World News: 12:00 GMT Tuesday 14th January 2020. [Calibre Mining Corp. via Globe Newswire via SPi World News]
VANCOUVER, British Columbia, Jan. 14, 2020 (GLOBE NEWSWIRE) -- (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) today announced operating results for the period October 15, 2019 to December 31, 2019.
Russell Ball, CEO of Calibre stated: “Our fourth quarter of 2019 was transformative as we transitioned the Company to a multi-asset producer, while successfully delivering on our production guidance. As we begin 2020, we look to continue delivering quality, high-margin gold production, driven by increased, high-grade, open-pit ore being mined at Limon Central. In addition, our discovery drilling and resource expansion programs will ramp up significantly as we expect to have six drill rigs turning by the end of January, with four focused at La Libertad. In my opinion, the extension of mine life at La Libertad represents the most compelling near-term, value creation opportunity for Calibre.”
El Limon delivered on guidance by producing 15,440 ounces of gold. Production resulted from processing 100,221 tonnes at an average grade of 5.74 g/t with average recoveries of 91.3%. Ore was mined from the new high-grade Limon Central open-pit and the Santa Pancha underground mine, where positive grade reconciliations continue.
La Libertad delivered on guidance by producing 18,066 ounces of gold. Production resulted from processing 353,254 tonnes at an average grade of 1.74 g/t with average recoveries of 96.4%. The mine plan was resequenced due to the temporary suspension of blasting activities at the Jabali underground mine, although no change is expected to the previously announced 2020 production guidance of between 70,000 and 75,000 ounces.
The government continues to make progress with the relocation of households in the nearby community of Santo Domingo affected by the artisanal mining driven ground instability issue. The Company is working closely with the government and community to ensure a safe and responsible resolution. Mining at the Jabali open-pit remains unaffected.
At December 31, 2019, the preliminary cash balance was US$32.9 million.
2019 financial results will be released on February 18, 2020, after market close. Management will be hosting a conference call to discuss the 2019 results and the outlook for 2020 on February 19, 2020 at 10:00 a.m. (EDT).
Please join the conference call at least five minutes early to register. The live webcast can be accessed at www.calibremining.com in the Events and Webcast section under the Investor Relations tab.
The live audio webcast will be archived and made available for replay at www.calibremining.com.
Presentation slides which accompany the conference call will be made available in the Investors section of the Calibre website, under Presentations, prior to the conference call.
Darren Hall, MAusIMM, MSME, SVP & Chief Operating Officer, Calibre Mining Corp. is a “qualified person” as set out under NI 43-101 has reviewed and approved the scientific and technical information in this press release.
Russell BallChief Executive Officer
Calibre Mining is a Canadian-listed gold mining and exploration company with two 100%-owned operating gold mines in Nicaragua. The Company is focused on sustainable operating performance and a disciplined approach to growth.
Globe Newswire: 12:00 GMT Tuesday 14th January 2020
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