Vancouver, British Columbia: Robert Brown, President and CEO of Calibre Mining Corp. (TSX-V: CXB) (the “Company” or “Calibre”) is pleased to report that a National Instrument 43-101 (“NI 43-101”) compliant Technical Report dated June 30, 2009 (the “Report”) on the NEN Gold-Copper Property in Nicaragua has been accepted for filing by the TSX Venture Exchange. The report was authored by Henry J. Awmack, P.Eng. of Equity Engineering Consultants Ltd. (“Equity”) who is independent of the Company and a Qualified Person in accordance with NI 43-101 policy. The Report will be available for review under the Company’s profile on the SEDAR website at www.sedar.com. In the opinion of the Report’s author, the NEN Property exhibits excellent potential for gold, silver and copper deposits related to epithermal, skarn and porphyry deposits and a comprehensive C$2.6 million initial exploration program is recommended.
The Report identifies the following prospects for further exploration and drilling:
- Cerro Potosí: near-surface, Au-bearing garnet-epidote skarn mineralization in the footwall of the main orebody worked by the former La Luz mine. Drill intercepts from the 2007 and 2008 programs from this zone include 4.18 g/t Au over 16.2 metres, 2.50 g/t Au over 32 metres, 1.32 g/t Au over 7.0 metres, 1.52 g/t Au over 4.30 metres and 2.46 g/t Au over 6.5 metres.
- Cerro Aeropuerto: Au-bearing quartz-sphalerite vein/replacement mineralization was discovered one kilometre south of Cerro Potosí in 2007-2008. Widely-spaced drill holes indicate a north-trending, steeply west-dipping zone which can be traced for 300 metres along strike and greater than 300 metres down dip. Drilling results in 2007-2008 included 5.75 g/t Au over 24.0 metres, 19.72 g/t Au over 3.0 metres, 25.08 g/t Au over 2 metres, 16.94 g/t Au over 2.2 metres and 7.23 g/t Au over 5 metres.
- Bambana: Recent artisanal workings at Bambana expose gold-bearing altered granodiorite with local copper carbonates/oxides in an area of little exposure or previous work, suggesting potential for Cu-Au porphyry mineralization. A data verification chip sample (G0813209) collected by the author from altered granodiorite and quartz veins exposed in an artisanal pit assayed 29.9% Cu, 1.64 g/t Au, 1645 g/t Ag, and 3.2% Zn over 0.9 metres confirming previous work in 2008 that assayed 12.07% Cu, 5.22 g/t Au, 743.47 g/t Ag and 6.53% Zn over 1.0 metres (Sample 20145).
- North East Epithermals: A 13 km by 14 km area of low-sulphidation epithermal veins in the north-eastern part of the NEN property are similar in many respects to the epithermal veining of the Bonanza mine district (greater than 2.6 million ounces of historical gold production), located 35 kilometres to the west of the NEN property. Both areas are hosted by Cretaceous to mid-Tertiary andesitic volcanic rocks, strike north-easterly and are steeply dipping. It is thought that epithermal veins in both of these districts are related to periods of extension during the Tertiary. Riscos de Oro, an epithermal vein system with small past underground and open pit production, is located approximately 20 kilometres northeast of the former Rosita copper mine on the NEN property. Surface trenching in 2008 showed that the Riscos de Oro vein extended at least 2,000 metres across the concession. Sulphide banding was noted on a sample of dump float at the site of the former shaft and was the only sample submitted for analysis by the author; it assayed 7.95 g/t Au with 837 g/t Ag, 7050 ppm Cu, 3000 ppm Pb and 4590 ppm Zn. At this time there are no further sampling results.
Given the considerable past production from the NEN property, the early stage of evaluation of intriguing prospects (Cerro Aeropuerto and Bambana,) and the strong similarities between the North East epithermal vein prospects and the Bonanza district, the author of the Report concluded that further exploration is fully warranted and recommended a CDN$2.6 million multi-faceted exploration program for the NEN property. The recommended program proposes property-wide geological mapping, silt geochemistry, data compilation and prospect mapping/sampling/description, to understand the potential of different areas and to provide a property-wide framework for further exploration. This work would be followed by target delineation programs of soil geochemistry, detailed mapping, and hand-trenching to advance the Bambana porphyry prospects and the northeast epithermal vein targets. Following these programs, a 6,000 metre diamond drilling is proposed to delineate geometry and continuity of mineralization at Cerro Aeropuerto and the main known epithermal vein targets (Riscos de Oro, La Luna and Blag).
The 70,976 ha concessions which comprise the NEN property are held by Yamana Nicaragua S.A., a wholly owned subsidiary of Yamana Gold Inc. (“Yamana”). In May 2009, Calibre Mining Corp. (“Calibre”) executed a letter of intent to acquire all the outstanding shares of Yamana Nicaragua S.A. and its 100% interest in the NEN property. The purchase price is set at C$7.0 million, consisting of 12 million shares of Calibre and no less than C$4.0 million in cash (see Calibre news release dated May 26, 2009). The purchase of a 100% interest in the NEN Property from Yamana is expected to close on or about July 21st, 2009. A syndicate led by Haywood Securities Inc. (“Haywood”) and including Canaccord Capital Inc. and Genuity Capital Markets has been engaged to sell C$6 million of subscription receipts of Calibre (see Calibre news release dated June 23, 2009). The subscription receipts financing is expected to close into Escrow on or about July 16th, 2009.
In June 2009, Calibre granted an option to B2Gold Corp. (“B2Gold”) (TSX:BTO) to earn a 51% interest in the NEN property by completing CDN$8 million in exploration expenditures by July 1, 2012. B2Gold will be responsible for its pro rata share of bonus payments to Yamana and upon earning its interest, will have the option to earn a further 14% interest by completing a preliminary feasibility study on a defined project area (see Calibre news release dated June 23, 2009). The B2Gold option is expected to close concurrently with the Yamana transaction.
The technical content in this news release was read and approved by Henry Awmack, P. Eng. of Equity Engineering 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
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.