(Kitco News) – Calibre Mining (TSX: CXB; OTCQX: CXBMF) announced today that the company produced 45,452 ounces of gold in Nicaragua in Q1 2021, a highest quarterly production since Q3 2016. Production includes the first ore delivery from the Pavon Norte mine to the Libertad mill.
The company said that gold sales of 45,882 ounces generating $82.0 million in revenue, at an average realized gold price of $1,788 per ounce. Net income was $16.6 million and basic net income per share was $0.05. Calibre added that 2021 production and cost guidance remain on track.
President and CEO Darren Hall commented, “Calibre had a strong start to the year reflecting the integration and expansion of our ‘hub-and-spoke’ strategy. The strong production numbers re-enforce our ability to meet guidance and therefore we expect to generate solid operating cash flows to self-fund our exploration and growth investments. With this in mind, we have turned our attention to the Eastern Borosi Project, where we have another high-grade inferred resource which we believe we can expand and develop to be our next mining spoke to feed Libertad.”
Calibre Mining is a Canadian-listed gold mining and exploration company with two 100%-owned operating gold mines in Nicaragua. 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.