CALIBRE MINING CORP.

CXB
Delayed Quote. Delayed  - 11/25 04:00:00 pm
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Calibre Mining : Makes Final Acquisition Payments Totaling US$15.5 Million to B2Gold Ahead of Schedule, Now Debt-Free and Generating Significant Free Cash Flow

10/16/2020 | 10:58am

VANCOUVER - Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the 'Company' or 'Calibre') is pleased to announce it is now debt-free after making the final acquisition-related payments of US$15.5 million to B2Gold Corp.

As announced on March 25, 2020, Calibre and B2Gold agreed to defer the payment of the US$10 million 'Deferred Acquisition Payment' and the US$5.5 million 'Working Capital Adjustment' payment for up to a six-month period from October 15, 2020 to April 15, 2021.

Russell Ball, Chief Executive Officer of Calibre, stated: 'I want to once again thank B2Gold for extending the repayment terms when we suspended operations in March due to the pandemic. With a strong third quarter at the operations, significant free cash flow generation and US$56 million on hand at quarter-end, we elected to repay the amounts owed to B2Gold on the original repayment schedule. Because that's what good partners do.'

About Calibre Mining Corp.

Calibre Mining is a Canadian-listed gold mining and exploration company with two 100%-owned operating gold mines in Nicaragua. The Company is focused on sustainable operating performance and a disciplined approach to growth. Since the acquisition of the Limon, Libertad gold mines and Pavon Gold Project, Calibre has proceeded to integrate its operations into a 'Hub-and-Spoke' operating philosophy, whereby the Company can take advantage of reliable infrastructure, favorable transportation costs, and multiple high-grade mill feed sources that can be processed at either Limon or Libertad, which have a combined 2.7 million tonnes of annual mill throughput capacity.

Contact:

Ryan King

Tel: 604.628.1012

Email: calibre@calibremining.com

Web: www.calibremining.com

(C) 2020 Electronic News Publishing, source ENP Newswire

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