VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 5, 2011) - Douglas Forster, Chairman of Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to announce that Alder Resources Ltd. ("Alder") (TSX VENTURE:ALR) has informed Calibre that drilling has commenced on Calibre's Rosita Copper- Gold-Silver Project on the Company's Borosi Property in northeastern Nicaragua. The initial program will include 1,000 metres of reverse circulation ("RC") drilling to follow-up on historic mineralized diamond drill intercepts below the Santa Rita pit. Alder will also drill test the historic dumps around the Santa Rita pit. Additional RC drilling of up to 4,000 metres will test mineralization in other highly prospective areas including the R-13 zone and the Bambana porphyry copper target as well as other targets generated during the ongoing exploration program.
Alder is earning a 65% interest in the 3,356 ha Rosita D Concession by issuing Calibre 1,000,000 Alder shares and spending $4,000,000 on exploration over a 4 (four) year period (see Calibre News Release dated August 22, 2011). Alder is the project operator.
The Rosita D Concession hosts the historic open pit Santa Rita copper-gold-silver deposit from which 5.37 million tonnes of ore grading 2.06% Cu, 0.93 g/t Au, and 15.08 g/t Ag was extracted. The mine closed in 1975 due to low copper prices. Alder has competed detailed vertical channel sampling around the periphery of the old mine dumps near the Santa Rita pit and has begun trenching at the Bambana area. The Bambana prospect located four kilometres northwest of the Santa Rita open pit was drill tested by Calibre in 2010 and returned drill intercepts including: 0.43% Cu over 42 metres and 0.51% Cu, 0.25 g/t Au and 10.41 g/t Ag over 11.5 metres (see Calibre News Release dated August 19, 2010).
Douglas Forster, Chairman of Calibre stated: "Calibre is pleased to have 3 (three) drill rigs active on our 860 km2 Borosi Gold-Copper-Silver Property in the historic "Mining Triangle" of northeastern Nicaragua. In addition to the Alder RC drill program on the Rosita Copper-Gold-Silver Project Calibre also has one diamond drill active on the Primavera Gold-Copper Project in conjunction with B2Gold Corp. and one diamond drill conducting a resource delineation drill program on Calibre's 100% owned Risco de Oro Gold-Silver Project."
The technical content in this news release was read and approved by Gregory Smith, P.Geo, Vice President, Exploration and a Qualified Person ("QP") as defined by NI 43-101.
About Calibre Mining Corp.
Calibre Mining Corp. is a, TSX Venture Exchange listed company (TSX VENTURE:CXB) that is focused on the acquisition, exploration and development of gold and silver deposits in Central America. The Company is focused on a resource delineation drill program at its 100% owned Riscos de Oro gold-silver project and the diamond drilling program at the Primavera gold-copper prospect in conjunction with B2Gold Corp. Major shareholders of Calibre include gold producer Yamana Gold Inc. and investment fund Sun Valley Gold.
CALIBRE MINING CORP.
Douglas Forster, M.Sc., P.Geo., Chairman
Cautionary Note Regarding Forward Looking Statements
Safe Harbour Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements including but not limited to those with respect to the price of gold, silver or copper, potential mineralization, reserve and resource determination, exploration results, and future plans and objectives of the Company involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Calibre Mining Corp. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here