VANCOUVER - Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) ('Calibre' or the 'Company') announces financial and operational results for the three months ended September 30, 2020 ('Q3 2020').

Full Condensed Interim Consolidated Financial Statements and the Management Discussion & Analysis can be found at www.sedar.com and the Company's website, www.calibremining.com.

Q3 2020 HIGHLIGHTS

Returned to steady-state production levels in July 2020; Gold production of 45,341 ounces 23,262 ounces at Libertad at AISC 1 of $902/oz and 22,079 ounces at Limon at AISC 1 of $934/oz.

Gold sales of 44,842 ounces, generating revenue of $85.8 million at an average realized price of $1,913/oz; Cash on hand of $55.7 million, an increase of $30.6 million from June 30, 2020; Net income of $32.9 million (Q3 2019 - net loss of $1.4 million); Basic net income per share of $0.10 (Q3 2019 - net loss of $0.03 per share); Received permit for Pavon Norte open-pit, with initial ore deliveries from Pavon Norte to the Libertad mill expected in Q1 2021; Announced Libertad Complex PEA and multi-year production and cost outlook for Libertad and Limon; Reported high-grade drill results from Panteon (including 149.4 g/t Au over 4.8 metres); 80,000 metre infill, resource expansion and discovery drilling program ongoing with 14 active drill rigs; Acquired the remaining 70% interest in the Eastern Borosi Project from IAMGOLD Corporation, which contains an inferred resource 2 of 700,500 ounces of gold and 11.3 million ounces of silver; Calibre is now debt-free after making the final acquisition-related payment of $15.5 million to B2Gold Corp. ('B2Gold') on October 15, 2020 and finally, With year-to-date production of 93,435 ounces, Calibre has increased 2020 production guidance to 125,000 - 130,000 ounces (from 110,000 - 125,000 ounces) and decreased 2020 AISC guidance to $1,050 - $1,070/oz (from $1,070 - $1,100/oz).

Russell Ball, CEO of Calibre stated: 'Following the 10-week pandemic shutdown in Q2, we restarted operations in late June and were able to deliver a strong third quarter, generating over $30 million in free cash flow as higher grades drove higher than budgeted production at record margins. As a result of the strong quarter, we have revised our 2020 guidance to reflect higher production at lower costs, and consequently, elected to make an early repayment of the final acquisition-related payment to B2Gold of $15.5 million, leaving us debt-free.

'Given the surplus processing capacity at our Libertad complex, the well-established legal framework to permit new discoveries and our 'Hub-and-Spoke' operating philosophy, I believe our greatest near-term, value-creation opportunities are through the drill-bit. I am pleased with how our expanded 80,000 metre program is progressing and we will be providing additional updates on the near-mine, infill and generative exploration programs in the coming weeks.'

Contact:

Ryan King

Tel: 604.628.1010

Email: calibre@calibremining.com

Web: www.calibremining.com

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 ore sources that can be processed at either Limon or Libertad, which have a combined 2.7 million tonnes of annual mill throughput capacity.

Cautionary Note Regarding Forward Looking Information

This news release includes certain 'forward-looking information' and 'forward-looking statements' (collectively 'forward-looking statements') within the meaning of applicable Canadian securities legislation, including: the Company's projected gold production from Limon (the 'Limon Production'); the Company's projected gold production from Libertad (the 'Libertad Production') and outlook, guidance, forecasts, or estimates relating to the Limon Production or the Libertad Production. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are 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. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond Calibre's control. For a listing of risk factors applicable to the Company, please refer to the Company's Annual Information Form for the year ended December 31, 2019, available on www.sedar.com. This list is not exhaustive of the factors that may affect Calibre's forward-looking statements.

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 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.

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