BOROSI GOLD-COPPER PROJECT, NICARAGUA November 2009

Forward Looking Statement Certain statements in this document constitute “forward looking statements” which may not be based on historical fact. Such forward looking statements involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results to be materially different from any future results, performance, or achievements expressed or implied by such forward looking statements. Such factors include, among others, the following: actual results of exploration and development activities; the costs and timing of the development of new deposits; future prices of precious and base metals; accidents; risks inherent in mineral exploration; risks associated with development, construction and mining operations; restrictions on foreign ownership; the Company’s history of operating losses and uncertainty of future profitability; uncertainty of access to additional capital; and environmental liability claims and insurance. This presentation is not an offer to purchase securities and does not constitute an offering document under Securities legislation.

CALIBRE MINING CAPITAL STRUCTURE TSX.V Stock Exchange

Symbol: CXB

Capital Structure Issued and Outstanding Options Warrants Fully Diluted

114,088,416 8,870,000 64,333,846 187,292,262

Market Capitalization

C$20 million

Working Capital

C$1.4 million

Management and Insiders

~15%

Yamana Gold

~11%

Kinross Gold

~6%

SLIDE 3

Who is Calibre?

EXPERIENCED MINING PROFESSIONALS Sr. Company Experience

Experienced Exploration Team

Large Project Experience

Project Valuations

Resource Development Experience

Capital Markets

Mergers & Acquisitions

SLIDE 4

Calibre Philosophy Create shareholder wealth by leveraging our experience to acquire, explore and develop strategic gold and copper assets in a safe and sustainable manner

ACQUIRE

EXPLORE DEVELOP

SLIDE 5

WHY NICARAGUA?

• • • •

REGIONAL ENDOWMENT PAST PRODUCTION HISTORICAL RESOURCES MULTIPLE OPPORTUNITIES FOR EXPLORATION SUCCESS

• PROGRESSIVE MINING LAW • DEMOCRATICALLY ELECTED GOVERNMENT SLIDE 6

BOROSI MINERALIZATION • The Borosi Project is a 71,000 hectare group of concessions within a 6,000 sq-Km metallogenic province. • Historical production of over 5 million ounces of gold, 4 million ounces of silver, 305 million pounds of copper, and 213 million lbs of zinc

Epithermal Gold & Silver Bonanza Rosita Siuna

Gold Skarn

Gold & Copper Skarn

• Wide spread copper, silver and gold mineralization • Three main deposit types: 1. Gold Skarn 2. Copper Skarn 3. Low Sulphidation Gold-Silver Epithermal Vein

Mine (*owned by Calibre)

Years

Tonnage (tonnes)

Gold (ounces)

Cu (lbs)

Silver (ounces)

La Luz – Siuna*

1912-1983

17,092,000

2,273,000

672,210

Rosita*

1906-1975

5,374,688

177,737

Bonanza

1939-present

8,923,374

2,626,533

611,131

Others*

1972- 1979

155,500

15,650

724,872

305 MM

Regional Historical Production (Arengi 2002)

SLIDE 7

2,630,000

BOROSI PROJECT ACQUISITION TERMS Purchase Price: • C$7.0 Million (C$4.4 MM Cash + 12.0 MM CXB shares) Bonus Payment: • If within 5 years a NI 43-101 Measured and Indicated resource within the Borosi project boundary, Calibre will pay Yamana C$5.00 per ounce gold equivalent capped at C$3.5 Million. • No additional payments in excess of 700,000 gold equivalent ounces. • Cash or share payment at Calibre’s discretion Bonus Warrants: • 5.0 MM, 5 year purchase warrants @ C$0.50/share • 5.0 MM, 5 year purchase warrants @ $1.00 /share • The warrants are only exercised if Calibre delineates at least 2.5 million, NI 43-101 compliant ounces of gold equivalent in Measured and Indicated resource categories within the Borosi project boundary. SLIDE 8

JOINT VENTURE TERMS Option with B2Gold 51% interest in Borosi Concessions by:

• C$ 8 MM over 3 years • C$2.5 MM committed • Calibre is operator Interest increase to 65% by: • Selecting a deposit within the Concession and funding Prefeasibility Level Study • Specific to one deposit • May select multiple deposits • Reciprocal right to Calibre

SLIDE 9

PRIORITIZATION OF EXPLORATION TARGETS Disciplined and systematic targeting: • Regional Datasets • Airborne Geophysical Surveys • Geology • Digital Elevation Models • Mineral Occurrences

