Calibre Mining Advances Valentine Gold Mine to Pre-commissioning and Operational Readiness, Canada
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Calibre Mining released the operating results for the three months and six months, ended June 30, 2024 for its Valentine Gold Mine.
The Valentine Gold Mine is in the Central Region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. When completed, Valentine will be the largest gold mine in Atlantic Canada and a significant contributor to the economy of Newfoundland and Labrador.
Darren Hall, president and chief executive officer of Calibre, released the following updates:
“Calibre achieved several milestones during the quarter and remains on track for a strong second half to deliver a fifth consecutive year of increased annual gold production guidance of 275,000 to 300,000 ounces.
“Construction of the Valentine Gold Mine continues to advance with the project at 73 percent complete as of June 30. Operational readiness is progressing as planned with pre-commissioning well underway. First gold pour remains scheduled for Q2 2025, marking a milestone as Calibre advances towards becoming a quality, mid-tier gold producer, poised to deliver substantial additional value to shareholders.
“Calibre continues to evolve and expand its effective hub and spoke operating strategy as areas adjacent to the Limon mill and along the VTEM gold corridor reveal bonanza-grade gold mineralization. The Volcan deposit, in the Libertad Mine Complex, recently received permit approvals for construction and production, so H2 production will benefit from additional 2 g/t open pit gold mineralization located within 5 kilometers of the Libertad mill.
“Following the Limon Norte pit wall movement, internal and external engineers have completed their review and sign off, and normal operations are now underway, allowing access to higher-grade 4 g/t ore in Q3 and Q4. As a result of the numerous ore sources and mine flexibility that our hub and spoke operating strategy provides, we remain confident in our Q3/Q4 and full-year production guidance.
“I am delighted by our inclusion in the S&P/TSX Composite Index, which recognizes the value we are generating for shareholders through our company’s growth. This milestone will offer Calibre shareholders increased exposure, access to a wider range of potential investors, improved liquidity, and trading flexibility.
“Calibre maintains its steadfast commitment to excellence in responsible mining. The team at Valentine was awarded the John T. Ryan National Safety Trophy by the CIM, for its exceptional safety performance in 2023, achieving zero injuries. As a core value, Calibre fosters the culture of health and safety among workers, sharing a unified vision of responsibility toward safe and responsible mining practices, creating a positive impact in the communities where we operate.”
Calibre Mining is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua. Calibre is focused on delivering sustainable value for shareholders, local communities, and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value.
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