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Calibre Reports Second Quarter 2020 Financial and Operating Results

Written by Customer Service on . Posted in Public Companies.

VANCOUVER, British Columbia, Aug. 10, 2020 (GLOBE NEWSWIRE) — August 10, 2020: Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) announces financial and operational results for the three months ended June 30, 2020 (“Q2 2020”).  Full Condensed Interim Consolidated Financial Statements and the Management Discussion & Analysis can be found at www.sedar.com and the Company’s website, www.calibremining.com.  All figures are expressed in U.S. dollars.
On March 25, 2020, the Company initiated a temporary suspension of operations related to the global pandemic.  Following a 10-week suspension, the Company commenced a phased restart of operations around mid-June and returned to steady-state production levels during July 2020.Q2 2020 OVERVIEWProduced 6,010 ounces of gold and sold 9,426 ounces of gold
 Reported a Net loss of $(5.4) million ($(0.02) per share)
 Announced an expanded 2020 exploration drilling programNear-mine drilling increased by 30%, from 47,000 meters to 60,000 meters; andAdded 20,000 meters of unbudgeted infill drilling designed to upgrade inferred resources to indicated resources.
 Announced revised 2020 outlook incorporating 10-week shutdown in second quarterBetween 110,000 and 125,000 ounces of gold production; andAll-In Sustaining Costs1 (“AISC”) of between $1,070 and $1,100 per ounce
 Strong start to the third quarter with ‘hub-and-spoke’ operations delivering 15,879 ounces in JulyRussell Ball, CEO of Calibre stated: “After the second-quarter shutdown and recent restart of operations, the third quarter has started on a positive note.  We recently recommenced operations at our Jabali Underground mine and following the receipt of the permit for the development of Pavon Norte, development activities are now well underway.  Pavon Norte represents a high-grade ore source for the Libertad Complex, with first ore expected to be mined and processed by the end of the first quarter of 2021 utilizing our ‘hub-and-spoke’ operating philosophy.” CONSOLIDATED RESULTS SUMMARY – FOR THE THREE MONTHS ENDED JUNE 30, 2020

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