Calibre And Centerra Gold Sign Option Agreement On The La Luz Project, Nicaragua

Calibre Mining Corp. (TSXV:CXB) announced today that it has have signed an option agreement with Centerra Gold Inc. whereby Centerra can earn a 51% interest and subsequently an additional 19% for a total of 70% interest in the La Luz Gold-Silver Project consisting of 1200 hectares within the Borosi Concessions, Northeast Nicaragua. The La Luz Project includes the past producing La Luz Gold-Silver Mine, the Cerro Aeropuerto Project that hosts a NI 43-101 compliant gold-silver Inferred resource as well as a series of previously drilled gold-silver targets.
Calibre has also granted Centerra the Right of First Refusal on the Company’s 100% owned 24,134 hectare Montes de Oro Project, located approximately three kilometres from the La Luz Project.
As quoted in the press release:

Highlights

• La Luz First Option: To earn a 51% interest in the La Luz Project, Centerra must invest $3.0 million in exploration on the property from signing to December 31, 2017;
• A commitment to commence a drilling program in 2015;
• La Luz Second Option: Once vested at 51%, Centerra can elect to earn an additional 19% in the La Luz Project for a total of 70% by investing a further $4.0 million in exploration on the Project over a subsequent two year term;
• The total potential investment by Centerra under the La Luz First and Second Options is $7.0 million from signing to December 31, 2019;
• The La Luz Project includes the past producing La Luz mine and the NI 43-101 compliant inferred resource at Cerro Aeropuerto;
• Calibre has granted a Right of First Refusal to Centerra for an option/joint venture on Calibre’s 100% owned Montes de Oro Project for so long as Centerra continues to fund the La Luz Project under the First Option or to such a time that Centerra earns a 70% interest of the La Luz Project.

Calibre Mining President and CEO, Greg Smith, stated:

Calibre is extremely pleased to have Centerra, a mid-tier gold producer, as our partner on the La Luz Gold-Silver Project. This agreement with Centerra continues Calibre’s strategy of partnering with high quality, well-funded, gold producers on strategic land areas while allowing the Company to focus on its 100% owned exploration concessions. The La Luz Project is a small concession in the heart of this historic mining district which includes the past producing La Luz Mine and the Cerro Aeropuerto gold-silver resource. The Project has existing permits which allow for immediate commencement of drilling to test high priority targets. We welcome Centerra to Nicaragua where they join IAMGOLD, B2Gold Corp and Rosita Mining Limited as Calibre’s partners in advancing the gold-silver-copper potential of the Borosi concessions.

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