Calibre Mining and Rio Tinto Enter Agreements

Calibre Mining (TSX:CXB,OTCQX:CXBMF) (has announced that it and Rio Tinto Exploration  have entered into an option earn-in agreement in which Rio Tinto can earn up to a 75 percent interest in Calibre’s 100-percent owned Borosi projects in Northeast Nicaragua. The Borosi projects host both gold-silver and copper-gold resources in two areas as well as multiple lesser explored copper-gold skarns, low-sulfidation epithermal gold-silver vein systems and bulk tonnage copper-gold porphyry targets.

At the same time, Calibre and Rio Tinto have entered into a strategic exploration alliance agreement under which we will work together to identify and acquire exploration concessions in Nicaragua, with a focus on copper-gold porphyry, skarn and epithermal precious metal systems.

CEO of Calibre, Russell Ball said:

“It is my pleasure to welcome Rio Tinto Exploration as our partner in Nicaragua, a country we believe has both a tremendous geological endowment and is under-explored from a modern exploration perspective.  As one of the world’s premier mining companies, Rio Tinto brings a tremendous global perspective and both the experience and capital necessary to accelerate our value-creation efforts.  I expect this to be a long and mutually beneficial arrangement that adds value for our respective shareholder groups, but more importantly, for the people and the country of Nicaragua.”

Click here to read the full Calibre Mining (TSX:CXB,OTCQX:CXBMF) press release.