VANCOUVER, British Columbia, May 14, 2024 (GLOBE NEWSWIRE) — Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) is pleased to provide an update on the construction and capital costs of the Valentine Gold Mine (“Valentine” or “VGM”) in Newfoundland & Labrador, Canada. All figures in Canadian Dollars (“C$”) unless otherwise stated.
Darren Hall, President and Chief Executive Officer of Calibre, commented: “The progress on the fully funded Valentine Gold Mine is substantial, with construction 64% complete and detailed engineering at 98%. The project, with the first gold pour expected in Q2 2025, marks a significant milestone for Calibre as we transition into a quality mid-tier gold producer, benefiting all stakeholders.
Since the acquisition of Valentine in January 2024, Calibre has made significant advancements in detailed engineering, contract awards, site infrastructure, and commissioning activities, positioning the project for successful completion.
Enhanced project optimization and expediting Phase 2 expansion capital have led to an initial capital cost of C$653 million, which is fully funded with current cash reserves. The Company is optimistic about the district-scale potential of the Valentine gold property and plans to accelerate exploration activities to leverage this potential.
Construction and Operational Readiness
The construction progress is at 64%, with key milestones achieved in detailed engineering, mill delivery, site power connection, and operational team deployment. Additionally, contracts for necessary infrastructure components have been awarded, further securing the project’s progress.
Exploration Highlights
Calibre has completed significant drilling at key locations, indicating strong exploration potential in the region. The property showcases resource richness and holds promise for future discoveries, aligning with esteemed gold-producing regions like the Val-d’Or and Timmins camps.
Marathon Initial Capital Cost Estimate Comparison
A comparison with Marathon Gold’s historical initial capital cost estimates showcases the evolution of the project’s financial outlook, demonstrating Calibre’s adaptive approach to optimize costs and mitigate risks.
Insight on Capital Expenditure Increase
The C$145 million increase over Marathon’s previous estimate can be attributed to several factors like schedule adjustments, optimization efforts, and operational enhancements. Calibre’s proactive steps in advancing operations and Phase 2 expansion have contributed to the revised capital cost but ensure a well-prepared and well-funded project.
A detailed breakdown of the capital expenditure increase provides transparency on how the additional funds will be allocated to ensure effective project execution.
Calibre aims to further fortify its working capital to enhance the production ramp-up process, emphasizing the importance of inventory and stockpile development for sustainable operations.
Qualified Person
Mr. Paolo Toscano, P. Eng (Ont.), SVP Engineering, Projects and Construction, serves as the qualified person overseeing the technical aspects of the project, ensuring compliance with industry standards and regulations.
About Calibre
Calibre Mining Corp. is dedicated to delivering value through sustainable growth across North American regions with substantial mineral potential. With a robust balance sheet, strategic projects, and a commitment to responsible operations, Calibre is poised for significant value creation.
ON BEHALF OF THE BOARD
“Darren Hall”
Darren Hall, President & Chief Executive Officer
For further information, please contact:
Ryan King
SVP Corporate Development & IR
T: 604.628.1012
E: calibre@calibremining.com
W: www.calibremining.com
Calibre’s head office is located at Suite 1560, 200 Burrard St., Vancouver, British Columbia, V6C 3L6.
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The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward Looking Information
This news release includes certain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities legislation, including statements regarding the plans, intentions, beliefs and current expectations of Calibre with respect to future business activities and operating performance. All statements in this news release that address events or developments that Calibre expects to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are often 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, and include information regarding: (i) expectations regarding the ability of the Company to successfully achieve business objectives, including the effects of unexpected costs, liabilities or delays, (ii) expectations regarding future exploration and development, growth potential for Calibre’s operations, and (iv) expectations for other economic, business, and/or competitive factors. For a listing of risk factors applicable to the Company, please refer to Calibre’s annual information form for the year ended December 31, 2023, and its management discussion and analysis for the year ended December 31, 2023, all available on the Company’s SEDAR+ profile at www.sedarplus.ca. 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 of Calibre 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.
Footnotes:
- See Marathon Gold press release dated December 7, 2022, available at www.calibremining.com or www.sedarplus.ca
- See Marathon Gold press release dated August 2, 2023, available at www.calibremining.com or www.sedarplus.ca
- See Marathon Gold press release dated October 23, 2023, available at www.calibremining.com or www.sedarplus.ca
A photo accompanying this announcement is available at
VANCOUVER, British Columbia, May 14, 2024 (GLOBE NEWSWIRE) — Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) is pleased to provide an update on the construction and capital costs of the Valentine Gold Mine (“Valentine” or “VGM”) in Newfoundland & Labrador, Canada. All figures in Canadian Dollars (“C$”) unless otherwise stated.
