La Libertad-old

On July 2, 2019, Calibre announced that it had entered into a transaction with B2Gold Corp. (B2Gold) whereby it would acquire the producing La Libertad and El Limόn gold mines as well as the Pavon gold project and other mineral concessions in Nicaragua held by B2Gold for an aggregate consideration of $100 million, to be paid with a combination of cash, common shares, and a convertible debenture.  Following completion of the transaction, B2Gold will own an approximate 30% direct equity interest in Calibre. (click here for July 2, 2019 news release)

On Oct 15, 2019 Calibre announced that it has closed the transaction with B2Gold to acquire the producing El Limόn and La Libertad gold mines as well as the Pavon gold project and other mineral concessions in Nicaragua (click here for the Oct 15, 2019 news release)

The La Libertad exploitation concession covers an area of 10,937.08 ha and was granted by Ministerial Decree for a 40-year term in 1994.  The Project also comprises the Buenaventura and Cerro Quiroz exploration concessions, which are contiguous with the La Libertad exploitation concession and cover a total area of 4,600 ha.  The Project is located approximately 110 km east of the capital of Managua and is accessible by road.

The La Libertad Mine is an open pit and underground operation using conventional open pit methods at the San Juan and San Diego pits and a bottom-up sequenced long hole stoping mining method with unconsolidated backfill in the Jabalí underground mine.  The La Libertad processing plant can treat approximately 2.25 million tonnes per annum (tpa), and current gold recoveries are approximately 94% to 95% for a blend of spent ore and run of mine (ROM) ore.

The current La Libertad Life of Mine plan (LOM) includes the mining of surface and underground Mineral Resources and processing of historically placed heap leach material as well as Mineral Resources produced by surface and underground mining operations.  

Click here La Libertad Exploration Opportunity

Click here for mine/project location map

Click here for La Libertad Mine overview

Click here for NI43-101 Technical Reports

Recent Updates:

Full-Year (“FY”) 2018 Performance Snapshot:

  • Gold production(2) was 80,963 oz
  • Cash operating costs(3) were $934 /oz
  • All-in sustaining costs (“AISC”)(3) were $1,192 /oz

First Quarter (“Q1”) 2019 Performance Snapshot:

  • Gold production(2) was 18,086 oz
  • Cash operating costs were $1,295 /oz
  • AISC were $1,647 /oz

2019 Guidance:

  • Gold production(2) is expected to be between 95 Koz - 100 Koz
  • Cash operating costs are expected to be between $840 - $880 /oz 
  • AISC are expected to be between $1,150 - $1,190 /oz

Click here for B2Gold’s Q1 2019 Earnings news release, dated May 7, 2019
Click here for B2Gold’s Q4 & FY 2018 Earnings news release, dated March 12, 2019
Click Here for B2Gold’s MD&A production and costs, dated June 30, 2019
Click here for B2Gold’s Q1 2019 Earnings news release, dated April 17, 2019
Click here for B2Gold’s Q2 2019 Earnings news release, dated August 6, 2019
Click here for B2Gold’s Q2 2019 Management Discussion & Analysis June 30, 2019
Click here for B2Gold’s Q2 2019 Financial Statements June 30, 2019

Health, Safety & Environment:

  • La Libertad Mine has reduced its lost-time injury frequency rate by over 90% in the last two years (as at December 31, 2018)
  • Click here for B2Gold’s 2018 Responsible Mining Report, Raising the Bar

B2Gold and Calibre Mining Join Forces in Nicaragua:

On July 2, 2019, B2Gold and Calibre Mining Corp. entered into a binding agreement for B2Gold to restructure its interests in, and for Calibre to acquire, El Limon and La Libertad mines, the Pavon Project and additional mineral concessions in Nicaragua held by B2Gold for aggregate consideration of US$100 million, which will be paid with a combination of cash, common shares and a convertible debenture. Following the completion of the transaction, B2Gold will own an approximate 31% direct equity interest in Calibre, becoming the company’s largest shareholder.

Click here for B2Gold and Calibre Mining Join Forces in Nicaragua news release, dated July 2, 2019

Mine/Project Location Map:

Mine Overview (as at March 31, 2019):

