Vancouver, British Columbia: Calibre Mining Corp. (TSX-V: CXB) (the “Company” or “Calibre”) provides an exploration update on the completion of the Company’s 2008 exploration and drilling programs.
TRUNDLE PROJECT, New South Wales, Australia Final assay results have now been received from a five hole, 2600 metre diamond drilling program completed at the Company’s Trundle License in Central NSW, Australia. Calibre may earn a 70% interest in the Trundle tenement from Western Plains Resources Ltd. (ASX:WPG), by completing exploration expenditures totalling AUS$3 million over a three year period with a minimum work commitment of $600,000 in the first year. Calibre can earn an additional 20% interest in the project by completing a Feasibility Report. The completed drill program tested aero-magnetic and soil geochemical anomalies for porphyry associated copper-gold mineralization at the Mordialloc and Bloomfield’s targets. Encouraging results from Mordialloc indicate the presence of mineralized porphyry intrusions. The intrusions are potassically altered and exhibit several different sets of mineralized quartz veinlets with pyrite, chalcopyrite and traces of molybdenite, and bornite hosted in aquartz monzonite porphyry.
David Heberlein, Calibre’s VP Exploration states “We are very encouraged by the results from this initial drilling campaign; geological indicators suggest that we could be close to a mineralized carapace of a porphyry system at Mordialloc. We are now working on our geological interpretations to develop vectors towards the stronger mineralized parts of the system that will guide future drilling”
Drill hole details are summarized in Table 1.
Trundle Tenement - 2008 Drilling Results
Gold (g/t Au)
No Significant Intercepts
No Significant Intercepts
*Indicates results previously released (September 26th, 2008)
The Company also reports that it has closed its office in Canberra, Australia and will be managing all aspects of its exploration programs from the head office in Vancouver, B.C.
TREND PROJECT, Nevada, United States – The Company reports that after a strategic review of the property and the results from the program, that Calibre will be returning the property in good standing to New Dimension Resources. Calibre had entered into an option agreement with New Dimension, whereby Calibre could earn up to a 65% interest in the Trend property by completing exploration expenditures totalling US$1.5 million over a three year period. Calibre wishes to thank New Dimension Resources for their input on the exploration program and the opportunity to work on the Trend property.
Quality Assurance and Quality Control - Drill core was logged, photographed, cut, and sampled at the Company’s Trundle and Trend field office. Half core samples from the Trundle project were delivered to ALS-Chemex’s Orange laboratory, where they were dried, crushed and pulverized. Fire assay for gold was carried out on a 50g aliquot. Copper analyses were done as part of a multi-element suite utilizing aqua regia and ICP-AES finish. Half core samples from the Trend project were delivered to ALS-Chemex’s Elko laboratory, where they were dried crushed and pulverized. Fire assay for gold was carried out on a 30g aliquot. Quality assurance and quality control procedures involved the collection and insertion of field blanks, field duplicates and certified standards into the sample stream at a frequency of one in thirty samples as well as collection and analysis of crushed and pulp duplicates.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by David Heberlein, P.Geo, the Company’s Vice President of Exploration and a Qualified Person under NI 43-101.
Calibre Mining Corp. is a TSX Venture Exchange listed company (TSX.V: CXB) that is focused on the acquisition, exploration and development of gold and copper deposits. In addition to the on-going exploration programs in Australia, Calibre is continuing to advance the Pt. Leamington gold-zinc massive sulphide deposit in Newfoundland, Canada.
Calibre Mining Corp.
Signed “Robert Brown”
Robert D. Brown, B.Sc., MBA
President and CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements
Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements including but not limited to those with respect to the price of gold, silver or copper, potential mineralization, reserve and resource determination, exploration results, and future plans and objectives of the Company involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Calibre Mining Corp. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.