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 and B2Gold Corp. will explore gold in the "Borosi" mining project.
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.
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.
Calibre Mining Corp. executed an option to purchase 100% of a copper and gold mine from Yamana Gold Inc. in Nicaragua.
Calibre announced the purchase of 70,976 hectares located in the North Atlantic Autonomous Region of Nicaragua, an area that covers the historic Mining Triangle area, covering the municipalities of Siuna, Bonanza and Rosita.
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