Calibre says the proceeds will be used towards continued development of the Valentine gold project in Newfoundland; the El Limon and La Libertad gold mines in Nicaragua, and the Pan gold mine in Nevada. Provision has also been made for more exploration and for general corporate and working capital purposes.
Chief among Calibre’s projects is the wholly owned Valentine open pit gold development in central Newfoundland. This will be the largest gold mine, producing 195,000 oz. per year for the first 12 years, in Atlantic Canada. Production is planned for the first quarter of 2025.
The Valentine project has estimated proven and probable reserves of 2.7 million oz. of gold in 512.6 million tonnes grading 1.62 g/t gold. Total measured and indicated resources (inclusive of reserves) contain 3.4 million oz. in 64.6 million tonnes grading 1.90 g/t gold. Additional Inferred resources are 1.1 million oz. in 20.8 million tonnes grading 1.65…
