Vancouver, British Columbia: Robert D. Brown, President and CEO of Calibre Mining Corp. (TSX-V: CXB) (the “Company” or “Calibre”) is pleased to announce that the Company’s 100% owned subsidiary, Calibre Mining (Australia) Pty Ltd. has executed a definitive option agreement with Western Plains Resources Ltd. The option agreement will allow Calibre to earn up to a 70% interest in the Trundle Property (the “Property” or “Trundle”), located in New South Wales, Australia by completing AUS$3.0 million in exploration expenditures over a three year period, including a minimum expenditure of AUS$600,000 in the first year. Calibre will have the option to acquire an additional 20% interest (for a total interest of 90%) by funding and completing a Feasibility Study. Calibre will be the operator of the Property.
Trundle is a copper-gold exploration property located 355 km west of Sydney and 300 km northwest of Canberra. The 78 square km tenement covers a window of largely overburden-covered volcanics that are considered to be a portion of a rifted volcanic complex or caldera-like feature that hosts the Northparkes copper-gold district some 25 km to the east. To date, the Northparkes district has produced 864,500 ounces gold and 616,400 tonnes copper. Current Reserves and Resources in the district total 78 million tonnes at average grades of 0.94% Cu and 0.42g/t Au. (Metal Economics Group 2008)
Trundle contains widespread evidence of porphyry and skarn-style copper-gold mineralization that is associated with several discrete intrusive centres. Historical RAB and air core drilling on four of these centres identified bedrock copper and gold mineralization coincident with large-scale, circular airborne magnetic features. Limited RC drilling around the periphery of three of these centres - Copper Hill, Copper Hill East and Dunn’s - confirmed the presence of porphyry-style alteration and mineralization. Other centres at Yarrabandai, Bloomfield and Mordialloc have yet to be drill tested.
David Heberlein, Calibre’s Vice-President Exploration, stated: “Trundle presents us with an exciting opportunity to explore a copper gold porphyry camp in a geologic setting that is analogous to the Northparkes District. Based on our evaluation of the existing information, we are confident that targets at several of Trundle’s under-explored porphyry centres can quickly be made drill ready. This kind of opportunity fits Calibre’s strategy of concentrating on more advanced projects in highly endowed regions”.
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 from around the Pacific Rim.
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.
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Safe Harbour 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.