Calibre Mining Joint Venture

Borosi Concession

Calibre Mining Corp. Joint Venture, Nicaragua
(B2Gold option to earn up to 65% in stages)

The Primavera gold-copper project, part of the Borosi concession option agreement with the Company, whereby the Company may earn up to a 51% interest in specific concessions within the Borosi area by funding Cdn.$8.0 million in expenditures by June 2014. Once the earn-in is complete, the Company may elect to carry an individual prospect within the concession area through to a Preliminary Feasibility Study for an additional 14% interest in the prospect. To December 31, 2011, the Company has funded approximately Cdn.$4.5 million on exploration. The Company is the operator of the project.

The Borosi property is located in the Bonanza-Rosita-Siuna areas of northeast Nicaragua. The “Mining Triangle” of Nicaragua is estimated to have had historical production totalling more than 5 million ounces of gold, 4 million ounces of silver, 158,000 tons of copper and 106,000 tons of zinc.

The Company has a 2012 exploration budget of US$4.0 millionto to fund drilling of 12,000 metres. B2Gold and Calibre recently announced drill results that discovered significant porphyry style gold and copper mineralization at the Primavera project within the Borosi concessions in north east Nicaragua. Exploration drilling going forward will continue with two drill rigs with the focus on infill drilling of the main Primavera zone as well as the testing of additional porphyry and vein targets. Drilling will also test for the displaced mineralization to the west of the main Primavera zone.

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