Calibre, B2Gold channel sample 10.5 m of 3.7 g/t Au

2013-10-07 09:15 ET - News Release

Mr. Greg Smith reports

CALIBRE AND B2GOLD SAMPLING EXPANDS MINERALIZED ZONE AT THE MINNESOTA GOLD-COPPER PROJECT, BOROSI CONCESSIONS, NICARAGUA

Calibre Mining Corp. has released results from a channel sampling program on the Minnesota gold-copper project within the B2Gold Corp. joint venture on the Borosi concessions, northeast Nicaragua. Calibre controls a 49-per-cent interest in the joint venture and B2Gold has a 51-per-cent interest and is project operator. As announced on Sept. 9, 2013, Calibre has executed a definitive joint venture agreement with B2Gold that grants B2Gold the right to earn an additional 19 per cent in the Borosi concessions joint venture by spending $6-million in additional project expenditures over three years.

RECENT MINNESOTA PROJECT CHANNEL SAMPLING ASSAY RESULTS

Prospect Channel ID From (m) To (m) Interval (m) Au (g/t)

Minnesota MNTR13-001 0.00 7.50 7.50 3.93

Minnesota MNTR13-002 0 2 2.00 1.01

MNTR13-002 4.00 14.50 10.50 3.70

including 5.30 14.50 9.20 4.17

Minnesota MNTR13-03 0.00 7.00 7.00 1.45

Greg Smith, president and chief executive officer of Calibre, stated: "These channel sampling results are very encouraging especially given the consistent nature of the gold mineralization across each of the three channels and the fact that the mineralization is open in all directions. With additional strong channel sampling results along trend and a soil anomaly almost two kilometres in length Minnesota continues to be an exciting gold target."

Previous channel sampling assay results along the Minnesota trend include: 6.40 metres grading 5.56 grams per tonne gold (BRTR11-044), eight metres grading 6.35 grams per tonne gold (BRTR11-047), 12.80 metres grading 1.27 grams per tonne gold (BRTR11-057), six metres grading 2.12 grams per tonne gold (BRTR11-054) and 4.65 metres grading 1.51 grams per tonne gold (BRTR11-053).

The Minnesota gold-copper project is located 20 kilometres northwest of the Primavera gold-copper project where a B2Gold/Calibre drill program intersected significant porphyry-style gold-copper mineralization including: 261.70 metres grading 0.78 gram per tonne gold, 0.30 per cent copper (PR-11-002) and 172.35 metres grading 0.48 gram per tonne gold and 0.24 per cent copper (PR-12-008). The Minnesota area was selected as a high-priority target during regional evaluation of the entire Borosi joint venture area.

Previous work completed at Minnesota includes 25.5 line kilometres of soil sampling (449 samples), 138 rock samples, 339.55 metres of face sampling of artisanal workings (189 samples), detailed geologic mapping over 15 square kilometres, and reconnaissance geologic mapping over 52 square kilometres. An updated airborne geophysical survey consisting of magnetics and radiometrics was completed over the entire Minnesota trend in 2012.

The geochemically anomalous gold trend and associated alteration and mineralization at Minnesota has been delineated over a 1.75-kilometre-by-1.25-kilometre area. The strongest gold and copper soil anomaly occurs in the area surrounding the recent channel sampling and measures 500 metres by 250 metres. The trend is also variably anomalous in molybdenum, lead and zinc. The target consists of a favourable multiphase intrusive centre with peripheral epithermal vein sets and widespread alteration. Abundant small-scale artisanal gold miners are active in the Minnesota region and the channel sampling reported in this news release was from newly exposed artisanal miner workings.

Updated maps detailing the result of the current exploration program at the Minnesota gold/copper project will be posted on the company's website.

Quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the rock sample strings. Samples are placed in sealed bags and shipped directly to Acme Labs in Managua, Nicaragua, for sample preparation and then to Acme Labs in Vancouver for gold fire assay and ICP multielement analyses. The technical content in this news release was read and approved by Gregory Smith, PGeo, president and chief executive officer of the company, who is the qualified person as defined by National Instrument 43-101.