CALIBRE REPORTS RECORD QUARTERLY REVENUE ON STRONG OPERATIONAL PERFORMANCE SETTING UP FOR A SUCCESSFUL 2023

VANCOUVER, British Columbia, May 08, 2023 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) announces financial and operating results for the three months ended March 31, 2023 (“Q1 2023”). Consolidated Financial Statements and Management Discussion & Analysis for the three months ending March 31, 2023 can be found at www.sedar.com and the Company’s website, www.calibremining.com . All figures are expressed in U.S. dollars unless otherwise stated.

Q1 2023 HIGHLIGHTS

• Record gold sales of 65,770 ounces grossing $126.9 million in revenue at an average realized gold price 1 of $1,891/oz;
• Consolidated Total Cash Costs (“TCC”) 1 of $1,164/oz; Nicaragua $1,131/oz and Nevada $1,331/oz;
• Consolidated All-In Sustaining Costs (“AISC”) 1 of $1,302/oz; Nicaragua $1,241/oz and Nevada $1,363/oz;
• Generated $26.7 million in cash flow from operations;
• Cash on hand of $60.8 million as at March 31, 2023 2 ;
• Net income of $16.4 million or $0.04 per share;
• Consolidated Mineral Reserves increased 370% since acquisition in 2019, to 1,346,000 ounces gold (see press release dated February 14, 2023 );
• The ore transport team attained an average daily rate of 2,294 tonnes of ore per day to the Libertad mill from the Pavon Norte, Pavon Central and Limon mines, an 11% increase over the Q1 2022 average ore delivery rate;
• Delivered high-grade ore from Pavon Central mine ahead of schedule, averaging 1,000 tonnes per day at 7.39 g/t gold in February to the Libertad mill (see press release dated March 15, 2023 );
• Continued expansion of the high-grade gold discovery at Panteon North and along the VTEM Gold Corridor within the Limon Complex, intersecting 17.45 g/t gold over 4.1 metres (see press release dated March 21, 2023 );
• New discovery at the Pan Mine in Nevada indicates the potential for resource expansion to the south (see press release dated January 17, 2023 )
• Phase 1 and 2 drill results from the Golden Eagle Project in Washington State confirm consistent gold mineralization over broad widths, reinforcing the potential of this 2 million ounce Mineral Resource; Metallurgical testing to explore for future gold extraction potential and recovery methods has commenced (see press releases dated January 24, 2023 and April 12, 2023 ); and
• Commenced mining from the Guapinol open pit at Eastern Borosi in April, utilising surplus capacity at the Libertad mill for processing (see press release dated April 18, 2023 ).

Darren Hall, President and Chief Executive Officer of Calibre, stated : “Calibre had an excellent start to the year, responsibly delivering record gold production of 65,750 ounces. During the quarter we continued to solidify our position as a growing mid-tier gold producer, expanding our hub and spoke operating strategy to include the new high-grade open pit mine at Pavon Central. During Q2 we began mining at our new Eastern Borosi open pit and expect initial deliveries to Libertad in Q2. Cash generation is expected to accelerate during the second half of the year with grade-driven increased production achieving consolidated production guidance of 250,000 to 275,000 ounces and significantly increasing our cash position by year end.”

For remainder of news release :   

https://www.calibremining.com/news/calibre-reports-record-quarterly-revenue-on-strong-5430/

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