Calibre Provides Update and Confirms no Material Impact on Operations

Rhea-AI Summary

Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) reports that the recent sanctions imposed by the U.S. Treasury on Nicaragua have no material impact on its operations. The Libertad and Limon complexes are performing as planned, with an expected consolidated annual production of 220,000–235,000 ounces of gold for 2022. The company remains committed to sustainable practices and compliance with laws and regulations while monitoring its operations closely.

Positive

• Sanctions do not materially affect operations in Nicaragua.
• On track to meet 2022 gold production guidance of 220,000-235,000 ounces.

Negative

• Potential risks from future sanctions as stated in forward-looking information.

VANCOUVER, British Columbia, Oct. 27, 2022 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”)  is pleased to announce that, further to its press release dated October 25, 2022, following discussions with its advisors relating to the sanctions imposed on the Nicaraguan General Directorate of Mines by the United States Treasury Department on October 24, 2022 (the “Sanctions”) and an internal review of its current and future planned operations, the Company confirms that the Sanctions do not have a material impact on its Nicaraguan operations. The Libertad and Limon complexes are operating to plan, and the Company is on track to meet our 2022 consolidated annual production guidance of 220,000 – 235,000 ounces gold.

Calibre reiterates its commitment to its assets in Nicaragua, and particularly to its employees and host communities.  Calibre operates these assets in a way that is protective of people, respectful of cultural heritage and that contributes to economic development, while acting as a steward of the natural environment.  The Company will continue to strive to deliver sustainable value for all stakeholders through responsible operations and a disciplined approach to growth.

Calibre will continue to monitor its operations with the assistance of its advisors to ensure that the Company continues to comply with all relevant laws and regulations, including any sanctions that may result from Executive Order 13851, as well as international standards and best practices.

ON BEHALF OF THE BOARD

“Darren Hall”

Darren Hall, President & Chief Executive Officer

For further information, please contact:

Ryan King
Senior Vice President, Corporate Development & Investor Relations
T: 604.628.1010
E: calibre@calibremining.com
W: www.calibremining.com

About Calibre Mining Corp.
Calibre 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, no debt, 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 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 for the year ended December 31, 2021, available on 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. 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.

FAQ

What was the impact of U.S. sanctions on Calibre Mining's operations in Nicaragua?

Calibre Mining confirmed that the sanctions imposed by the U.S. Treasury do not have a material impact on its Nicaraguan operations.

What is Calibre Mining's production guidance for 2022?

Calibre Mining is on track to achieve a consolidated annual production of 220,000 to 235,000 ounces of gold for 2022.

How does Calibre Mining ensure sustainable operations in Nicaragua?

Calibre Mining strives for sustainable operations by being protective of people, respectful of cultural heritage, and contributing to economic development.

What are the potential risks for Calibre Mining from U.S. sanctions?

The company acknowledges potential risks from future sanctions as indicated in their forward-looking statements.