Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF)
(“Calibre” or the “Company”) today announced operating results for
the period October 15, 2019 to December 31, 2019.
Q4 2019 Highlights:
- Transformed Calibre from a junior exploration company into an
immediate gold producer through the acquisition of the El Limon and
La Libertad gold mines, the Pavon Gold Project, and a number of
prospective exploration concessions in Nicaragua from B2Gold Corp.
(“B2Gold”);
- Delivered on guidance at both El Limon and La Libertad with
production of 15,440 and 18,066 ounces of gold, respectively;
consolidated total of 33,506 ounces of gold;
- Completed an over-subscribed C$105 million equity
financing;
- Converted B2Gold’s US$10 million debenture to equity, making
B2Gold our largest shareholder at 34%;
- Completed an updated resource estimate for the development
stage Pavon open-pit gold project, with a 318% increase in the
indicated resource to 230,000 ounces at an average gold grade of
5.16 g/t;
- Graduated from the TSX Venture Exchange to the TSX Exchange,
with average daily trading volumes of approximately 500,000
shares;
- Commenced an initial US$13 million, 47,000-metre resource
expansion and discovery drilling program; and
- Strengthened the management team with the appointment of Mark
Petersen as VP, Exploration.
Russell Ball, CEO of Calibre stated: “Our fourth quarter of 2019
was transformative as we transitioned the Company to a multi-asset
producer, while successfully delivering on our production
guidance. As we begin 2020, we look to continue delivering
quality, high-margin gold production, driven by increased,
high-grade, open-pit ore being mined at Limon Central. In
addition, our discovery drilling and resource expansion programs
will ramp up significantly as we expect to have six drill rigs
turning by the end of January, with four focused at La
Libertad. In my opinion, the extension of mine life at La
Libertad represents the most compelling near-term, value creation
opportunity for Calibre.”
October 15, 2019 to December 31, 2019
Operating Summary
Description |
El Limon |
La Libertad |
|
Consolidated |
Ore Milled (tonnes) |
100,221 |
353,254 |
|
453,475 |
Ore Milled Grade (g/t Au) |
5.74 |
1.74 |
|
2.62 |
Recovery (%) |
91.3 |
96.4 |
|
94.0 |
Gold
Production (ounces) |
15,440 |
18,066 |
|
33,506 |
Operating
Overview
El Limon
El Limon delivered on guidance by producing 15,440 ounces of
gold. Production resulted from processing 100,221 tonnes at
an average grade of 5.74 g/t with average recoveries of 91.3%.
Ore was mined from the new high-grade Limon Central open-pit
and the Santa Pancha underground mine, where positive grade
reconciliations
continue.
La Libertad
La Libertad delivered on guidance by producing 18,066 ounces of
gold. Production resulted from processing 353,254 tonnes at
an average grade of 1.74 g/t with average recoveries of
96.4%. The mine plan was resequenced due to the temporary
suspension of blasting activities at the Jabali underground mine,
although no change is expected to the previously announced 2020
production guidance of between 70,000 and 75,000
ounces.
The government continues to make progress with the relocation of
households in the nearby community of Santo Domingo affected by the
artisanal mining driven ground instability issue. The Company
is working closely with the government and community to ensure a
safe and responsible resolution. Mining at the Jabali open-pit
remains unaffected.
Cash Position
At December 31, 2019, the preliminary cash balance was US$32.9
million.
2019 Financial Earnings Results and Conference
Call Details
2019 financial results will be released on February 18, 2020,
after market close. Management will be hosting a conference call to
discuss the 2019 results and the outlook for 2020 on February 19,
2020 at 10:00 a.m. (EDT).
When: |
Wednesday, February 19, 2020 at 10:00 a.m. EDT |
Dial-in: |
(866) 221-1882 or 1 (470)
495-9179 (International) |
Conference ID: |
4337098 |
Please join the conference call at least five minutes early to
register. The live webcast can be accessed at www.calibremining.com
in the Events and Webcast section under the Investor Relations
tab.
The live audio webcast will be archived and made available for
replay at www.calibremining.com.
Presentation slides which 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, MSME, SVP & Chief Operating Officer,
Calibre Mining Corp. is a “qualified person” as set out under NI
43-101 has reviewed and approved the scientific and technical
information in this press release.
