Calibre Mining Initiates Maiden Drilling at the 100% Owned Santa Maria Gold-Silver Project on the Borosi Concessions, Nicaragua

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 1, 2017) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to announce the commencement of diamond drilling on the Company's 100% owned Santa Maria Low Sulphidation Epithermal Gold-Silver Project (the "Project") located within the 876 km² Borosi Concessions, Northeast Nicaragua.

Highlights

• The maiden drilling program on the 100% owned High-Grade Gold-Silver Santa Maria Project has commenced.
• The Phase 1 Drilling Program will consist of a minimum of 2,500 metres in approximately 12 - 15 drill holes.
• The drilling will test approximately 1000 metres of strike length and between 50 and 150 metres down dip on the central gold-silver mineralized structure with additional secondary structures anticipated.

President and CEO Greg Smith stated: "This maiden drilling program at the Santa Maria Gold-Silver Project has been a high priority for Calibre and the Company's personnel have done an exceptional job completing the permitting and community engagement to initiate the planned drilling. We are very familiar with this type of epithermal gold-silver vein system in the Borosi District and based on the surface soil anomalies and the high grade gold and silver rock samples collected to date I believe Santa Maria is one of the best un-drilled precious metal targets in this historic mining camp."

100% Owned Santa Maria Project

The Santa Maria Low Sulphidation Gold-Silver Projects is located five kilometres west of the town of Rosita. Access is excellent with well-maintained gravel road bisecting the Project area. Calibre has completed the permitting process for the upcoming drilling program and has signed community assistance and engagement agreements with the local villages adjacent to the Project.

Drilling is underway and the maiden drilling program will consist of a minimum of 2,500 metres in an estimate 12 - 15 drill holes. The drilling will test approximately one kilometre of strike length and between 50 and 150 metres down dip on the central mineralized structure with additional secondary structures anticipated.

The Santa Maria Project consists of a well-defined low sulphidation epithermal gold-silver mineralization. Previous work by Calibre includes 16.3 line kilometres of soil sampling (812 samples), 55 rock samples as well as geological mapping over 9 km². Low sulphidation epithermal vein mineralization is confirmed over 800 metres of strike length, and inferred over a total strike length of three kilometres. Rock sample results include; 64.1 g/t Au, 109 g/t Ag, 0.513% Cu, and 3.75% Pb. Soil results define a 3000m x 50-100m Au/Ag-Pb-Zn ? Cu soil anomaly with individual results up to 666 ppb Au, 1190 ppm Pb, 1050 ppm Zn and 889 ppm Cu.

The central portion of the Santa Maria Project area has been subjected to intermittent artisanal mining activity along a strike length of 800m. Exposures are largely limited to shallow shafts and pits which have been excavated by artisanal groups with additional mineralized float material in some areas. Sampling by Calibre has consistently returned anomalous gold and silver with highlighted results including;

Calibre is committed to best practice standards for all exploration, sampling and drilling activities. Drilling is being completed by independent firm Kluane Drilling Ltd. Analytical quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings. Samples are placed in sealed bags and shipped directly to Acme Labs (a Bureau Veritas Group Company) in Managua, Nicaragua for sample preparation and then to Acme Labs in Vancouver, Canada for 50 gram gold fire assay and ICP-MS multi element analyses.

The technical content in this news release was read and approved by Gregory Smith, P.Geo, President and CEO of the Company who is the Qualified Person as defined by NI 43-101.

About Calibre Mining Corp.

Calibre owns a 100% interest in over 413 km² of mineral concessions in the Mining Triangle of Northeast Nicaragua including the Primavera Gold-Copper Project and Monte Carmelo Gold Project. Additionally the Company has optioned to IAMGOLD (176 km²) and Centerra Gold (253 km²) concessions covering an aggregate area of 429 km² and is party to a joint venture on the 33.6 km² Rosita D gold-copper-silver project with Rosita Mining Corporation. Major shareholders of Calibre include gold producer B2Gold Corp, Pierre Lassonde and management.

Calibre Mining Corp.

Greg Smith, P.Geo., President and CEO

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Cautionary Note Regarding Forward Looking Statements

This news release contains certain forward-looking statements, Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or does not expect", "is expected", anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.

Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements including but not limited to those with respect to the price of gold, potential mineralization, reserve and resource determination, exploration results, and future plans and objectives of the Company involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Atlas to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements