Calibre Commences Temporary Suspension of Operations; Withdraws 2020 Guidance and Provides Liquidity Update
March 25 2020 - 7:00AM
Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
“
Company” or “
Calibre”) announces
that it has commenced the legal process with the Nicaraguan
Ministry of Labour to obtain authorization for the temporary
suspension of its El Limon and La Libertad mines.
Russell Ball, Chief Executive Officer stated, “We have
implemented numerous mitigation measures across the business and to
date have no confirmed cases at any of our locations. However, due
to the rapidly deteriorating global environment and the increasing
logistical challenges sourcing consumables, reagents and other
supplies, we have taken the proactive step of temporarily
suspending operations.”
The Company will maintain personnel at each site as required to
ensure environmental compliance, progress ongoing permitting and
technical studies, and maintain operational readiness. The Company
cannot estimate the duration nor the impact of the suspension and
is accordingly withdrawing its 2020 guidance (as previously
provided on December 4, 2019).
In a related matter, Calibre and B2Gold Corp.
(“B2Gold”) have agreed in principle to defer the
payment of the US$10 million “Deferred Acquisition Payment” and the
US$5.5 million “Working Capital Adjustment” payment for a six-month
period to April 15, 2021, subject to the completion of binding
documentation. Calibre has a strong balance sheet with no other
debt and having US$32.9 million in cash and cash equivalents on
hand as at December 31, 2019.
Russell Ball stated: “My thanks to B2Gold for granting us the
payment extension in light of the extraordinary circumstances in
which we all find ourselves today. They have been exceptional
partners since this transaction was announced last July and I
couldn’t ask for a more supportive shareholder.”
Conference Call Details
The Company will be hosting a conference call to discuss the
temporary suspension later today at 11:00 a.m. (EDT).
Webcast
Link: |
https://edge.media-server.com/mmc/p/qrpoivgb |
When: |
Wednesday, March 25, 2020 at 11:00 a.m. (EDT) |
Dial-in: |
(866) 221-1882 or 1 (470) 495-9179 (International) |
Conference ID: |
6294939 |
ON BEHALF OF THE BOARD
"Russell Ball"
Russell Ball, Chief Executive Officer
For further information, please contact:
Ryan King Vice President, Corporate Development
& IR Calibre Mining Corp. T: 604.628.1012 E:
calibre@calibremining.comW: www.calibremining.com
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