Guidance While Advancing Operational Readiness For H1, 2025 First Gold at The Fully Funded Valentine Gold Mine
VANCOUVER, British Columbia, April 09, 2024 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the "Company" or "Calibre") is pleased to announce the operating results for the three months ended March 31, 2024 (all financial amounts are expressed in U.S. dollars unless otherwise indicated).
Darren Hall, President and Chief Executive Officer of Calibre, stated: “Consistent with H1 2024 production expectations the team delivered 61,767 ounces in Q1, with gold production H2 weighted as additional organic production sources and higher-grade zones of gold mineralization are brought into the mine plan. We remain on track to deliver full year 2024 production guidance of 275,000 – 300,000 ounces.
The beginning of 2024 has proven to be exciting for Calibre with the close of the acquisition of the multi-million-ounce Valentine Gold Mine (“VGM”) in Canada, a fourth consecutive year of Mineral Reserve growth and our inclusion into the Van Eck GDX Index. Since becoming a gold producer during Q4, 2019, Calibre has delivered annual production growth of 28% year on year, with a track record of meeting or beating expectations. We are on a clear and concise path of delivery and growth. With an investment of more than 130,000 metres of resource expansion and discovery drilling in 2024, I am excited to see continued positive results across our entire portfolio of assets.
2024 and 2025 will be transformational years, driven by an increase in gold production and significant exploration across the Americas. I am pleased to report the final phases of construction and operational readiness remain on track and fully funded at VGM in preparation for first gold production in H1, 2025 to unlock significant production growth and value for our shareholders.
During this time of significant growth, Calibre remains committed to its pursuit of excellence in sustainability and ethical mining practices. Our efforts extend beyond regulatory compliance, focusing on continuous improvement to minimize our environmental footprint, as well as transparent and extensive community engagement to create a positive impact in the regions in which we operate.”
Q1 2024 Highlights
Completed the acquisition of Marathon Gold, securing significant future growth as construction of the multi-million-ounce Valentine Gold Mine surpasses 61% complete;
Consolidated quarterly gold production of 61,767 ounces:
Nicaragua gold production of 55,007 ounces and Nevada gold production of 6,760 ounces;
Delivered fourth consecutive year of Mineral Reserve growth with consolidated 2023 Mineral Reserves increasing 398%, since acquisition in 2019, to 1,426,000 ounces gold (see press release dated March 12, 2024):
Nicaragua Mineral Reserves increased 4%, to 1,126,000 ounces at a grade of 5.13 g/t gold;
Nevada Mineral Reserves increased 12% to 300,000 ounces;
VGM boasts a significant mineral endowment with the addition of 2.7 Moz of Reserves and 3.96 Moz of Measured and Indicated Resources (inclusive of Reserves) and 1.10 Moz of Inferred Resources (see press release dated March 12, 2024);
Operational readiness progress continues at VGM with: appointment of a Vice President of Canadian Operations and Process Plant Manager, and commissioning contract with Reliable Controls Corporation of Salt Lake City;
Positive drill results one kilometre southwest of VGM Resources, combined with high-grade ore control drilling outside of reported Mineral Reserves, add additional tonnes and demonstrate strong discovery potential across the 32 kilometre shear zone (see press releases dated February 6 and February 14, 2024):
3.14 g/t Au over 14.8 metres Estimated True Width (“ETW”) and 39.90 g/t Au over 1.8 metres ETW;
46.53 g/t Au over 5.3 metres and 17.16 g/t Au over 7.0 metres;
Company-wide mineral endowment in The Americas of over 4.1 Moz Reserves, 8.6 Moz of Measured and Indicated Resources (inclusive of Reserves) and 3.6 Moz of Inferred Resources (see press release dated March 12, 2024);
Continued interception of bonanza grade drill results along the multi-kilometre Panteon VTEM Gold Corridor within the Limon Complex (see press release dated January 30, 2024):
111.92 g/t Au over 4.1 metres ETW;
15.63 g/t Au over 5.7 metres ETW including 33.60 g/t Au over 2.6 metres ETW;
Intersection of shallow, open pit mineable grades and widths from the Volcan deposit within the Libertad Complex advance the Company toward a mid-2024 mining decision as permitting remains ongoing (see press release dated March 5, 2024);
As part of the Company’s cash management strategy and to bolster the balance sheet, Calibre announced a $100M bought deal financing and completed a $60M short term gold prepayment agreement;
Inclusion into the Van Eck Vectors Gold Miners ETF, reflecting Calibre’s successful growth; and
Achieved Year-3 compliance with the World Gold Councils’ Responsible Gold Mining Principles.
Q1 2024 Financial Results and Conference Call Details
First quarter financial results will be released after market close Tuesday, May 14, 2024, and management will be hosting a conference call on Wednesday, May 15 to discuss the results and outlook in more detail.
Date:§Wednesday, May 15, 2024
Time:§10:00 am ET
Webcast Link: edge.media-server.com/mmc/p/pdog5ire
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