January 2012

TSX.V: CXB www.calibremining.com

ADVANCED GOLD-COPPER-SILVER EXPLORATION - MINING TRIANGLE, NICAR AGUA

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.

SLIDE 2

INVESTMENT HIGHLIGHTS

• Calibre’s Borosi gold-copper-silver project: over 860 km2 property in the prolific “Mining Triangle” of NE Nicaragua, Central America

• The Mining Triangle has produced >7.9M ozs gold; one gold mine currently in production (Bonanza) produces 45,000 ozs/year

• New porphyry gold/copper discovery made at the Primavera project in conjunction with B2Gold (Nicaragua’s largest gold producer), where B2Gold is earning a 51% interest in the Primavera project and certain additional Borosi concessions by spending $8.0 M on exploration by June, 2014. Once the earn-in is compete, B2Gold may elect to carry an individual prospect within the concession area through to a Preliminary Feasibility Study for an additional 14% interest in the prospect.

• Primavera discovery drill hole: 261.7 m grading 0.78 g/t Au, 0.30% Cu

• Calibre 100%-owned NI 43-101 Compliant Inferred Resource totaling 835,000 ozs Gold and 4.3 million ozs Silver

• 100%-owned Riscos de Oro epithermal gold-silver project: 9,427m delineation drilling completed to date

• Option with Alder Resources Ltd. on the Rosita copper skarn project

SLIDE 3

El Limon (Gold Mine)

La Libertad (Gold Mine)

B2 GOLD CORP.

Puerto Cabezas (airport/port)

Bonanza (Gold Mine)

Riscos de Oro

Borosi Concession Area

Rosita &

Primavera La Luz-Siuna

B2 GOLD CORP.

Managua .

Douglas B. Forster, M.Sc., P.Geo - Executive Chairman of the Board

• 30+ years of resource project development, M&A, equity finance and public company management;

• Founder and director of numerous public companies; • President & CEO of Featherstone Capital Inc.

Edward Farrauto, CGA - President & CEO, Director

• 20+ years experience as CFO and director of several public companies; • Founder and director of several public companies;

Paulo Santos, CA - Chief Financial Officer

• 10+ years experience with public accounting, auditing, and regulatory compliance

Greg Smith, P.Geo - VP Exploration

• 23+ years exploration experience with both junior & senior operations; • Involved in successfully outlining 10+ million ounces of gold discoveries.

Blayne Johnson - Lead Director

• 20+ years of capital markets experience; • Former VP of First Marathon Securities; present Chairman of Featherstone

Capital Inc.

George Salamis - Director

• 20+ years exploration, development and operations experience; • Current President & CEO of Edgewater Exploration Ltd.

Hon. John Reynolds, P.C. - Director

• 35+ years experience in politics, former Member of Parliament, and a member of the Queen’s Privy Council for Canada;

• Present Strategic Senior Advisor at McMillan LLP.

Experienced Team Share Structure

SLIDE 4

Issued & Outstanding 166,965,918

Options 17,050,000

Yamana Warrants 10,000,000

Fully Diluted 194,015,918

Fully Diluted Cash Position ~$14,750,000

Working Capital ~$2,000,000

Significant Shareholders

Management and Insiders ~10%

Sun Valley Gold ~8%

Yamana Gold ~7%

*

* In conjunction with the purchase of the Borosi Concessions

in 2009, Calibre granted 10 million warrants to Yamana

Gold (5 million exercisable at $0.50 and 5 million exercisable

at $1.00). The warrants expire in July 2014 and are only

exercisable if Calibre delineates at least 2.5 million NI 43-101

Measured and Indicated compliant ounces of gold equivalent

(total of gold and copper resources).

• Democratic Republic with President Ortega elected to a new 5 year term in Nov. 2011

• Gold is Nicaragua’s No. 3 export

• Gold has helped Nicaragua’s economy grow by 4% annually in the past year, the highest rate in Central America

• Annual gold production has more than doubled in the past 3 years

• Supportive mining laws, including favourable tax regime

• 25 year exploration and 50 year exploitation permits

• Economist Intelligence Unit ranks Nicaragua as one of the safest countries in Central America

WORKING IN NICARAGUA

SLIDE 5

SLIDE 6

Cerro Aeropuerto NI43-101 Inferred

Resource 707,750 oz Au 3.14 mm oz Ag

BOROSI GOLD-SILVER-COPPER CONCESSIONS

2.8 M oz Au Production to date

2.3 M oz Au Historic Production

305M lbs Cu Historic Production

Borosi project is road accessible and close to power, people and infrastructure

La Luna NI 43-101 Inferred

Resource 127,700 oz Au 1.14 mm oz Ag

PRIMAVERA GOLD/COPPER PROJECT

SLIDE 7

Rock Sample B10R137

• Located 8 km south of the town of Rosita

• Road accessible with national power grid located 1.2 km from the project

• Joint venture with B2Gold: B2Gold can earn a 51% interest by spending $8M by June, 2014 ($4.0 M spent to December 2011). Once the earn-in is complete, B2Gold may elect to carry an individual prospect within the concession area through to a Preliminary Feasibility Study for an additional 14% interest in the prospect