Darren Hall, President and Chief Executive Officer of Calibre, commented: “The progress on the fully funded Valentine Gold Mine is substantial, with construction 64% complete and detailed engineering at 98%. The project, with the first gold pour expected in Q2 2025, marks a significant milestone for Calibre as we transition into a quality mid-tier gold producer, benefiting all stakeholders.
Since the acquisition of Valentine in January 2024, Calibre has made significant advancements in detailed engineering, contract awards, site infrastructure, and commissioning activities, positioning the project for successful completion.
Enhanced project optimization and expediting Phase 2 expansion capital have led to an initial capital cost of C$653 million, which is fully funded with current cash reserves. The Company is optimistic about the district-scale potential of the Valentine gold property and plans to accelerate exploration activities to leverage this potential.
Construction and Operational Readiness
The construction progress is at 64%, with key milestones achieved in detailed engineering, mill delivery, site power connection, and operational team deployment. Additionally, contracts for necessary infrastructure components have been awarded, further securing the project’s progress.
Exploration Highlights
Calibre has completed significant drilling at key locations, indicating strong exploration potential in the region. The property showcases resource richness and holds promise for future discoveries, aligning with esteemed gold-producing regions like the Val-d’Or and Timmins camps.
Marathon Initial Capital Cost Estimate Comparison
A comparison with Marathon Gold’s historical initial capital cost estimates showcases the evolution of the project’s financial outlook, demonstrating Calibre’s adaptive approach to optimize costs and mitigate risks.
Insight on Capital Expenditure Increase
The C$145 million increase over Marathon’s previous estimate can be attributed to several factors like schedule adjustments, optimization efforts, and operational enhancements. Calibre’s proactive steps in advancing operations and Phase 2 expansion have contributed to the revised capital cost but ensure a well-prepared and well-funded project.
A detailed breakdown of the capital expenditure increase provides transparency on how the additional funds will be allocated to ensure effective project execution.
Calibre aims to further fortify its working capital to enhance the production ramp-up process, emphasizing the importance of inventory and stockpile development for sustainable operations.
Qualified Person
Mr. Paolo Toscano, P. Eng (Ont.), SVP Engineering, Projects and Construction, serves as the qualified person overseeing the technical aspects of the project, ensuring compliance with industry standards and regulations.
About Calibre
Calibre Mining Corp. is dedicated to delivering value through sustainable growth across North American regions with substantial mineral potential. With a robust balance sheet, strategic projects, and a commitment to responsible operations, Calibre is poised for significant value creation.
ON BEHALF OF THE BOARD
“Darren Hall”
Darren Hall, President & Chief Executive Officer
For further information, please contact:
Ryan King
SVP Corporate Development & IR
T: 604.628.1012
E: calibre@calibremining.com
W: www.calibremining.com
Calibre’s head office is located at Suite 1560, 200 Burrard St., Vancouver, British Columbia, V6C 3L6.
X / Facebook / LinkedIn / YouTube
The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward Looking Information
This news release includes certain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities legislation, including statements regarding the plans, intentions, beliefs and current expectations of Calibre with respect to future business activities and operating performance. All statements in this news release that address events or developments that Calibre expects to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are often 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, and include information regarding: (i) expectations regarding the ability of the Company to successfully achieve business objectives, including the effects of unexpected costs, liabilities or delays, (ii) expectations regarding future exploration and development, growth potential for Calibre’s operations, and (iv) expectations for other economic, business, and/or competitive factors. For a listing of risk factors applicable to the Company, please refer to Calibre’s annual information form for the year ended December 31, 2023, and its management discussion and analysis for the year ended December 31, 2023, all available on the Company’s SEDAR+ profile at www.sedarplus.ca. 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 of Calibre 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.
Footnotes:
- See Marathon Gold press release dated December 7, 2022, available at www.calibremining.com or www.sedarplus.ca
- See Marathon Gold press release dated August 2, 2023, available at www.calibremining.com or www.sedarplus.ca
- See Marathon Gold press release dated October 23, 2023, available at www.calibremining.com or www.sedarplus.ca
A photo accompanying this announcement is available at
