Calibre Reports Strong First Quarter 2020 Production and Costs, Including Record Quarterly Production at Limon of 20,636 Ounces

VANCOUVER, British Columbia, May 06, 2020 (GLOBE NEWSWIRE) — Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) is pleased to announce production and financial results for the three months ended March 31, 2020.  The interim consolidated financial statements and management discussion & analysis can be obtained from www.sedar.com and the Company’s website, www.calibremining.com. All figures are in United States dollars.
FIRST QUARTER 2020 HIGHLIGHTSProduction of 42,085 ounces of gold, with 20,636 ounces at Limon and 21,449 ounces at Libertad;All-In Sustaining Costs (“AISC”)¹ at Limon, Libertad and Consolidated of $984, $951 and $1,030 per ounce, respectively;Cash generated from operating activities of $20.1 million;Cash on hand increased 31% (or $10.2 million) to $43.1 million as at March 31, 2020;Net income of $12.5 million ($0.04 per share);Positive resource expansion drilling from Limon Norte (including 18.65 g/t Au over 5.1 metres) and Panteon (including 17.77 g/t Au over 10.8 metres); andExecuted the Borosi earn-in agreement and exploration alliance agreement with Rio Tinto Exploration.Russell Ball, CEO of Calibre stated: “I am extremely pleased with our progress since we closed the transaction with B2Gold last October. We have integrated and optimized operations, reduced costs and implemented our new “hub-and-spoke” operating approach.  We see further opportunities to more effectively utilize our 2.7 million tonnes of annual installed processing capacity.”“I am grateful to report that all Calibre employees and contractors are safe, healthy and continue to practice social distancing to help ‘flatten the curve’.  We are making significant progress as we work towards a solution to allow operations to resume and expect to begin ramping-up before the end of the second quarter.”SUMMARY OF RESULTS