• New Porphyry gold/copper discovery

• Airborne geophysical survey outlines a large 5 km by 5 km interpreted intrusive/volcanic complex

• Over 800 m by 300 m gold/copper soil geochem anomaly (open) identified at Primavera

• Similar style of mineralization to the Maricunga gold deposit, Chile: +6.0M ozs* gold and the Cerro Casale gold-copper deposit, Chile: +22.0 M ozs gold, 5.7 B lbs copper **

• 3 drill holes completed in Dec. 2011: Phase 2 drilling now underway

Airborne Radiometric Survey

Primavera * Proven + Probable: 6.0 M ozs Au; Measured + Indicated : 3.4 M ozs Au (Kinross

Gold Corp. website)

2 Km 2 Km

Maricunga Gold Deposit

+ 6.0 M ozs Gold *

** Proven & Probable: 22 M ozs Au, 5.7 B lbs Cu (Barrick Gold Corp. website)

PRIMAVERA GOLD/COPPER SOIL GEOCHEMISTRY

SLIDE 8

Trench ID Interval

(m)

Gold

(g/t )

Copper

(ppm)

PRTR11-005 51.25 1.53 680

PRTR11-010 107.00 0.78 980

PRTR11-011 179.40 0.63 997

PRTR11-012 58.00 0.70 1313

PRTR11-013 49.50 0.25 1100

PRTR11-014 51.70 0.42 1286

• Over 800 m by 300 m gold/copper soil geochemistry anomaly (open)

• Trenches returned long intervals of continuous gold-copper mineralization including 179.4m grading 0.63g/t Au and 997 ppm Cu

• Very sparse rock outcrop in region with up to 10m of overburden and saprolite

PR11-001 PR11-001

PR11-002 PR11-002

PR11-003 PR11-003

Copper in Soil Geochemistry Gold in Soil Geochemistry

PRIMAVERA GOLD/COPPER PROJECT

SLIDE 9

• 668 metres of diamond drilling complete in 3 drill holes (Dec. 2011); drilling re-commenced in January, 2012

• Mineralization in the drill holes is comprised of quartz-magnetite-chalcopyrite-bornite veins and vein stockwork within broad zones of potassically-altered intermediate volcanic and intrusive rocks

January 2012 Primavera Drill Hole Intercepts

PR11-001

PR11-002

PR11-003

Drill Hole From

(m)

To

(m) Length (m)

Gold

(g/t )

Copper

(ppm)

PR-11-001 0.00 276.80 276.80 0.50 2,146

includes 0.00 103.00 103.00 0.85 3,240

PR-11-002 1.5 263.20 261.70 0.78 2,966

includes 1.5 209.00 207.50 0.89 3,378

includes 74.50 209.00 134.50 1.01 3,561

PR -11-003 4.00 127.85 123.85 0.65 2,752

includes 50.50 127.85 77.35 0.74 3,114

Gold in Soil Geochemistry

PRIMAVERA GOLD/COPPER PROJECT DRILL HOLE PR11-002

SLIDE 10

Ground Surface

261.70m grading 0.78 g/t Au, 0.30% Cu

Looking Northeast

Scale

Continuous Au/Cu Mineralization

PRIMAVERA GOLD/COPPER PROJECT

SLIDE 11

Primavera Drill Hole PR11-001 Intercepted: 103.0 m grading 0.85 g/t Au, 0.32% Cu

Pictured drill intercept assayed: 2.00m @ 1.11 g/t Au and 0.42% Cu

(Section 76.00m – 78.00m of Hole PR11-001)

SLIDE 12

PRIMAVERA GOLD/COPPER PROJECT

PR11-001

PR11-002

PR11-003

Total Magnetic Intensity Ground Survey

Gold – Copper

mineralization

associated with

magnetic low

Drilling Site

Area of TMI

Ground Survey

Total Magnetic Intensity Airborne Survey

2 Km

PRIMAVERA GOLD/COPPER PROJECT

SLIDE 13

Main road and power line to Rosita

Site of Trenching & Drilling

1.2 km

• Primavera: new trenching/drilling gold/copper discovery

• 1.2 km access road has been completed from the main Siuna-Rosita road to site

• National power grid located 1.2 km west of Primavera discovery

• Subdued topography with main land use including subsistence farming and ranching

PORPHYRY GOLD/COPPER DEPOSITS OF CENTRAL AMERICA AND CORDILLERA

SLIDE 14

Rock Sample B10R137

Primavera New Porphyry Gold-Copper Discovery

Cerro Colorado 24.0 B lbs Copper

3.5 M ozs Gold

Cobra Panama 19.6 B lbs Copper

4.9 M ozs Gold

Deposit

Tonnes (Mt)

Au

(g/t)

Cu

(%)

Au Eq.

