September 29, 2009 TSX-V: CXB Vancouver, British Columbia: Calibre Mining Corp. (“Calibre” or the “Company”) (TSXV:CXB) reports that as a result of a review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify disclosure on the Borosi gold-copper project, Nicaragua.
Clarification of news release dated July 22, 2009
Pursuant to Calibre’s news release dated July 22, 2009 the Company disclosed that the Borosi gold-copper project concessions covered the historic “Mining Triangle” of the Bonanza-Rosita-Siuna areas of North East Nicaragua. For greater clarity, Calibre’s concessions in the Mining Triangle cover an area of 71,000 hectares and include the past producing mines of La Luz (Siuna) and Rosita. These two mines produced a total of 2.45 million ounces of gold, 3.30 million ounces of silver, and 153,524 tons of copper1. Calibre’s concessions in the Bonanza district are contiguous claims surrounding the Bonanza Mine; Bonanza is owned and operated by a private, arms-length company. A concession map for the Borosi area can be viewed on the Calibre website (www.calibremining.com).
Clarification of News Release dated May 26, 2009
Pursuant to the news release dated May 26, 2009 the Company disclosed various historical estimates using a mixture of Imperial and metric units. Historical estimates in metric units and that correct typographical errors in the June 30, 2009 NI 43-101 technical report (“Technical Report” or the “Report”) are reaffirmed in Table 1.
As per section 2.4(a) of NI 43-101 the Company disclosed the source and date of the historical estimates; however the information pursuant to the May 26, 2009 disclosure is inconsistent with the corresponding information in the Report.
The Company disclosed historical estimates for areas of the property using non-compliant terms as cited in historic project reports such as “drill inferred” and “geologic resources”. These terms do not compare with current CIM categories. The area names have been revised in Table 1 to the corresponding area names as listed in the Report.
The Report indicates that mining at the Rosita property continued until 1975 and that previous operators may have mined some of those historical resources. The Company has not confirmed whether any of the historical resources have been mined. The Company has restated the historical resources presented in the May 26th news release using the historical resource estimates from the Report, (Table 1) below.
A number of historical mineral resource estimates have been made for different prospects on the Borosi gold-copper property, at different times and by different operators (Table 1). Much of the technical information, such as maps, sections, assay certificates, and quality control data, etc., which formed the basis of these resource estimates, was destroyed by the 2008 Siuna fire or was previously lost. As noted in the news release on the Borosi project, the quoted historical resources are simply references to estimates by previous workers. The methods and parameters of estimation are not generally recorded and cannot be verified by the Company. It is not clear which (if any) of the current NI 43-101 resource categories each of these historical estimates would correspond to. As stated in previous news releases the Company wishes to emphasize again that none of the historical estimates should be relied upon. The historical resources are included here only for historical completeness and to give a sense of what previous operators considered the resources of the various zones and prospects.
Table 1: Historical Resource Estimates (2009 Technical Report on the Borosi property, Nicaragua)
…U/G and Open Pit
…Below Santa Rita Pit
Riscos de Oro
39 g/tonne Ag
265 g/tonne Ag
Note 1: Calculated by Rosario Note 2: Approximately 25% open-pittable; mining continued at Siuna until 1983, so some of these resources may have been mined. Note 3: Calculated by Greenstone Note 4: Mining at Rosita continued until 1975, so some of these resources may have been mined.
In 2007 and 2008 Yamana Gold completed a total of 6,324 metres of core drilling on the Cerro Potosi and Cerro Aeropuerto targets in the Siuna district. A 1,400 metre drill program at Cerro Potosi was designed to intercept an area directly beneath historical drilling completed by Greenstone Resources in 1997 and above the historical workings and historical resources of the La Luz Mine. A 4,193 metre drill program was completed in 2007 and 2008 on the Cerro Aeropuerto deposit, 500m to the south of Cerro Potosi drill hole CP-08-18 and was designed to test a zone of possible La Luz mine sequence stratigraphy outlined by La Luz in 1948, Rosario in 1974, and Greenstone in 1997. The drill results from the 2008 program at Cerro Potosi are reproduced in table 2. The drill results from the Cerro Aeropuerto 2007 and 2008 drill programs are reproduced in table 3 and have been restated to correct typographical errors in the Report.
Table 2: Cerro Potosi greater than 0.5 g/t Au Drill Composites (Yamana)
Table 3: Cerro Aeropuerto greater than 2.0 g/t Au Drill Composites (Yamana)
The technical content in this news release was read and approved by Henry Awmack, P. Eng. of Equity Exploration Consultants Ltd. Mr Awmack is a professional engineer registered in the Province of British Columbia and is a qualified person as defined by 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 Central America.
Calibre Mining Corp.
Signed “Robert Brown”
Robert D. Brown, B.Sc., MBA
President and CEO
For further information contact:
Robert Brown – Vancouver, Canada
604 681 9944
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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
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