in two deposits and a series of well defined low sulphidation epithermal gold-silver targets. To earn a 51.0% interest in the Project IAMGOLD must pay Calibre $450,000 and invest $5.0 million in exploration on the property over three years. Once vested at 51.0% IAMGOLD can elect to earn an additional 19.0% of the Project for a total of 70.0% by paying Calibre an additional $450,000 and by investing $5.0 million in exploration on the Project over a subsequent three year term.

IAMGOLD and Calibre are in agreement on the objectives for the initial 2014 - $1.5 million exploration program on the Eastern Borosi Project and diamond drilling is expected to commence in the near term. Previous work by Calibre has outlined a series of high priority drill targets including the existing Riscos de Oro and La Luna gold-silver deposits; the high grade Guapinol and Blag gold systems, as well as the La Sorpresa and El Paraiso gold targets. The Riscos de Oro and La Luna NI 43-101 Inferred Mineral Resources are tabled below and are open for expansion in all directions.

Map
Click Here for the IAMGOLD and Calibre Mining diamond Drill Plan map


On July 14, 2014 Calibre Mining and IAMGOLD commenced the 2014 3,400 metre Diamond Drill Program on the Eastern Borosi Gold-Silver Project, Nicaragua. Drilling began on the Guapinol Gold-Silver Target which has been prioritized based on previous exploration including; surface mapping, historic underground development and previous shallow drilling as well as soil and rock geochemistry and LIDAR surveying. At Guapinol surface channel sampling completed by Calibre include: 1.3 metres @ 21.0 g/t Au and 13.3 g/t Ag, and 0.9 metres @ 9.6 g/t Au and 108.0 g/t Ag.

The Eastern Borosi Project includes the Riscos de Oro and La Luna NI 43-101 Inferred Mineral Resources which total 4.70 million tonnes grading 2.31 g/t Au and 34.99 g/t Ag containing 350,000 ounces of gold and 5.29 million ounces of silver. Both zones are open for potential expansion. See Calibre News Release dated May 27, 2014 for details.