Calibre Commences Drilling on Cargo Gold-Copp
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 26, 2007) - Robert D. Brown,
President and CEO of Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or
"Calibre") is pleased to announce the commencement of a Phase 2 diamond
drilling program on its Cargo gold-copper property, in the Lachlan fold belt
of Central NSW, Australia. The belt contains several porphyry and epithermal
camps including the 50 million ounce Cadia-Ridgeway district, located 30 km to
the east-southeast of the Cargo property.
Preparations for a 2,000 metre diamond drilling program have been completed,
including identification of collar locations and preparation of drill pads and
sumps. Tylor Drilling Services of Orange, NSW has been contracted to carry out
the drilling program and the first hole (Hole P2) was collared on November
20th, 2007. A second drill will be moved onto the property before the end of
November in order to accelerate the drilling program and ensure completion of
the program before the end of the year. A map showing the proposed Phase 2
Drill Hole Locations has been posted on the web site and can be viewed by
following the link.
https://www.calibremining.com//i/maps/Phase-2-Drill-Hol.jpg.
Calibre is also in the process of completing a license-wide 1:10,000 scale
geological mapping and reconnaissance rock sampling program on the 60 square
km Cargo property. To date, the mapping has identified several previously
unknown alteration systems and hydrothermal breccias bodies associated with
small porphyry intrusions in the south-eastern part of the property. These
features appear to lie on the same northwest structural corridor that hosts
the Cargo prospect. Assay results from reconnaissance rock chip samples from
these zones have been submitted to ALS-Chemex in Orange and the results are
pending.
A joint venture agreement has been signed with Golden Cross Operations Pty
("Golden Cross") and the mineral titles have been transferred to Calibre
Mining (Australia) Pty. Ltd., a 100% owned subsidiary of Calibre. Under the
terms of the agreement, Calibre can acquire a 70% direct interest in the Cargo
License from Golden Cross by spending AUD$5.0 million on exploration and
development over 4 years. Calibre's first year expenditure commitment of
AUD$250,000 has been met. Expenditures from the current exploration program
will be applied to the AUD$750,000 year two commitment.
Calibre Mining Corp. is a TSX Venture Exchange listed company (TSX
VENTURE: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.