Calibre, B2Gold trench 14 m of 1.61 g/t Au at Minnesota

2014-07-08 09:18 ET - News Release

See News Release (C-CXB) Calibre Mining Corp

Mr. Greg Smith of Calibre reports

CALIBRE AND B2GOLD EXTEND TRENCH INTERCEPT TO 61.9 METRES GRADING 1.76 G/T GOLD AT THE MINNESOTA GOLD PROJECT, BOROSI CONCESSIONS, NICARAGUA

Calibre Mining Corp. has released the results from follow-up trenching and sampling at the Minnesota gold 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. B2Gold has 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. The 2014 exploration program on the B2Gold joint venture is budgeted at $1.2-million.

The latest results on the Minnesota gold project have further extended the previously defined gold mineralization, increasing the trench intercept to 61.9 metres grading 1.76 grams per tonne Au. The trenches continue to expose intensely sericitized granodiorite with strong hematite staining and variable silicification. The gold mineralization in the trenches remains open to the north and south.

Trenches MINTR14-008 and MINTR14-009 are additional extensions to the south of trenches MINTR14-006 and MINTR14-007, which intersected 30.5 m grading 2.01 g/t Au (see Calibre new release dated June 17, 2014).

          UPDATED TRENCHING RESULTS -- MINNESOTA GOLD PROJECT         
                                                                     
Trench                          From         To   Interval         Au
ID                                (m)        (m)        (m)      (g/t)

MINTR14-006 (1)                  0.0       14.8       14.8       1.85
MINTR14-007 (1)                  0.0       14.7       14.7       2.31
MINTR14-008                      0.0       14.6       14.6       1.61
MINTR14-009                      0.0       14.8       14.8       1.61
MINTR14-006/7/8/9 (2)            0.0       61.9       61.9       1.76

(1) Previously reported; length weighted averages from uncut assays;                        
    Mineralized intervals are open to the north and south.              
(2) Combined weighted averages assign zero grade to a 1.0 m gap    
    left unsampled between each of the four trenches.

Exploration at Minnesota continues with new trenches planned 100 metres northeast and southwest of trenches MINTR14-6 through 9 at high angles to the apparent trend of the gold mineralization.

The Minnesota gold target area consists of intrusive-hosted veinlets within a structurally prepared area with widespread alteration. The target is defined by a strong 1.75-kilometre-by-1.25-kilometre gold-in-soil anomaly. Updated maps detailing the result of the current exploration program at the Minnesota gold 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 and soil 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, Canada, for gold fire assay and ICP-MS 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.