Calibre Mining delivers record gold production of 51,900 ounces in Q1 2022

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Calibre Mining Corp. [CXB-TSX; CXBMF-OTCQX] reported operating results for the three months ended March 31, 2022 (all amounts in U.S. dollars).

Q1 2022 highlights included the successful completion of the acquisition of Fiore Gold on January 12, 2022, creating a diversified, Americas-focused, growing, mid-tier gold producer. Calibre posted 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, at 3.79 g/t gold, with a 90.1% recovery. There was Nevada gold production of 9,003 ounces: 15,064 ounces placed, 1,006,540 tonnes at 0.48 g/t gold.

Nicaragua Mineral Reserves increased to 1,013,000 ounces of gold, at a record grade of 4.62 g/t gold with Nicaragua Indicated Mineral Resources increasing to 1,806,000 ounces of gold.

Drill results from the Pan Mine in Nevada demonstrated resource expansion and higher-grade potential. The company commenced a 170,000-metre drill program across its 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 also launched its multi-year sustainability strategy.

Darren Hall, President and CEO, 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 team’s 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.”

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 costs and All-in Sustaining Costs 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.


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