VANCOUVER, British Columbia, Aug. 20, 2020 (GLOBE NEWSWIRE) – Calibre Mining Corp. (“Calibre” or the “Company”)(TSX: CXB; OTCQX: CXBMF) is pleased to announce the closing of the transaction with IAMGOLD Corporation (“IAMGOLD”) pursuant to which Calibre has acquired IAMGOLD’s 70% interest in the Eastern Borosi Gold-Silver Property (the “Property” or “EBP”) located in northeastern Nicaragua (the “Transaction”).
Consideration for IAMGOLD’s 70% interest in the EBP is payable in the form of (i) 2,253,961 common shares of Calibre (US$3 million); (ii) US$1 million in cash payable on or before August 11, 2021; and (iii) a 2.0% Net Smelter Return royalty (the “NSR Royalty”) on future production from the Property (Calibre has the right to purchase 1.0% of the NSR Royalty for US$2 million and has a right of first refusal on the remaining 1.0% NSR Royalty).
For further details on the Transaction, please refer to the Calibre news release dated August 13, 2020.
ON BEHALF OF THE BOARD
Russell Ball, Chief Executive Officer
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Calibre Mining is a Canadian-listed gold mining and exploration company with two 100%-owned operating gold mines in Nicaragua. The Company is focused on sustainable operating performance and a disciplined approach to growth. Since the acquisition of the Limon, Libertad gold mines and Pavon Gold Project, Calibre has proceeded to integrate its operations into a ‘hub-and-spoke’ operating philosophy whereby the Company can take advantage of reliable infrastructure, favorable transportation costs, and multiple high-grade ore sources that can be processed at either Limon or Libertad, which have a combined 2.7 million tonnes of annual mill throughput capacity.