ON BEHALF OF THE BOARD
“Russell Ball”
Russell BallChief Executive Officer
For further information, please contact:
Ryan King Vice President, Corporate Development
& IR Calibre Mining Corp. T: 604.628.1010 E:
calibre@calibremining.comW: www.calibremining.com About
Calibre Mining Corp.
Calibre Mining is a Canadian-listed gold mining and exploration
company with two 100%-owned operating gold mines in Nicaragua. The
Company is focused on sustainable operating performance and a
disciplined approach to growth.
Cautionary Note Regarding Forward Looking
Information
This news release includes certain “forward-looking information”
and “forward-looking statements” (collectively “forward-looking
statements”) within the meaning of applicable Canadian securities
legislation, including: the Company's projected gold production
from El Limon (the "El Limon Production”); the
Company's projected gold production from La Libertad (the
"La Libertad Production"); and outlook, guidance,
forecasts, or estimates relating to the El Limon Production or the
La Libertad Production. All statements in this news release that
address events or developments that we expect to occur in the
future are forward-looking statements. Forward-looking statements
are statements that are not historical facts and are generally,
although not always, identified by words such as “expect”, “plan”,
“anticipate”, “project”, “target”, “potential”, “schedule”,
“forecast”, “budget”, “estimate”, “intend” or “believe” and similar
expressions or their negative connotations, or that events or
conditions “will”, “would”, “may”, “could”, “should” or “might”
occur. All such forward-looking statements are based on the
opinions and estimates of management as of the date such statements
are made.
Forward-looking statements necessarily involve assumptions,
risks and uncertainties, certain of which are beyond Calibre’s
control, including risks associated with or related to: the
volatility of metal prices; changes in tax laws; the dangers
inherent in exploration, development and mining activities; the
uncertainty of reserve and resource estimates; cost or other
estimates; actual production, development plans and costs differing
materially from the Company's expectations; the ability to obtain
and maintain any necessary permits, consents or authorizations
required for mining activities; the current ongoing instability in
Nicaragua and the ramifications thereof; environmental regulations
or hazards and compliance with complex regulations associated with
mining activities; the availability of financing and debt
activities, including potential restrictions imposed on Calibre’s
operations as a result thereof and the ability to generate
sufficient cash flows; remote operations and the availability of
adequate infrastructure; fluctuations in price and availability of
energy and other inputs necessary for mining operations; shortages
or cost increases in necessary equipment, supplies and labour; the
reliance upon contractors, third parties and joint venture
partners; the dependence on key personnel and the ability to
attract and retain skilled personnel; the risk of an uninsurable or
uninsured loss; adverse climate and weather conditions; litigation
risk; competition with other mining companies; community support
for Calibre’s operations, including risks related to strikes and
the halting of such operations from time to time; finding an
amicable resolution with the households affected by the instability
issues at La Libertad; conflicts with small scale miners; failures
of information systems or information security threats; compliance
with anti-corruption laws, and sanctions or other similar measures.
The list is not exhaustive of the factors that may affect Calibre’s
forward-looking statements.
Calibre’s forward-looking statements are based on the applicable
assumptions and factors management considers reasonable as of the
date hereof, based on the information available to management at
such time. These assumptions and factors include, but are not
limited to, assumptions and factors related to Calibre’s ability to
carry on current and future operations, including: development and
exploration activities; the timing, extent, duration and economic
viability of such operations, including any mineral resources or
reserves identified thereby; the accuracy and reliability of
estimates, projections, forecasts, studies and assessments; the
availability and cost of inputs; the price and market for outputs,
including gold; the timely receipt of necessary approvals or
permits; the ability to meet current and future obligations; the
ability to obtain timely financing on reasonable terms when
required; the current and future social, economic and political
conditions; and other assumptions and factors generally associated
with the mining industry.
Calibre's forward-looking statements are based on the opinions
and estimates of management and reflect their current expectations
regarding future events and operating performance and speak only as
of the date hereof. Calibre does not assume any obligation to
update forward-looking statements if circumstances or management’s
beliefs, expectations or opinions should change other than as
required by applicable securities laws. There can be no assurance
that forward-looking statements will prove to be accurate, and
actual results, performance or achievements could differ materially
from those expressed in, or implied by, these forward-looking
statements. Accordingly, no assurance can be given that any events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do, what benefits or liabilities Calibre
will derive therefrom. For the reasons set forth above, undue
reliance should not be placed on forward-looking statements.
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