VANCOUVER - Calibre Mining Corp. ('Calibre' or the 'Company')(TSX: CXB; OTCQX: CXBMF) is pleased to provide an updated National Instrument 43-101 ('NI 43-101') indicated and inferred resource estimate on its 100%-owned Pavon high-grade, open-pit, development stage gold project.

A NI 43-101 Technical Report prepared by WSP Canada Inc. ('WSP') will be filed on SEDAR within 45 days of this release.

Russell Ball, Chief Executive Officer of Calibre stated: 'The positive results from the updated Pavon resource estimate, with an average indicated resource grade in excess of 5 g/t Au, provides us with an opportunity to unlock significant value for all our stakeholders by processing the Pavon open pit material at our existing La Libertad mill. The Pavon resource is open at depth and along strike and we will be aggressively investing in resource expansion drilling and project development in 2020.'

The Company plans to commence resource expansion drilling in July 2020 with a budget of 15,000 metres at an estimated cost of US$3.75 million.

Pavon gold mineralization is associated with low-sulphidation quartz-adularia epithermal veins similar to gold mineralization at the Libertad mine. Gold is hosted in colloform banded quartz veins and multi-phase quartz vein-breccias with local high-grade gold also present in wall-rock quartz stockwork zones. Sulphide content is generally low consisting of minor pyrite and trace amounts of base metal sulphides.

Modeling was performed using GEOVIA Surpac 2019 software with gold grades estimated using ordinary kriging (OK) interpolation methodology. Samples were composited at 2.0 metre down hole and composites were capped at 29.03 g/t Au for Pavon North, 75 g/t Au for Pavon Central and 17.18 g/t Au for Pavon South. The resource estimates are based on 14,523 metres in 108 drill holes and 138 surface trenches.

Indicated Mineral Resources are defined as all interpolated blocks within the first search pass, or with the second search pass with at least seven contributing composites samples or with in the third search pass with at least nine contributing composites samples. All remaining blocks were classified as Inferred Mineral Resources. No Measured Mineral Resources were assigned. Block size is five metre (x) by five metre (y) by five metre (z) with two sub-blocks.

The drilling-defined deposit is divided into three spatial domains for modeling purposes, these being (1) Pavon North, (2) Pavon Central and (3) Pavon South. At a long-term metal price of US$1,400 per ounce, reasonable prospects are considered to exist for eventual economic extraction of Mineral Resources defined at a 1.15 g/t Au cut-off value within limits of the conceptual final pit shell prepared by WSP Canada Inc. Additional information about the Mineral Resource modeling methodology will be documented in the upcoming NI 43-101 technical report (the 'Technical Report').

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.

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 intention to commence resource expansion drilling in July 2020. 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 generally, although not always, 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. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond Calibre's control, including risks associated with or related to: the volatility of metal prices; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; cost or other estimates; actual production, development plans and costs differing materially the Company's expectations; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; the current ongoing instability in Nicaragua and the ramifications thereof; environmental regulations or hazards and compliance with complex regulations associated with mining activities; the availability of financing and debt activities, including potential restrictions imposed on Calibre's operations as a result thereof and the ability to generate sufficient cash flows; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; the reliance upon contractors, third parties and joint venture partners; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for Calibre's operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; compliance with anti-corruption laws, and sanctions or other similar measures. The 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. These assumptions and factors include, but are not limited to, assumptions and factors related to Calibre's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the availability and cost of inputs; the price and market for outputs, including gold; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions and other assumptions and factors generally associated with the mining industry.

Calibre's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. 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, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities Calibre will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

(C) 2019 Electronic News Publishing, source ENP Newswire