VANCOUVER, BRITISH COLUMBIA, Sep. 17, 2009 (Marketwire) -- Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to report that a C$2.5 million work program and budget has been approved by the Company's joint venture partner B2Gold Corp. (TSX:BTO) ("B2 Gold") at the Borosi project in the North Atlantic Autonomous Region (R.A.A.N.) of Nicaragua, Central America. The Borosi Gold-Copper Property is a strategic and district-scale land package of mining and exploration concessions covering the historic "Mining Triangle" of the Bonanza-Rosita-Siuna areas of northeast Nicaragua. The "Mining Triangle" of Nicaragua is estimated to have historical production totalling more than 5 million ounces of gold, 4 million ounces of silver, 158,000 tons of copper, and 106,000 tons of zinc(1). Field crews have now been mobilized for the 2009-2010 season. The initial campaign will focus on the Eastern Epithermal, Bonanza and Rosita Gold Camps with preliminary surface programs of geological mapping, prospecting, soil surveying and trenching. The intent of these programs is to quickly advance high priority prospects to drill testing stages by early 2010.
Calibre purchased the 71,000 hectare Borosi Gold-Copper project in July 2009; the company subsequently entered into a joint venture agreement with B2Gold to further explore and develop the project. Under the terms of the agreement, B2Gold may earn a 51% interest in the Borosi concessions by completing C$8 million of exploration expenditures over a three year period.
"The Mining Triangle of Nicaragua is relatively underexplored by modern methods and this region is very prospective for additional discoveries of gold-silver epithermal and gold-copper skarn and porphyry deposits," stated Robert Brown, President and CEO. "To truly unlock the potential of this region it is necessary to undertake a systematic, disciplined and dedicated exploration program backed by a financially strong and astute partner. Partnering with B2Gold allows Calibre to rapidly assess and advance the numerous high priority gold, silver and copper prospects on our concessions."
Calibre Mining Corp. is an aggressive, well financed, TSX Venture Exchange listed company (TSX VENTURE: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.
Robert D. Brown, B.Sc., MBA, President and CEO
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.
(1) 2003, Internal Report for RNC Gold Inc.
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