Vancouver, British Columbia: Robert D. Brown, President and CEO of Calibre Mining Corp. (TSX-V: CXB) (the "Company") through its 96.3% owned subsidiary Cybele Resources (Australia) Pty Ltd. ("Cybele") is pleased to announce the results of a 1,326 metre Reverse Circulation "RC" drilling program on its Cargo porphyry copper-gold prospect in NSW, Australia. Five of six drill holes intersected significant porphyry style copper and gold mineralization over widths of up to 250 metres. Cybele can acquire a 70% interest in the Cargo property from Golden Cross Operations Pty. Ltd. by spending AUD$5.0 million on exploration and development over 4 years.
The Phase I RC drilling program was designed to better define high-grade targets within a large copper-gold mineralized system with similarities to those at Newcrest's Cadia Valley Operations, 20km to the east-southeast. Six holes on two approximately 200 metre-spaced fences with 100 to 150 metre-spaced collars tested an area southeast of the previously mapped and drill-tested zone of widespread surface hydrothermal alteration and breccia. All holes were drilled to the northeast (045°) at an inclination of -50°. Results are summarized in Table I.
Table 1 Summary of RC Drilling Results
From To Interval Cu Au Hole
Hole No. (Metres) (Metres) (Metres) (%) (g/t) Depth
CYC001 0 246 246 0.178 0.095 250m
incl. 0 118 118 0.211 0.120
124 208 84 0.175 0.093
CYC002 1 250 249 0.135 0.104 250m
incl. 90 108 18 0.204 0.137
184 250 66 0.164 0.139
CYC004 60 178 118 0.220 0.101 240m
218 240 32 0.156 0.105
CYC005 0 28 28 0.184 0.105 200m
37 104 67 0.141 0.080
CYC006 145 248 103 0.150 0.080 250m
incl. 145 160 15 0.198 0.105
184 243 60 0.179 0.085
CYC007 No significant values. 136m
The holes were designed to acquire geological and geochemical information that will be used to vector into the inferred higher-grade parts of the system. The drilling has extended the known area of porphyry-style mineralization over 200m towards the southeast, beyond that intersected by previous reconnaissance drilling. It has also provided key constraints on the likely location of a blind mineralized hydrothermal breccia, and the geometry of individual porphyry intrusions within the southern part of the Cargo Prospect. Based on these encouraging results and a detailed review of previous reconnaissance drilling in the northern part of the prospect, a phase II diamond drilling program will be carried out in the fourth quarter of 2007. This program will test for blind higher grade porphyry copper-gold mineralization at depth in at least two parts of the Cargo Prospect.
SAMPLE PREPARATION AND QA/QC
RC samples were collected from the cyclone, weighed and split in the field using a three tier splitter. One kg sub-samples were shipped directly to ALS-Chemex in Orange, NSW, where they were dried and split. A 1 kg sub-sample was then pulverized to 85% passing 75 microns. Fire assay for gold was carried out on a 50g aliquot. Copper analyses were done at Als-Chemex's Brisbane laboratory as part of a multi-element suite utilizing a four-acid digestion and ICP-ES Finish. Quality Assurance and quality control procedures involved the collection of field duplicates at a frequency of one in every twelve samples. Field blanks were inserted into the sample stream a frequency of one in twelve samples and certified standards (OREAS) at a frequency of one in thirty-three samples.
David R. Heberlein, P. Geo, Vice President Exploration of Calibre Mining Corp is the Qualified Person for the Cargo Project and for the information contained in this news release.
Calibre Mining Corp. is a TSX Venture Exchange listed company (TSX.V: CXB) that is focused on the acquisition, exploration and development of gold and copper deposits from around the Pacific Rim. In addition to the on-going exploration programs in Australia, Calibre is continuing to advance the Pt. Leamington gold-zinc massive sulphide deposit in Newfoundland, Canada.
Calibre Mining Corp.
Signed "Robert Brown"
Robert D. Brown, B.Sc., MBA
President and CEO
For Further information contact:
Ryan King, Investor Relations
Phone (604) 681-9944
A drill hole plan and two representative cross sections can be viewed at the Company's website (www.ngchiwai.com ).
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding 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, silver or copper, 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 Calibre Mining Corp. 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