Canadian Mining Journal

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Calibre gears up for a big year of exploration in Nicaragua

VANCOUVER — Explorer Calibre Mining (TSXV: CXB; US-OTC: CXBMF) is preparing for a busy field season across three separate gold-silver projects, and that's become a rarity in a junior sector that's finding it increasingly...



VANCOUVER — Explorer Calibre Mining (TSXV: CXB; US-OTC: CXBMF) is preparing for a busy field season across three separate gold-silver projects, and that’s become a rarity in a junior sector that’s finding it increasingly difficult to keep the lights on in the face of languorous capital markets.

The company’s strength stems from a pair of active joint venture agreements with mid-tier gold producers in Nicaragua, but it has also attracted interest from a renowned gold investor due to a slice of wholly owned ground in a highly prospective region of the Central American country.

In mid-2014 Calibre signed an option agreement with IamGold (TSX: IMG; NYSE: IAG) on its Eastern Borosi gold-silver project, which is part of the Borosi concessions situated roughly 275 km northeast of the Nicaraguan capital of Managua. Under terms of the agreement IamGold can earn a 70% interest in the project by investing US$10 million in exploration over six years and providing Calibre with approximately US$900,000 in cash.

The companies completed an initial year’s worth of exploration expenditures in just over eight months, which included an inaugural 5,500-metre drill initiative with a US$1.5-million price tag.

Read the complete article at NorthernMiner.com/news/calibre