Calibre inks commissioning contract for Valentine gold mine

Calibre Mining (TSX: CXB) has signed a key pre-commissioning and commissioning agreement with Reliable Controls (RCC) for the Valentine gold mine in Newfoundland.

RCC, of Salt Lake City, Utah, is a specialized mine and mill commissioning business that has worked successfully with companies such as Teck, Barrick, Newmont and Rio Tinto.

The RCC team will ensure all aspects of operational readiness, including human capital, are in place to create a smooth and efficient transition from construction to steady-state operations.

Calibre’s Valentine gold project will be the largest such mine in Atlantic Canada, producing 195,000 oz. per year for the first 12 years. Production is planned to start in the first quarter of 2025.

The Valentine open pit mine and has estimated proven and probable reserves of 2.7 million oz. of gold in 512.6 million tonnes grading 1.62 g/t gold.

Total measured and indicated resources (inclusive of reserves) contain 3.4 million oz. in 64.6 million tonnes grading 1.90 g/t gold. Additional Inferred resources are 1.1 million oz. in 20.8 million tonnes grading 1.65 g/t gold.

The December 2022 feasibility study gave the project a 22% internal rate of return after taxes at a price of $1,700 per oz. of gold.

Calibre is the sole owner of the project.