Vancouver, British Columbia: Calibre Mining Corp. (TSX-V: CXB) (the “Company” or “Calibre”) is pleased to report that B2Gold Corp (“B2Gold”) has approved Calibre’s proposed diamond drill program and that Calibre has executed a multi-rig drill contract with Rodio Swissboring of Nicaragua to conduct the program. The initial 5000 metre drill program is slated to begin at the Riscos de Oro, Bambana and La Luna prospects, after the first drill rig arrives on the property in early March. The Borosi Project is subject to an option agreement, whereby B2Gold may earn an initial 51% in the Borosi Concessions by completing C$8 Million in exploration expenditures over a period of 3 years. The Borosi exploration budget through July 2010 is C$2.5 Million, with Calibre acting as operator.
“We have had a very successful initial target delineation program on the Borosi concessions whereby we have outlined new gold-silver epithermal zones and a high grade gold-copper prospect and rapidly advanced these targets to the drill testing stage” stated Robert Brown, President & CEO of Calibre. “In parallel with the initial drill testing of three gold zones, Calibre has accelerated the delineation of three additional, high priority epithermal gold targets within the Borosi concessions”
At Riscos de Oro, Calibre’s initial drill program will focus on two targets; the main Riscos de Oro Vein that contain an historical open pit and underground workings and a newly discovered parallel vein zone 800 metres to the North West. The down dip extensions of the Riscos Mine will be drill tested 100 to 150 metres below the abandoned workings and historical Rosario drilling. Historical drill intercepts of 9.43 g/t Au and 163 g/t Ag over 6.2 metres (DDH SG-16), 14.5 g/t Au and 174 g/t Ag over 3.79 metres (DDH SG-17) and 8.06 g/t Au and 563 g/t Ag over 4.1 metres (DDH SG-14) were reported from this ore shoot between the 46 metre and 93 metre development levels . Additional drill holes at Riscos will follow up on the North East and South West Extensions of the Riscos Vein trend. The Riscos vein trend had been defined by previous operators by 18 trenches over a 2 kilometre strike length. The proposed drilling will test mineralized trenches (TR-18; 1.31 g/t Au over 4.5 m and TR-8; 2.54 g/t Au over 2.1 metres) on strike of the main Riscos de Oro mine.
At the second Riscos de Oro zone, results from a 5.5 line-km reconnaissance soil sampling program identified a northeast-trending 700 metre long by 200 metre wide mercury trend northwest of the historic Riscos de Oro mine. The trend is open to the southwest and northeast and is sub-parallel to the Riscos de Oro vein. The zone contains numerous samples of chalcedonic and banded quartz veins that are coincident with a mercury anomaly high. In addition to the soil anomaly, a potassium thorium radiometric low, a possible geophysical signature representing argillic alteration, denotes the area. Calibre interprets this zone to represent the upper portions of a low-sulphidation epithermal precious metal system which may preserve veins at depth. The drill program will test this system at depth.
At La Luna, Calibre completed 8.4 line-km of infill soil sampling and over 120 metres of trenching. This work, when combined with historic soil data, outlined a 2200 metre anomalous gold-in-soil trend that bisects the concession. Mineralization along this epithermal vein trend was defined by four trenches that confirmed the presence of low Sulphidation style epithermal quartz veins and quartz breccias. The proposed drill program will test the depth and extent of mineralization associated with trenches BTR09-009 and BTR09-011 that returned grades of 3.49 g/t Au over 4.2 metres and 3.92 g/t Au over 3.2 metres, respectively. The drill program will also test the depth potential of the historic La Luna pit, a zone associated with a historical open cut and trenched by previous operators that assayed 3.56 g/t Au over 12 metres.
At Bambana, Calibre completed a 37 line-km soil survey and outlined several target areas that are anomalous in gold and copper. One of the main targets is a 500 metre by 300 metre area that carried anomalous gold in soils and overlies coincident chargeability and magnetic geophysical anomalies. The Bambana target area is also associated with artisanal gold workings and a small prospecting pit that returned grades of 1.64 g/t Au, 1645 g/t Ag and 29.9% Cu over 0.90 metres.
Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the soil and rock sample strings. Samples are placed in sealed bags and shipped directly to ALS CHEMEX labs in North Vancouver, BC for gold fire assay and ICP multi element analyses. The technical content in this news release was read and approved by Alan Wainwright, Ph.D. P.Geo. Dr. Wainwright is a professional geologist registered in the Province of British Columbia and is a qualified person as defined by NI 43-101.
Calibre Mining Corp. is an aggressive, well financed, 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. Major shareholders of Calibre include gold producers Yamana Gold Inc. and Kinross Gold Corp.
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.
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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.