Calibre Continues to Advance Exploration Targets on 100% Owned Projects within the Borosi Concessions, Nicaragua

15 nov. 2012

Vancouver, British Columbia: Calibre Mining Corp. (TSX-V: CXB) (the "Company" or "Calibre") is pleased to provide a further update on the exploration programs directed at the Company's 100% owned projects on the Borosi Concessions, northeast Nicaragua.

Calibre controls a 100% interest in 511.1 km2 of prospective gold, silver and copper mineral concessions in northeast Nicaragua that include the Cerro Aeropuerto, La Luna and Riscos de Oro Gold-Silver Deposits that host a combined NI43-101 Inferred Resource at a 0.6 g/t AuEq cut-off of 10,750,000 tonnes grading 3.06 g/t Au and 24.38 g/t Ag containing 1,057,000 oz Au, 8,430,000 oz Ag (see Calibre news release dated September 5, 2012).

Additionally, Calibre has joint venture exploration programs underway:

  1. with Alder Resources Ltd. on the 33.6 km2 Rosita Gold-Copper-Silver Project; and

  2. with B2Gold Corp. on 322.3 km2 which includes the Primavera Gold-Copper Porphyry Project and surrounding exploration concessions.

Calibre exploration programs on the 100% owned projects have been on-going throughout 2012 and include advancement of both the:

  1. 100% owned Eastern Epithermal Gold-Silver District which includes the Riscos de Oro and La Luna gold-silver deposits as well as the Blag Gold Project; and

  2. 100% owned Western Siuna Gold-Silver District which includes the past producing La Luz gold mine, Cerro Aeropuerto gold deposit and extensive underexplored exploration targets.

President and CEO, Greg Smith stated, "Calibre continues to advance our 100% owned porphyry, skarn and epithermal vein gold-silver projects on the Borosi concessions. Follow-up trenching after an extensive LiDAR laser topographic mapping program has resulted in the discovery of a number of new epithermal vein gold mineralized zones with trench assays including 4.50 m grading 2.67 g/t Au at the Blag Gold Project and 2.60 m grading 2.23 g/t Au at the Riscos de Oro Deposit trend. In addition, a recent stream sediment survey at the newly recognized Cerro La Virgen Porphyry-Skarn target has returned a number of samples containing visible gold with stream sediment samples of up to 1.605 g/t Au being returned. Soil and rock sampling and trenching of the most prospective gold-silver targets is on-going."

Eastern Epithermal Gold-Silver District is in the north-eastern portion of the Borosi Concessions and contains the Riscos de Oro and La Luna Gold Deposits as well as the Blag Gold Project. Highlights of recent advancement include:

  1. Completion of the initial National Instrument 43-101 Inferred Resource Estimate at Riscos de Oro at a cut off grade of 0.6 g/t AuEq of 2,159,000 tonnes grading 3.20 g/t Au and 59.67 g/t Ag (4.14 g/t AuEq) containing 222,300 oz Au and 4,142,000 oz Ag (287,100 oz AuEq.) (see news release September 5, 2012);

  2. Follow-up detailed soil and rock sampling has been completed on structural targets; and

  3. Trenching of high priority structural targets including: Blag, the Riscos de Oro extension, El Paraiso, and at Okonwas.

Calibre is now advancing the Blag Gold Project with a program of trenching on high priority structural and geochemical targets. Work to date has outlined two structural trends, each approximately 500 to 700 metres in length: the Santos Trend and the Blag Vein Swarm. Trenching is ongoing on other targets defined by LiDAR laser topographic mapping survey's with coincident anomalous gold soil geochemistry.

Previous trenching by Calibre on the Santos Trend returned:

Trench ID From (m) To (m) Interval (m) Au (pm) Ag (ppm)
BTR10-032 10.2 13.0 2.80 4.30 1.90
BTR10-033 0.0 4.5 4.50 2.67 4.40
BTR10-025 5.8 18.4 12.60 0.63 1.30
BTR10-034 7.1 13.5 6.40 1.21 1.10

A total of 19 trenches (482m) have been completed in 2012 at Blag and recent results include:

Trench ID From (m) To (m) Interval (m) Au (pm) Ag (ppm)
BTR12-072 6 8 2 0.19 3.88
BTR12-073 12.55 15 2.45 0.59 0.5
BTR12-074 21 31 10 0.2 1.31
BTR12-075 12.75 13.55 0.8 1.57 0.8
BTR12-076 1.6 2.2 0.6 0.21 4.7
5.5 7.55 2.05 0.21 22.1
9.25 11.6 2.35 0.13 13.9
BTR12-077 5.75 6.6 0.85 1.21 0.7
12 12.7 0.7 0.5 74.4
BTR12-078 1 3 2 0.24 2.2
14 16 2 0.43 8.55
17 19 2 0.85 121
17 18 1 1.6 190
BTR12-079 11 18.5 7.5 0.63 0.33
22 23.45 1.45 1.76 0.2
31.15 32.5 1.35 0.27 1.5
BTR12-080 11.5 12.3 0.8 0.12 0.1
BTR12-081 No significant anomalies
BTR12-082 12.6 15.7 3.1 0.37 0.13

