Canadians Buy Nicaraguan Copper and Gold Mine

Calibre Mining Corp. executed an option to purchase 100% of a copper and gold mine from Yamana Gold Inc. in Nicaragua.

Wednesday, May 27, 2009

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. According to the press release from the company, the Mining Triangle is one of the most productive mining areas in Central America.

The president and CEO of the company, Robert Brown, said: "We are delighted to have secured a position in one of the most prolific gold producing districts in Central America. Nicaragua has a law that is friendly to mining activity. Once the Yamana purchase is complete, Caliber is planning an aggressive exploration program to confirm and expand the historically known potential sources of gold and silver."

More on this topic

Nicaraguan Mine Begins Second Phase of Exploration

August 2011

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.

B2Gold Will Invest $7 Million in Nicaraguan Mine

June 2009

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.

Change in Ownership at Honduran Gold Mine

June 2009

The Canadaian miner, Yamana Gold, announced a sale agreement with the Canadian Aura Minerals for the San Andrés gold mine.

The agreement for a total of $200 million includes the sale of two other mines in Brazil to Aura Minerals.

Patrick Downey, president and CEO of Aura Minerals, said: "With the acquisition of the San Andrés, San Francisco, and San Vicente gold mines, Aura Minerals will become an intermediate level gold producer. The acquisition of these gold mines that are in full production provides immediate cash flow and fits perfectly with our growth strategy for the Americas. We are going to take immediate possession of the San Andrés Gold Mine while the formal transfer of the assets in Brazil is pending the approval of the relevant authorities, which is expected in approximately six months."

Gold mines in Nicaragua sold for $53 million.

February 2009

B2Gold Corp. made the acquisition from Central Sun Mining, owner of the gold mines in Nicaragua, for $53.7 million.

Central Sun Mining was the owner of the Limon and the Orosi mines, and had an option to acquire 100% of the Mestiza gold mine, also located in Nicaragua.

For the purchasing company, B2Gold Corp., from Canada, operation of the mine will allow it to add Nicaraguan gold production to its assets.

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