Calibre Mining Corp. has announced an exploration update and further drill results on the Primavera Gold -Copper Porphyry Joint Venture, Borosi Concessions, northeast Nicaragua. Additionally, B2Gold Corp.

and Calibre announce the following: B2Gold has completed the necessary $8,000,000 in expenditures to earn a 51% interest in the Project; and an initial budget of $2.0 million has been approved for exploration and drilling at Primavera in 2013: The Phase I budget will fund 1,500 m of diamond drilling, geological and geophysical compilation and interpretation, geological mapping and trenching. A phase II drilling program was completed in 2012 at the Primavera Gold and Copper Porphyry joint venture project in the productive Bonanza-Siuna-Rosita mining triangle in the North of Nicaragua. The phase II program totaled 9,475 metres of drilling for a total overall drilling program of 13,414 metres for 32 drill holes.

The bulk of the phase II program was focused on the nearby soil geochemical anomalies at Copper Hill and a prominent structural target to the south of the main Primavera zone. In addition, two drill holes tested a prominent geophysical anomaly at Santa Juana, approximately 1.4 km south east of Primavera. Several drill holes south and west of the main Primavera zone show anomalous gold-copper values associated with porphyry style mineralization at depths exceeding 500 metres.

Most importantly the drilling indicates that the porphyry system continues to the north beneath alluvial cover. A comprehensive geophysical program was completed during 2012, with both air magnetic and radiometric surveys flown over the claim area. Highlights of the phase II program include drill hole PR-12-016 which confirmed shallow continuity of porphyry style mineralization on the west side of the main Primavera Zone with 201.35 metres of 0.77 g/t gold and 0.36% copper, including 57.85 metres of 1.08 gold and 0.49% copper.

This indicates that copper grades may be increasing to the north and northwest. PR-12-024 and several other drill holes crossed two major post mineral faults to the west and north of the main Primavera Zone and intersected anomalous zones also associated with porphyry style mineralization. Mineralization extends to the two faults and further work, needs to be carried out to determine the degree of fault offset.

The 2013 exploration program for Primavera has a Phase I budget of $2 million. This will fund 1,500 metres of drilling, geophysical interpretation as well as detailed mapping and geological interpretation.