• Drill Hole Databases Product: • Deposit Model Prospectivity • Prioritization Matrix Ability to put our capital towards the best opportunity for success SLIDE 10

BOROSI GOLD AND COPPER PROJECT

Bonanza Camp

Cerro 403 NE Bonanza

East Epithermal Camp Rosita Camp

San Jose Kukalaya Santo Thomas

El Paraiso

Minnesota Santa Maria SW Bonanza

Bambana Terciopelo

Siuna Camp

Fruta De Pan

Borosi Concessions

Primavera

Cerro Potosi

Cerro Aeropuerto

SLIDE 11

EASTERN EPITHERMAL CAMP 4 km

• Low Sulphidation Epithermal Gold and Silver District • 22,870 Hectare concession area, containing past producers: - Riscos de Oro - El Blag - La Luna • La Luna Trenching: 3.5 g/t Au over 12 m

3.53 g/t Au over 10 m

• Grab samples up to 46 g/t Au 3.5 g/t Au over 12.6m

• 18 kilometres of inferred total vein strike length • C$2.0 Million budgeted for initial mapping, prospecting and drilling campaign

12.4 g/t Au over 3 m

SLIDE 12

RISCOS DE ORO EPITHERMAL VEIN SYSTEM •

Low Sulphidation Epithermal Deposit

•

Former Open Pit and Underground Producer 1977 -1981

•

Developed down to 350’ level

•

300m strike to open pit and underground

•

2 km strike length – confirmed by trenching (3.53 g/t Au over 10 metres)

•

Up to 19.7 g/t Au from grabs

•

New parallel system to the Northwest

New Vein Extent of Open Pit and Underground

2 Km

SLIDE 13

ROSITA GOLD AND COPPER CAMP Minnesota Rosita Mine (Arengi 2002) Tonnage (tonnes)

Santa Maria

Bambana

Au (oz)

Cu (lbs)

Past Production

5,374,688

177,737

305 MM

Total Historical Resource*

15,354,100

316,414

328 MM

Ag (oz) 2,630,000

* Not NI43-101 compliant. These resources are estimates and have not been verified by the company; they are presented only for historical completeness.

CXB Target Areas

Fruta de Pan CXB Target

• 16,000 Hectare concession covering the past producing Santa Rita Copper Mine • C$570k budgeted for initial mapping, prospecting and drilling campaign SLIDE

Terciopelo

SLIDE 14

14

BAMBANA GOLD AND COPPER TARGETS Channel Sample Across Pit: 1.64 g/t Au, 1645 g/t Ag, 29.9% Cu, 3.2% Zn over 0.9 metres

Copper Oxide at Bambana

Artisanal Workings at Bambana

Copper Oxide at Bambana SLIDE 15

BONANZA CAMP • 16,180 Hectare concession, surrounding the Bonanza Epithermal Camp

BONANZA CAMP

NE Bonanza Cerro 403

Target on Strike of Bonanza Mines

• Historical production from Bonanza is over 2.5 million ounces of gold • Exploration targets are on strike of the privately held Bonanza mines • C$135 k budgeted for initial mapping, and prospecting on three targets

SW Bonanza

SLIDE 16

SIUNA GOLD CAMP Cerro Potosi Tonnage (tonnes)

Au (oz)

Ag (oz)

Past Production

17,092,000

2,273,000

672,210

Total Historical Resource*

10,683,300

816,958

Hole CP-08-13 CP-08-13 CP-08-14 CP-08-14 CP-08-15 CP-08-15 CP-08-18 CP-08-18 CP-08-18

* Not NI43-101 compliant. These resources are estimates and have not been verified by the company; they are presented only for historical completeness. La Luz- Siuna Mine (Arengi 2002)

From (m)

To (m)

30.00 56.00 81.00 113.00 39.30 62.00 27.00 39.00 70.45

34.00 88.00 85.30 120.00 55.50 68.50 30.00 54.00 76.30

Length (m) 4.00 32.00 4.30 7.00 16.20 6.50 3.00 15.00 5.85

Au (g/tonne) 0.93 2.50 1.52 1.32 4.18 2.46 0.72 1.78 0.95

• 5800 metres of drilling Cerro Aeropuerto Hole CA-07-01 CA-07-01 CA-07-02 CA-07-02 CA-07-03 CA-07-03 CA-08-04 CA-08-08 CA-08-16 CA-08-16 CA-08-16

From (m)

To (m)

