Calibre Mining Provides Multi-Year Grade Driven Increasing Production Outlook, 2023 Increasing to 250 – 275 Koz & 2024 Increasing to 275 – 300 Koz
June 22 2022 - 6:00AM
Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the
"Company" or "Calibre") is pleased to provide a multi-year outlook
of its forecast gold production, highlighting the Company’s 2023
and 2024 production increase.
Highlights
- 2023
consolidated production: 250,000 – 275,000 ounces: 15% increase
over 2022;
- 2024
consolidated production: 275,000 – 300,000 ounces: 25% increase
over 2022;
- 2023 – 2024
grade driven production growth in Nicaragua underpinned by the
development of high-grade reserves, including Pavon Central and the
Eastern Borosi Project (“EBP”)
- Pavon Central
open pit (6.5 g/t Au reserve grade) development is expected early
2023 with
- Strong
indications for resource expansion along Pavon Central south
extension and Pavon South;
- EBP open pit
(6.8 g/t Au reserve grade) development expected H2, 2023;
- The Company’s
outlook does not yet include;
- Federally
approved Gold Rock Project (2020 PEA) 50 – 55 koz annual
production;
- Volcan discovery
(news release dated June 8, 2021) located approximately 5 kms from
the Libertad mill;
- Tranca discovery
(news release dated September 8, 2021) located approximately 10 kms
from the Libertad mill;
- New high-grade
Panteon North discovery (news release dated May 16, 2022) within
the Limon Complex.
- 170 km resource
expansion and discovery drilling programs underway in Nevada and
Nicaragua; and
- >1Mtpa of
excess milling capacity representing low capital intensity
production upside.
Darren Hall, President & Chief
Executive Officer of Calibre, stated: “High-grade, open
pit reserves at Pavon Central (6.5 g/t Au) and Eastern Borosi (6.8
g/t Au) will fuel a 25% increase in consolidated production by 2024
leading to lower per ounce costs and increased margins. The
effectiveness of our operating model to efficiently permit and
develop satellite deposits by leveraging off the installed capacity
at La Libertad will continue to result in high returns on invested
capital.
“Additionally, drilling investment at the Pan
Mine in Nevada is expected to lead to mine life expansion and
operational efficiencies while we advance the adjacent Gold Rock
Project to potentially add a second producing asset with the
ability to double our Nevada production which is not yet included
in this outlook.”
“With $77.3 million in cash at the end of Q1
2022, no debt and strong cashflow from our producing assets, this
reserve backed multi-year production outlook solidly positions
Calibre to self fund additional, low capital intensity growth
initiatives while continuing to invest in value accretive
exploration to support our future.”
Consolidated Multi-Year
Outlook
|
2022 |
2023 |
2024 |
Consolidated Gold Production (koz) |
220 - 235 |
250 – 275 |
275 - 300 |
Nicaraguan Production (koz) |
180 - 190 |
210 – 230 |
235 - 250 |
Pan Nevada Production (koz) |
40 - 45 |
40 - 45 |
40 - 50 |
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 news
release.
ON BEHALF OF THE BOARD
"Darren Hall"
Darren Hall, President & Chief Executive
Officer
For further information, please
contact:
Ryan KingSenior Vice President
Corporate Development & Investor RelationsT: (604) 628-1012E:
calibre@calibremining.comW: www.calibremining.com
About Calibre Mining Corp.
Calibre Mining is a Canadian-listed, Americas
focused, growing mid-tier gold producer with a strong pipeline of
development and exploration opportunities across Nevada and
Washington in the USA, and Nicaragua. Calibre is focused on
delivering sustainable value for shareholders, local communities
and all stakeholders through responsible operations and a
disciplined approach to growth. With a strong balance sheet, no
debt, a proven management team, strong operating cash flow,
accretive development projects and district-scale exploration
opportunities Calibre will unlock significant value.
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. 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
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. Forward-looking
statements in this news release include, but are not limited to:
the Company’s expectations toward higher grades mined and processed
going forward; statements relating to the Company’s 2022 priority
resource expansion opportunities; the Company’s metal price and
cut-off grade assumptions; the Company’s plans for the Pan Mine for
2022, including production and exploration and its contribution to
production growth. Forward-looking statements necessarily involve
assumptions, risks and uncertainties, certain of which are beyond
Calibre's control. For a listing of risk factors applicable to the
Company, please refer to Calibre's annual information form (“AIF”)
for the year ended December 31, 2020, and its management discussion
and analysis (“MD&A”) for the year ended December 31, 2021, all
available on the Company’s SEDAR profile at www.sedar.com. This
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. Such assumptions include but
are not limited to: the Company being able to mine and process
higher grades and keep production costs relatively flat going
forward; there not being an increase in production costs as a
result of any supply chain issues or ongoing COVID-19 restrictions;
there being no adverse drop in metal price or cut-off grade at the
Company’s Nevada properties. 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, undue reliance should not
be placed on forward-looking statements.
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