FY 2018 Production, Cash Costs, Revenue & Sales8: 
FY 2018 gold production 80,963 oz
FY 2018 cash operating costs $934 /oz
FY 2018 AISC $1,192 /oz
FY 2018 gold revenue $105,151
FY 2018 gold sales 83,018 oz
FY 2018 average realized gold price $1,267 /oz
Q1 2019 Production, Cash Costs, Revenue & Sales7:
Q1 2019 gold production 18,086 oz
Q1 2019 cash operating costs $1,295/oz
Q1 2019 AISC $1,647/oz
Q1 2019 gold revenue $22,709
Q1 2019 gold sales 17,272 oz
Q1 2019 average realized gold price $1,315 /oz
FY 2018 Processing8:  
FY 2018 tonnes of ore milled 2.25 M
FY 2018 grade 1.19 g/t
FY 2018 recovery 94.4%
Q1 2019 Processing:
Q1 2019 tonnes of ore milled 0.57 M
Q1 2019 grade 1.04 g/t
Q1 2019 recovery 95.4%
B2Gold 2019 Guidance7:  
2019 E gold production 95 Koz - 100 Koz
2019 E cash operating costs $840 - $880 /oz
2019 E AISC $1,150 - $1,190 /oz
2019 E tonnes of ore milled (budget) 2.3 M
2019 E grade (budget) 1.42 g/t (average)
2019 E recovery (budget) 94%
2019 exploration budget $3 M
General Information: 
Location Nicaragua
Mine type Open pit/underground
Metals mined Gold
Ownership 100%
Processing plant Cyanide leach/Carbon-in-pulp process
Power Purchased from the grid with diesel powered back-up
Total number of employees: Nicaragua(4) 1,093
Local employee workforce: Nicaragua(4) 98.3%
Mineral Reserve & Resource Estimates (Contained Gold) – 100% Project Basis: 
Probable Mineral Reserves(5) 0.07 Moz
Indicated Mineral Resources(5) 0.17 Moz
Inferred Mineral Resources(5) 0.45 Moz


  1. CIM (2014) definitions were followed for Mineral Resources.
  2. Mineral Resources are based on 100% ownership.
  3. Mineral Resources are estimated at cut-off grades ranging from 0.62 g/t Au to 0.68 g/t Au for open pits and 2.80 g/t Au to 2.85 g/t Au for underground.
  4. Mineral Resources are estimated using a long-term gold price of US$1,400 per ounce.
  5. Bulk density is 1.70 t/m3 to 2.65 t/m3.
  6. Numbers may not add due to rounding.

Supporting Documents:

For the most recent details and news release pertaining to La Libertad Mine:

  • Click here for ‘B2Gold and Calibre Mining Join Forces in Nicaragua - Calibre Mining to Acquire El Limon and La Libertad Gold Mines - B2Gold to Become Calibre’s Largest Shareholder’ news release, dated July 2, 2019
  • Click here for ‘B2Gold Reports Strong First Quarter 2019 Results; Quarterly Gold Production of 231,000 oz, 6% Above Budget; AISC of $848/oz sold, significantly below budget by $133/oz’ news release, dated May 7, 2019
  • Click here for ‘B2Gold Reports Positive 2018 Fourth Quarter/Annual Results; Record Annual Gold Production of 953,504 Oz, Revenue of $1.2 B & Operating Cash Flows of $451 M ($0.46/share); Cash Operating Costs of $495/oz & AISC of $758/oz’ news release, dated March 12, 2019

For a more detailed recent history of the La Libertad Mine, please refer to the following B2Gold quarterly and annual data also available on Sedar.

Click here for the Aug 30, 2019 Management Information Circular

  • Click here for Q1 2019 Management’s Discussion & Analysis (“MD&A”)(6)
  • Click here for Q1 2019 Financial Statements(6)
  • Click here for Annual Information Form (“AIF”) 2019, dated March 20, 2019(6)

La Libertad Exploration Opportunity

Calibre’s exploration strategy for the Project starting in October 2019 will be to infill drill Inferred Mineral Resources, concurrently with exploration programs that target Mineral Resource expansions at existing and new deposits

Geology and Mineralization

La Libertad gold district covers an area of approximately 150 km2 and lies within a broad belt of Tertiary volcanic rocks that have been differentiated into two major units called the Matagalpa and the Coyol Groups.  The Oligocene to Miocene age Matagalpa Group consists of intermediate to felsic pyroclastic rocks.  Unconformably overlying the Matagalpa Group are Miocene-aged mafic to intermediate lavas of the Lower Coyol unit.

The rocks of the Lower Coyol unit host the gold-bearing low-sulphidation epithermal quartz veins in the La Libertad gold district.  Gold mineralization at La Libertad is contained within vein sets along two parallel trends separated by approximately 500 m.  The Mojón-Crimea Trend is nearly four kilometres long, strikes 065°, and dips on average 80° to the southeast.  The down-dip dimension is commonly in the order of 200 m to 250 m.  The massive quartz veins and adjacent stockwork/stringer zones range in width from 2.0 m to 70 m for an average of 15 m, often narrowing at depth.  The Santa Mariá-Esmeralda Trend is discontinuous, with the Santa Mariá and Esmeralda veins separated by approximately 1,000 m.  The Santa Mariá vein averages 10 m wide and is approximately 450 m long.  The Esmeralda Vein has been mined out.  Additional mineralization is contained within previously mined material that has been crushed and partly processed by heap leach methods.

