Calibre Mining Delivers Another Record Quarter, Producing 59,723 Ounces of Gold; On Track to Deliver 2022 Production Guidance
July 12 2022 - 6:00AM
Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF)
(“Calibre” or the “Company”) is pleased to announce operating
results for the three and six months ended June 30, 2022, and cash
on hand at quarter-end (all amounts in United States dollars).
Q2 and Year to Date (“YTD”) 2022
Production Overview
- Record consolidated quarterly gold
production of 59,723 ounces, and gold sales of 59,783 ounces;
- 37% increase in gold production
compared to Q2 2021 (43,506 ounces);
- Nicaragua gold production of 48,810
ounces and Nevada gold production of 10,913 ounces;
- Consolidated YTD gold production of
111,621 ounces, gold sales of 112,270 ounces and on track to
deliver full year guidance of 220,000 - 235,000 ounces.
Q2 2022 Highlights
- Cash of $92.3 million at June 30,
2022, or C$0.27 per share, an increase of $15 million from March
31, 2022 and no debt;
- Announced the grade driven
increasing production outlook (news release June 22, 2022);
- 2023 increasing to 250 - 275 koz,
2024 increasing to 275 - 300 koz leading to lower per ounce
costs;
- Received the environmental permit
to develop the Pavon Central open pit; (news release June 16,
2022)
- 15 drills completed 62 km of
drilling across our operations which has led to new discoveries,
resource building opportunities and the potential for additional
grade driven production growth, including;
- Bonanza Grade Drill Results from
Panteon North within the Limon Complex (news release June 27, 2022)
- 66.03 g/t Au over 5.6 m Estimated
True Width (“ETW”); 30.33 g/t Au over 5.0 m ETW;
- 22.55 g/t Au over 4.9 m ETW; 17.80
g/t Au over 7.3 m ETW; and
- New VTEM data outlines multiple
kilometres of high-priority discovery and resource building
potential.
- High Grade Drill
Results from the Gold Rock Project in Nevada (news release June 29,
2022)
- 2.94 g/t Au over 18.0 m; 3.36 g/t
Au over 22.9 m;
- 3.10 g/t Au over 18.3 m; 2.19 g/t
Au over 44.2 m; and
- Positive metallurgical results
demonstrating favorable heap leach recoveries and cycles
times.
- Step Out Drill
Results from the Pan Mine in Nevada (news release April 12, 2022)
- 1.29 g/t Au over 18.3 m; 1.46 g/t
Au over 9.1 m;
- 1.01 g/t Au over 9.1 m; 0.95 g/t Au
over 15.2 m; and
- Demonstrate resource expansion and
higher-grade potential.
Darren Hall, President & Chief
Executive Officer of Calibre, stated: “I am very pleased
with the Company’s second quarter performance, delivering a record
59,723 ounces, positioning the Company well to deliver its full
year guidance of 220,000 - 235,000 ounces. Our demonstrated quarter
over quarter delivery and continued robust operating cash flows
provides the opportunity to self-fund all growth opportunities and
reinvest into exciting exploration across all the assets while
maintaining a strong treasury.”
“We continue to see the benefits of our
commitment to exploration with the exciting results across the
board, in particular at Limon with bonanza intercepts, in
combination with our new VTEM data, demonstrate exciting potential
to make new high-grade discoveries across multiple kilometres of
strike extent.”
“During the quarter we received the
environmental permit to develop and operate the Pavon Central open
pit mine which demonstrates our commitment to deliver sustainable
value for shareholders, local communities and all stakeholders
through our responsible operating practices, transparent
communications, and acting as a steward of the environment. With
this approval confirmed we provided our robust grade driven and
reserve backed multi-year production outlook growing up to 300,000
ounces of gold production in 2024.”
Operating Overview
Our Q2 gold production of 59,723 ounces aligns
with our original outlook for the year, and with production
expected to increase during the second half with continued
increasing grades the Company is well positioned to meet its full
year gold production guidance of 220,000 – 235,000 ounces.
Q2 and YTD 2022 Financial Results and
Conference Call Details
Financial results will be released after market
close on Tuesday, August 9, 2022, and management will be hosting a
conference call to discuss the results and outlook in more
detail.
Date: |
Wednesday,
August 10, 2022 |
Time: |
10:00 a.m. (ET) |
Webcast Link: |
https://edge.media-server.com/mmc/p/y5ismjno |
Instructions for obtaining conference call
dial-in numbers:
- All parties must register at the link below to participate in
the Calibre Mining, Q2 conference call.
- Register by clicking
https://register.vevent.com/register/BI8dee59d100bc48b59353279a56f79893
- Once registered you will receive
the dial-in numbers and PIN number for input at the time of the
call.
The live webcast and registration link can be
accessed here and at www.calibremining.com under the Events and
Media section under the Investors tab. The live audio webcast will
be archived and made available for replay at www.calibremining.com.
Presentation slides that will accompany the conference call will be
made available in the Investors section of the Calibre website
under Presentations prior to the conference call.
Qualified Person
Darren Hall, MAusIMM, President and Chief
Executive Officer, of Calibre Mining Corp. is a “qualified person”
as set out under NI 43-101 and has reviewed and approved the
scientific and technical information in this press release.
ON BEHALF OF THE BOARD
“Darren Hall”
Darren Hall, President and Chief Executive
Officer
For further information, please
contact:
Ryan KingSenior Vice President, Corporate
Development & IRT: 604.628.1010E: calibre@calibremining.comW:
www.calibremining.com
About Calibre Mining Corp.
Calibre Mining is a Canadian-listed, Americas
focused, growing mid-tier gold producer with a strong pipeline of
development and exploration opportunities across Nevada and
Washington in the USA, and Nicaragua. Calibre is focused on
delivering sustainable value for shareholders, local communities
and all stakeholders through responsible operations and a
disciplined approach to growth. With a strong balance sheet, no
debt, a proven management team, strong operating cash flow,
accretive development projects and district-scale exploration
opportunities Calibre will unlock significant value.
Cautionary Note Regarding Forward
Looking Information
This news release includes certain
“forward-looking information” and “forward-looking statements”
(collectively “forward-looking statements”) within the meaning of
applicable Canadian securities legislation. All statements in this
news release that address events or developments that we expect to
occur in the future are forward-looking statements. Forward-looking
statements are statements that are not historical facts and are
identified by words such as "expect", "plan", "anticipate",
"project", "target", "potential", "schedule", "forecast", "budget",
"estimate", "intend" or "believe" and similar expressions or their
negative connotations, or that events or conditions "will",
"would", "may", "could", "should" or "might" occur. Forward-looking
statements necessarily involve assumptions, risks, and
uncertainties, certain of which are beyond Calibre’s control. For a
listing of risk factors applicable to the Company, please refer to
Calibre’s annual information form for the year ended December 31,
2021, available on www.sedar.com. This list is not exhaustive of
the factors that may affect Calibre’s forward-looking
statements.
Calibre’s forward-looking statements are based
on the applicable assumptions and factors management considers
reasonable as of the date hereof, based on the information
available to management at such time. Calibre does not assume any
obligation to update forward-looking statements if circumstances or
management’s beliefs, expectations or opinions should change other
than as required by applicable securities laws. There can be no
assurance that forward-looking statements will prove to be
accurate, and actual results, performance or achievements could
differ materially from those expressed in, or implied by, these
forward-looking statements. Accordingly, undue reliance should not
be placed on forward-looking statements.
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