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Calibre announces 2Q20 production

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Global Mining Review,

Calibre Mining Corp. has announced operating results for the 3 months ended 30 June 2021 and cash on hand at quarter-end.

2Q21 highlights

  • Gold production of 43 506 oz, on track to meet full year guidance of 170 000 – 180 000 oz.
  • Gold sales of 43 682 oz.
  • Cash on hand of US$66.3 million at 30 June 2021; increased US$8.1 million from 31 March 2021.
  • 550 tpd of ore delivered from the Pavon Norte mine to the Libertad mill, a 57% increase over 1Q21 and targeting 1000 tpd by the end of 2021.
  • Released inaugural 2020 Sustainability Report.
  • Advancing the high-grade Eastern Borosi Project, including:
    • Completed 75% of the infill, metallurgical, geotechnical, and hydrological drilling.
    • Acquired most of the required surface rights during the quarter.
    • Advanced social, technical, and environmental work with project permit applications and updated resource estimates expected during 1Q22.
  • Rio Tinto Exploration and Calibre joint venture copper-porphyry drill programme well underway.
  • 16 exploration drills active across 100%-owned mine sites and satellite opportunities.

Highlight drill results

Eastern Borosi Project (EBP)

  • GP-21-082: 9.07 g/t gold (Au) and 19.9 g/t silver (Ag) over 6.5 m estimated true width (ETW)
  • GP-21-083: 25.9 g/t Au and 15.3 g/t Ag over 1.9 m ETW.
  • GP-21-071: 6.42 g/t Au and 14.1 g/t Ag over 7.1 m ETW.
  • RDO -21-052: 26.49 g/t Au and 99.4 g/t Ag over 2.2 m ETW.

Libertad Mill Site

  • VN-21-026: 11.37 g/t Au over 5.4 m ETW from 61.4 m.
  • TR-21-039: 16.78 g/t Au over 2.8 m ETW from 41.9 m.
  • TR-21-052: 13.83 g/t Au over 4.4 m ETW from 127.7 m.

Limon Mill Site

  • LIM-21-4549: 5.50 g/t Au over 7.1 m ETW from 285.5 m.
  • LIM-20-4540: 13.42 g/t Au over 2 m ETW from 304.8 m.

Darren Hall, President and CEO of Calibre, stated: “Calibre’s hub-and-spoke operating strategy continues to deliver strong quarter over quarter performance at our Limon and Libertad operations. Year to date, we have produced 88 958 oz and are on track to meet the high-end of production guidance. With an anticipated increase in processing head grade in 2H21 due to mine sequencing, combined with lower growth capital expenditures, we anticipate lower production costs in 2H21 generating strong free cash flow.

“We continue to make excellent progress at EBP, where infill drilling, surface rights acquisition and environmental work is progressing ahead of schedule positioning the project to expand our hub-and-spoke operating strategy. Infill drilling at EBP continues to meet our expectations and I look forward to the commencement of resource expansion and discovery drilling along multiple kilometres of already defined vein structures.”

Operating overview

The company produced 43 506 oz of gold in 2Q21 from a total of 461 843 t processed at a grade of 3.11 g/t at a recovery of 93.4%. The Limon mill processed 127,465 tonnes at a grade of 4.06 g/t and a recovery of 89.6% producing 15 767 oz. The Libertad mill processed 334 378 tonnes at a grade of 2.74 g/t and a recovery of 95.5%, producing 27 739 oz.

During the quarter, the company continued its gradual ore haulage increase from its newest ‘mining spoke’, Pavon Norte, to 550 tpd, 57% higher than the first quarter of operation and well on track to meet the target of 1000 tpd by the end of 2021. Higher recoveries at the Libertad mill offset lower feed grades driven by higher than expected spent ore volumes. At the Limon Complex, as planned, mining in lower grade parts of the pit were offset by higher grades from Panteon as first ore production came online during the quarter.

Strong free cash flow generation continues to drive the company’s organic growth strategy with 16 drill rigs turning across Calibre concessions and work progressing ahead of schedule to advance the high-grade Eastern Borosi Project and grow quality production.

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