Calibre reported that a $2.3 million work program and budget has been approved by B2Gold Corp at Borosi project in the Bonanza-Rosita-Siuna areas of northeast Nicaragua.
Calibre purchased the 71,000 hectare Borosi Gold-Copper project in July 2009; the company subsequently entered into a joint venture agreement with B2Gold to further explore and develop the project. Under the terms of the agreement, B2Gold may earn a 51% interest in the Borosi concessions by completing $7.5 million of exploration expenditures over a three year period.
The company B2Gold Corp. could acquire up to 65% of the gold and copper mining project NEN.
The gold and copper mining Project NEN, currently property of Canadian Calibre Mining Corp, is located on the North Atlantic side of Nicaragua, and covers 70,976 hectares.
B2Gold Corp executed a letter of intent, through which it could acquire 51% of the project by making an investment of $7 million on exploration and other projects before 2012 and an additional 14% in a selected area of the project upon completion of the preliminary feasibility studies.
Calibre Mining Corp. and B2Gold and have begun the second phase of exploration of the Primavera gold and copper mine.
In a press release, Calibre explained that this phase of exploration has an available budget $441,000, and that they will focus on three areas that show a potential of up to 1.48 grams of gold per ton.
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