194.80 242.80 242.00 257.50 303.00 316.00 237.00 263.80 9.00 111.00 174.70

197.80 266.80 244.00 259.70 306.00 318.00 240.00 266.40 13.95 116.00 177.20

Length (m) 3.00 24.00 2.00 2.20 3.00 2.00 3.00 2.60 4.95 5.00 2.50

Au (g/tonne) 19.72 5.75 25.08 16.94 4.16 7.34 2.10 2.01 2.50 7.23 6.56

• Two main zones 500m apart • Structurally controlled gold mineralization • Corporate review planned for 2009

SLIDE 17

COMMUNITY STAKEHOLDER PROGRAMS Maximize the value of the project by developing a social license to operate • Engage the Community • Community Stakeholder Meetings • Donation of Medical Supplies and accommodations for doctors • Equipment for Tree Plantations • Hurricane Relief • Environmental Baseline Studies • Health and Safety Programs

Calibre Exploration Team

Stakeholder Meetings

Equipment Donations SLIDE 18

Investment Highlights

Project Pipeline Resource •Rosita •Siuna

Advanced Drilling

ACQUIRE

•Cerro Potosi •Cerro Aeropuerto

EXPLORE

•Riscos de Oro •El Blag •La Luna •Santo Thomas •Bambana •El Paraiso

Drill Testing

Target Delineation

DEVELOP

•Guapinol Extension •Fruta De Pan •Primavera •Santa Maria •Cerro 403

Grass Roots / Generative •San Jose Kukalaya •Minnesota •Ne Bonanza •Sw Bonanza

•

Borosi Project is Highly Prospective for Epithermal Gold & Silver, Gold Skarn, and Copper Skarn Deposits

•

Historical Resources* of 1.1 million ounces of gold, 328 million pounds of copper

•

Two Advanced drill stage projects; Cerro Potosi and Cerro Aeropuerto

•

Four district scale exploration projects; each with multiple opportunities for success

•

Joint Venture Fully Funded by B2Gold, including C$2.5 Million through July 2010

•

Significant Shareholders: Kinross and Yamana * Not NI43-101 compliant. These resources are estimates and have not been verified by the company; they are presented only for historical completeness.

SLIDE 19

APPENDIX

SLIDE

Directors and Management

Robert D. Brown B.Sc.(Geol.), MBA President & Chief Executive Officer, Director Mr. Brown has been involved in mineral exploration and capital markets for the past 16 years and has world-wide experience in exploring for both precious and base metal deposits. Prior to joining Calibre, Mr. Brown was the Exploration Manager for Canada at Barrick Gold where he was responsible for regional and mine exploration in Canada and Alaska, exploration business development and managing Barrick’s junior resource stock portfolio. Mr Brown started his career as Mining Analyst at Yorkton Securities Inc., where he was responsible for vetting gold, base metal, diamond and coal exploration and development projects from around the world.

Douglas Forster, B.Sc., M.Sc., P.Geo. Chairman of the Board Mr. Forster has been associated with the mining and oil and gas industries for the past 29 years. Mr. Forster has extensive experience and a proven track record in resource project development, mergers and acquisitions, equity finance and public company management. He has been a founder, senior executive and/or director of 12 publicly traded companies listed on North American Stock Exchanges.

Blayne Johnson Director Mr. Johnson has been involved in the investment community for the past 20 years. As a Vice President of First Marathon Securities, he played a key role in providing institutional financing to junior resource companies. During his tenure at the firm, First Marathon participated in over $5 billion of equity financings for natural resource companies. He is currently the Chairman of Featherstone Capital Advisors.

SLIDE 21

MANAGED PROJECT PIPELINE Generative

San Jose Kukalaya

Active Projects

Grass Roots

Target Delineation

Drill Testing

Advanced Drilling

Rosita

Cerro Aeropuerto

Guapinol Extension El Blag

Minnesota

Santo Thomas

El Paraiso

Ne Bonanza

Bambana

La Luna

Sw Bonanza

Fruta De Pan

Riscos de Oro

Primavera Santa Maria

Terciopelo

Cerro 403 Corporate Development (Project Review)

Cerro Potosi

• Initial 6,000 metre drill program planned on six targets

SLIDE 22

BOROSI PROJECT TIMELINE 2009 TO 2010

Program

October

November

December

Sampling & Mapping

pH & Soils

Trenching

Drilling

January

February

March

April

May

June

2,000 rock, 250 stream sediment

2000 samples

500 samples

600 metres

200 metres

6000 metre

RESULTS

Exploration Budget: C$2.5 Million to be spent by July 1, 2010

SLIDE 23

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