Exploration at La Libertad mostly comprises drilling.  Other exploration methods include prospecting, geological mapping, geophysical and geochemical surveys, and trenching.

Calibre Mining believes there is potential to outline additional resources in the following areas:

  • Extension to currently producing areas:
    • Mojón
    • San Juan
    • Tope (San Diego)
    • Jabalí Central/West
    • Jabalí Antena UG
  • Existing resource areas not currently producing:
    • Socorro
    • Rosario
    • San Antonio

Calibre Mining sees excellent potential amongst numerous high priority targets including

  • Advanced Targets:
    • Buenos Aires (including Nancite and Tranca)
    • Esmeralda North
    • Cosmatillo
    • Volcan
    • Morales
    • Santa Julia
    • Amalia (regional)
    • Quintana

Calibre has planned a two-phase exploration program to explore for and potentially outline additional Mineral Resources at La Libertad.  Current plans and budgets are being reviewed.

La Libertad Near Mine Exploration/Expansion Opportunity (Click here for image or insert into the page) (Image - La Libertad Near Mine Exploration Expansion Potential.png)

Highlights of some of the exploration targets follow:

Jabalí Antena Underground

The Jabalí Antena underground target includes potential extensions along strike and down dip of the area currently being developed as the Jabalí Antena Underground operation.  Only limited exploration drilling has been completed below the planned development and once underground development has been advanced, access to drilling sites will be competed for further exploration.  A total of 1,214.65 metres was drilled in 12 diamond drill holes during 2019.  Results received include:

4.01 g/t Au over 5.1 m, 6.57 g/t Au over 7.5 m, 8.30 g/t Au over 4.6 m, 4.89 g/t Au over 8.1 m, and 2.25 g/t Au over 5.0 m at Zone 2. 

Rosario Open Pit

Assay results were received during April, 2019 for six infill drill holes completed in the Rosario target.  These holes targeted the main Rosario structure within and below the current Inferred Mineral Resources in the Rosario open pit.  Highlights of drilling include, 2.71 g/t Au over 4.3 m, 1.97 g/t Au over 3.5 m, and 2.54 g/t Au over 6.75 m.

Esmeralda North

The Esmeralda target is located along one of the principal mineralized trends in the centre of the La Libertad Project.  The main structure is a mineralized zone comprising vuggy quartz and associated quartz stockwork contained within an envelope of sericitized rocks cut by comb-textured quartz veinlets.  The quartz-bearing structures show a moderate to a high presence of limonite plus goethite, locally accompanied by manganese oxides.

Recent positive results were returned from trenches and chip samples of surface exposures along a distance of approximately 400 m located between the two past-producing Esmeralda and Santa Mariá open pits.  Results from channel samples include;

2.38 g/t Au over 11.35 m, 15.70 g/t Au over 2.35 m, 0.60 g/t Au over 4.35 m, 1.23 g/t Au over 12.7 m (including 2.09 g/t Au over 5.44 m), and 4.16 g/t Au over 3.95 m.  

 Buenos Aires 

The Buenos Aires target which includes the subparallel structures of Nancite and Tranca is located in the south central portion of the main La Libertad concession group.  The target has been defined by extensive soil and rock sampling with follow-up trenching.  The surface work has defined an anomalous trend extending over three kilometres with several sub-parallel structures.  A moderate amount of artisanal miner activity has occurred in the area and has provided additional exposures for sampling.  To date no drilling has been competed but drilling is planned for the second half of 2019.


  1. The disclosure contains forward-looking statements. Refer to the Legal section of the website (click here) for caution regarding forward-looking statements and the basis for presentation of Mineral Reserves, Mineral Resources and other technical disclosures.
  2. B2Gold’s FY 2018 and Q1 2019 production results and 2019 annual production guidance are presented on a 100% basis
  3. Refer to “Non-IFRS measures” in Calibre Mining’s most recently filed Management Information Circular (Click here)
  4. As at December 31, 2018. Refer to pages 51 - 54 in B2Gold’s ‘Responsible Mining Report 2018 – Raising the Bar’ (click here), dated June 14, 2019. 
  5. Refer to respective footnotes in Summary of Mineral Reserve and Mineral Resource Estimates - click here for information regarding the categories, grade and tonnage of these Mineral Reserves and Mineral Resources, and other related information.
  6. Also available on SEDAR at 
  7. Q1 2019 Management’s Discussion & Analysis (“MD&A”)  Click here
  8. Q4, 2018 Management’s Discussion & Analysis (“MD&A”) click here

Certain portions of the following information are derived from on the Company’s most recent Management Information Circular, dated August 30, 2019 (click here)

Mineral Resource & Mineral Reserve Estimates:

Click here for Summary of Mineral Resource and Mineral Reserve Estimates

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