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Wednesday, 27th May 2009 (880 views)

Calibre Mining has signed a letter of intent to purchase a gold mine in Nicaragua.

The company is planning to buy the NEN Project from Yamana Gold, with the letter relating to an undivided 100 per cent stake.

It is situated within the so-called 'Mining Triangle' in the north-east of the country, with the region estimated to be producing more than five million ounces of gold per year.

President and chief executive of Calibre Robert Brown explained that "aggressive exploration" is planned as the firm aims to expand gold resources.

"We are delighted to have secured a commanding land position in one of the most prolific gold producing districts in Central America," he said.

Calibre's existing projects include Point Leamington in Newfoundland, Canada. The main prospect at the site contains an inferred resource of 0.88 g/t gold, although a higher grade core also contains 1.5 g/t gold.

 

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