Calibre Mining : Acquires Remaining 70% Interest in the Eastern Borosi Gold-Silver Property From IAMGOLD

VANCOUVER - Calibre Mining Corp. ('Calibre' or the 'Company')(TSX: CXB; OTCQX: CXBMF) is pleased to announce that the Company has agreed to acquire IAMGOLD Corporation's ('IAMGOLD') 70% interest in the Eastern Borosi Gold-Silver Property (the 'Property' or 'EBP') located in northeastern Nicaragua (the 'Transaction').

On closing of the Transaction, Calibre will own a 100% interest in the Property that contains the high-grade Riscos de Oro, Guapinol and Vancouver low sulphidation, epithermal gold-silver deposits and multiple earlier stage exploration targets and emerging prospects.

Highlights

The EBP hosts NI 43-101 Inferred Mineral Resources (prepared by Roscoe Postle Associates Inc. dated May 11, 2018) totaling 4.4 million tonnes averaging 4.93 g/t Au and 80 g/t Ag, containing 700,500 ounces of gold and 11.3 million ounces of silver, including the high-grade Guapinol resource totaling 0.6 million tonnes averaging 12.7 g/t Au and 12 g/t Ag containing 250,500 ounces of gold and 243,000 ounces of silver.

Consideration for IAMGOLD's 70% interest in the EBP includes (i) 2,253,961 common shares of Calibre (US$3 million), (ii) US$1 million in cash payable 12 months after the date of the acquisition agreement, and (iii) a 2.0% Net Smelter Return royalty (the 'NSR Royalty') on future production from the Property.

The EBP is located approximately 400 km by road from the Company's Libertad Complex, which has surplus processing capacity of approximately 1.5 million tonnes per annum.

Russell Ball, Chief Executive Officer of Calibre stated: 'With the acquisition of IAMGOLD's interest in the Eastern Borosi Property, Calibre now controls 100% of a low-sulphidation, epithermal district that hosts numerous high-grade, gold-silver vein systems. The vein systems hosting the current 700,500 ounces of inferred gold resources remain open to further expansion along with numerous undrilled targets.

As outlined earlier this week in the Libertad Complex PEA, we have significant surplus processing capacity at the Libertad Complex, and view the Eastern Borosi as the next potential 'spoke' in our 'hub-and-spoke' operating philosophy. Technical studies to better understand how and when material from the Eastern Borosi could be processed at our Libertad Complex will commence early in the fourth quarter of this year.

Our joint-venture relationship with IAMGOLD has been outstanding and I wanted to thank them for their technical contributions and partnership over the last seven years. We now welcome them as shareholders of the Company.'

Contact:

Ryan King

Tel: [phone]

Email: [e-mail]

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. 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 Calibre'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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