Calibre Mining Delivers Record Q1 Gold Production of 51,900 ounces including a partial Period from Pan in Nevada
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Vancouver, B.C. – April 06, 2022: Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company” - https://www.commodity-tv.com/ondemand/companies/profil/calibre-mining-corp/) is pleased to announce operating results for the three months ended March 31, 2022 (all amounts in United States dollars).
Q1 2022 Highlights
- Successful completion of the acquisition of Fiore Gold on January 12, 2022 creating a diversified, Americas focused, growing, mid-tier gold producer;
- Consolidated gold production of 51,900 ounces, and gold sales of 52,290 ounces;
- Nicaragua gold production of 42,897 ounces: 401,215 tonnes milled, 3.79 g/t, 90.1% recovery;
- Nevada gold production of 9,003 ounces: 15,064 ounces placed, 1,006,540 tonnes at 0.48 g/t1;
- Nicaragua Mineral Reserves increased to 1,013,000 ounces of gold, at a record grade of 4.62 g/t gold2;
- Nicaragua Indicated Mineral Resources increased to 1,806,000 ounces of gold2;
- Drill results from the Pan Mine in Nevada demonstrate resource expansion and higher-grade potential;
- Commenced a 170,000 metre drill program across our assets including a 85,000 metre discovery and emerging resource program in Nicaragua and a 85,000 metre resource growth and conversion program in Nevada;
- Calibre launched its multi-year sustainability strategy.
Darren Hall, President & Chief Executive Officer of Calibre, stated: “The integration of our Nevada assets continues Calibre’s journey of creating shareholder value as the Company solidifies its’ position as a diversified, Americas focused, growing, mid-tier gold producer. I am very pleased with the teams first quarter performance, delivering a record 51,900 ounces, positioning the company well to deliver full year consolidated guidance of 220,000 – 235,000 ounces. Q1 results included expected lower production from Pan resulting from fewer ounces placed in Q4 2021 and the shortened quarter due to the January 12, 2022 transaction closing date.”
“Additionally, we commenced leveraging the commercial strength of the consolidated entity with the successful negotiation of new Nevada drilling contracts which resulted in securing rigs for the full years program at approximately 20% favorable unit rates.”
“We are well positioned to continue self-funding growth, exploration and mine development and with multi-rig exploration drill programs across each of our assets we remain committed to reinvesting to expand resources, make new discoveries and grow production organically.”
Operating Overview
Calibre completed the acquisition of Fiore Gold on January 12, 2022, establishing the company as a multi-asset, multi-jurisdictional gold producer. Our Q1 production of 51,900 ounces was higher than expectation, positioning the company well to meet full year gold production guidance of 220,000 – 235,000 ounces. Nicaraguan gold production is forecasted to increase quarter over quarter and is expected to be approximately 20% higher in the second half of the year due to increased grades and mine sequencing. As a result, the Company expects lower Total Cash Costs3 and All-in Sustaining Costs (“AISC”3) during the second half of the year.
The Company will continue to optimize its consolidated mine and process plans to maximize value from our integrated asset base.
Q1 2022 Financial Results and Conference Call Details
First-quarter financial results will be released after market close on Tuesday, May 3, 2022, and management will be hosting a conference call to discuss the results and outlook in more detail.
Date: Wednesday, May 4, 2022
Time: 10:00 a.m. (EDT)
Dial-in: +1 (866) 221-1882 or +1 (470) 495-9179 (International)
Webcast Link: https://edge.media-server.com/mmc/p/pmkzndus
Conference ID: 1776837
The live webcast can be accessed here or at www.calibremining.com under 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 that 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, President and Chief Executive Officer, of Calibre Mining Corp. is a “qualified person” as set out under NI 43-101 and has reviewed and approved the scientific and technical information in this press release.
ON BEHALF OF THE BOARD
“Darren Hall”