Trenching at the 7.0 km long Riscos de Oro regional trend (5 trenches totalling 189.3m) has tested extensions to the existing resource area as well as parallel zones, with recent results including:

Trench ID From (m) To (m) Interval (m) Au (pm) Ag (ppm)
BTR12-083 0 30.3 30.3 0.12 0.1
0 10.5 10.5 0.16 0.1
16.5 30.3 13.8 0.13 0.1
BTR12-084 19.5 23 3.5 0.3 0.1
21 21.8 0.8 0.58 0.1
BTR12-085 4 6.6 2.6 2.23 0.53
5 6 1 4.03 1
10.7 13 2.3 1.06 0.21
11.4 12 0.6 1.71 0.4

Western Siuna Gold-Silver-Copper District is in the south-western portion of the Borosi Concessions and contains the Cerro Aeropuerto Gold-Silver Deposit as well as the past producing La Luz Gold Mine. Recent exploration has also included an extensive regional program on a large land package located along trend from the known mineralized zones. Highlights of recent advancement include:

  1. Extensive geological and structural mapping and geochemical sampling of the northern extension to the Siuna mineralization has defined areas of favourable geology and alteration, including surface samples anomalous in gold, silver, copper, lead and zinc; and

  2. Additional works have included extensive stream sediment sampling and follow up detailed soil sampling.

A detailed program of stream sediment sampling was completed over an area approximately 10 kilometres by 20 kilometres. A total of 197 samples were collected with samples from several drainages containing visible gold. Samples were analyzed for gold plus multi-elements with a total of 15 samples returning greater than 100 ppb Au. Additional anomalies were generated in silver (up to 1.85 g/t Ag), copper (up to 146 ppm Cu), molybdenum (up to 6.02 ppm Mo), as well as zinc, lead, arsenic, and antimony.

The two most advanced targets generated from this work are Montes de Oro and Cerro La Virgen. The Montes de Oro Prospect includes potential vein hosted, skarn or VMS type mineralization. The geology is dominated by andesites intruded by diorite with basal siltstone units strongly silicified containing sulphides as veinlets and disseminations; exposed at the lowest elevations. The prospect is cut by a strong NE‐SW oriented fault. A 200m x 100m gossan body is located at surface on the north flank of Montes de Oro creek. Anomalous rock samples include 6.71 g/t Au, 12.9 g/t Ag, >10,000 ppm As, 1527 ppm Pb and 2090 ppm Zn. Strongly anomalous stream sediment samples include 1.07 g/t Au and 0.623 g/t Au. A soil grid has now been completed with results pending. Trenching is scheduled to follow‐up on the strongest anomalies.

The Cerro La Virgen Prospect is a porphyry and skarn type system. The geology consists of laminated siltstones intruded by diorite in the north (similar to Cerro Potosi); porphyritic andesites intruded by diorite in the south; with quartz veins in both areas. Abundant artisanal workings in outwash areas exist on the east and west sides of the central topographic high. Anomalous rock samples to 15.95 g/t Au, 13.8 g/t Ag, 2890 ppm Pb, and 8090 ppm Zn. Strongly anomalous Au stream sediment samples returned from all target drainages (to 1.605 g/t Au; highest value returned to date in region). A soil grid has now been completed with results pending. Trenching is scheduled to follow‐up on the strongest anomalies.

Mr. Gregory Smith, P.Geo, the President and CEO of the Company, is the Qualified Person as defined by NI 43-101, and is responsible for the accuracy of the technical data and information contained in this news release.

About Calibre Mining Corp.

Calibre Mining Corp. is a TSX Venture Exchange listed company (TSX.V: CXB) that is focused on the acquisition, exploration and development of gold and silver deposits in Central America. The Company is focused on its 100% owned Riscos de Oro gold-silver deposit, the drilling program at the Primavera gold-copper project in conjunction with B2Gold Corp. and the drilling program on the Rosita copper-gold-silver project in conjunction with Alder Resources Ltd. Major shareholders of Calibre include gold producer B2Gold and investment fund Sun Valley Gold.

Calibre Mining Corp.

"Greg Smith"

Greg Smith, P.Geo.
President and CEO

For further information contact:
Mark Carruthers -- Vancouver, Canada
604 681 9944

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.




Síganos a medida que continuamos descubriendo, avanzando y generando valor para los accionistas.