Calibre Mining Delivers Third Consecutive Record Quarter, Producing 68,776 Ounces of Gold, Leading to a 32% Increase In Cash to $77 Million
11 July 2023 - 8:00PM
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, 2023 (all
amounts are expressed in U.S. dollars).
Q2 and Year to Date (“YTD”) 2023
Highlights
- Record
consolidated quarterly gold production of 68,776 ounces
- 15% increase in gold production
compared to Q2 2022 (59,723 ounces)
- Nicaragua gold production of 58,392
ounces and Nevada gold production of 10,384 ounces
- Record
consolidated YTD gold production of 134,526 ounces
- 20% increase in gold production
compared to YTD 2022 (111,621 ounces)
- Remain well on track to deliver
full year guidance of 250,000 – 275,000 ounces
- Cash
increased 32% to $77 million over Q1 2023
- Successfully and
safely delivered expanded production capacity with a fourth new
open pit mine in three years with ore deliveries from the Eastern
Borosi mine to the Libertad mill;
- High-grade drill
results within the Eastern Borosi District reinforce the potential
for discovery and expansion;
- Consistent, broad
width gold mineralization confirmed at Golden Eagle, USA;
- Initial drilling
yielded high-grade results from the past producing Talavera deposit
within the Limon Mine Complex, reaffirming the Company’s overall
resource expansion and discovery potential;
- Near-mine and
higher-grade drilling of the Palomino target at Pan Gold mine
points to expansion potential;
- Published 2022
Sustainability Report demonstrating commitment to responsible
mining business practices.
Darren Hall, President & Chief
Executive Officer of Calibre, stated: “The team delivered
another record quarter, with production of 68,776 ounces being
ahead of budget, and positioning the Company well to deliver our
full year production guidance of 250,000 - 275,000 ounces.
Importantly, we generated strong free cash flow, increasing the
Company’s cash balance 32% over Q1 2023 to $77 million.
During the quarter we announced numerous
positive exploration results. Given our demonstrated ability to
convert discovery into production, I expect our investment will
continue to result in additional shareholder value as we leverage
the significant surplus capacity available at the Libertad
processing facility.
During the quarter we published our 2022
Sustainability report outlining our progress and achievements as we
reaffirm our commitment to transparency, accountability, and
responsible mining and business practices.
We believe Calibre continues to present a
compelling investment opportunity as we responsibly self-fund
discovery and resource expansion, grow production, build reserves,
whilst concurrently building cash.”
Q2 and YTD 2023 Financial Results and
Conference Call Details
Second quarter and YTD financial results will be
released after market close on Wednesday, August 9, 2023, and
management will be hosting a conference call on Thursday, August 10
to discuss the results and outlook in more detail.
Date: |
|
Thursday, August 10, 2023 |
Time: |
|
10:00 a.m. (ET) |
Webcast Link: |
|
https://edge.media-server.com/mmc/p/foapjc5f |
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/BI90d77f8cec114018bd6e9e389a376de5
and completing the online registration form.
- 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, 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 in this news release include, but are not limited to:
the Company’s expectations toward higher grades mined and processed
going forward; statements relating to the Company’s 2023 priority
resource expansion opportunities; the Company’s metal price and
cut-off grade assumptions. 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
(“AIF”) for the year ended December 31, 2022, and its management
discussion and analysis (“MD&A”) for the year ended December
31, 2022, all available on the Company’s SEDAR profile at
www.sedar.com. This list is not exhaustive of the factors that may
affect Calibre's forward-looking statements such as potential
sanctions implemented as a result of the United States Executive
Order 13851 dated October 24, 2022.
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. Such assumptions include but
are not limited to: the Company being able to mine and process
higher grades and keep production costs relatively flat going
forward; there not being an increase in production costs as a
result of any supply chain issues or ongoing COVID-19 restrictions;
there being no adverse drop in metal price or cut-off grade at the
Company’s Nevada properties. 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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