(g/t)*

Contained Au

(Million ozs)

Contained Cu

(Billion lbs)

Cerro Casale 1,200 0.59 0.22 0.94 23.1 5.78

Chapada 429 0.24 0.26 0.65 3.1 2.15

El Morro 537 0.49 0.52 1.31 8.2 6.08

Agua Rica 908 0.22 0.49 1.00 22.1 9.78

Maricunga 269 0.70 0.00 0.70 6.0 0.00

Alumbrera 390 0.51 0.47 1.25 6.4 4.03

Kemess South 109 0.71 0.23 1.07 2.5 0.56

Mt. Milligan 531 0.34 0.20 0.66 6.0 2.12

Cobra Panama 2,143 0.07 0.41 0.72 4.9 19.59

Cerro

Colorado 1,400 0.08 0.78 1.31 3.5 24.00

Primavera ** - 0.76 0.30 1.23 - -

* Au Eq. (g/t): Gold Equivalent calculated using $1,300 oz gold and

$3.00/lb copper and metallurgical recoveries and net smelter returns

are assumed to be 100%.

** Weighted average grade of first 3 drill hole intercepts PR11-001,

PR11-002, PR11-003.

Resource Information derived from Website Sources

RISCOS DE ORO DISTRICT POTENTIAL – 100% CALIBRE OWNED

Historical Trench: 12.43 g/t Au 93.00 g/t Ag Over 3.0 metres

Calibre Drill Program, including drill holes: RD11-012: 7.69 g/t Au; 211.8 g/t Ag; 10.6m RD11-010: 10.25 g/t Au; 288.25 g/t Ag; 8.5m

• Low Sulfidation Epithermal Gold-Silver Vein District

• Comparable to nearby Bonanza Camp in geology, mineralization, and structure (past production of +2.8 million ozs Au)

• Gold – Silver System extends over 7 km from the El Paraiso and Murcielago targets Northeast towards Riscos de Oro

• Completed 9,427m of resource delineation drilling at Riscos in 37 holes with epithermal gold-silver intercepts including 7.69 g/t Au, 211.80 g/t Ag over 10.6m

• Historic trenching at Murcielago adit returned 12.4 g/t Au over 3.0 metres

• Multiple parallel veins identified

• Cumulative prospective geology / structure of 15km strike length

SLIDE 15

Riscos de Oro

SLIDE 16

RISCOS DE ORO – DRILL PLAN

• 9,427m of delineation drilling completed

• Former open pit and underground mine to 90m depth only

• Gold-Silver mineralization defined over 725m strike length to a depth of 300m

• Drilling Highlights: RD11-012: 7.69 g/t Au, 211.80 g/t Ag over 10.6m RD11-010: 10.25 g/t Au, 288.25 g/t Ag over 5.4m RD10-009: 4.23 g/t Au, 384.86 g/t Ag over 8.53m

• Multiple mineralized veins and structures

A

A’

Riscos de Oro

SLIDE 17

Historic Ground

Surface

(Mined Out)

Historic Drilling

Saprolite

OPEN

Limit of Historic

Underground Mining

RD10-003

8.81 g/t Au and 55.74 g/t Ag

3.4 metres

Including:

11.05 g/t Au and 72.30 g/t Ag

2.3 metres

Ground Surface

OPEN

RD11-012

7.69 g/t Au and 211.80 g/t Ag

10.60 metres

Including:

9.16 g/t Au and 252.50 g/t Ag

6.65 metres

And

10.02 g/t Au and 268.00 g/t Ag

2.00 metres

A A’

50 m

RD11-011

6.41 g/t Au and 139.21 g/t Ag

3.62 metres

Riscos de Oro Cross Section (A to A’)

RD11-010

10.25 g/t Au and 288.25 g/t Ag

5.4 metres

Including:

24.00 g/t Au and 714.25 g/t Ag

2.0 metres

Assay Highlights from Drilling Programs from 2010 / 2011:

RISCOS DE ORO GOLD-SILVER PROJECT – 100% CALIBRE OWNED

SLIDE 18

Hole ID

From

(m)

To

(m)

Interval

(m)

Gold

(g/t )

Silver

(g/t)

RD10-001 177.60 183.40 5.80 2.44 292.60

including 177.60 178.40 0.80 14.05 1,990.00

RD10-009 160.70 169.23 8.53 4.23 384.86

including 168.28 169.23 0.95 17.85 2,810.00

RD11-010 167.1 168.6 1.50 5.98 9.10

including 224.5 226.5 2.00 24.00 714.25

RD11-012 249.30 259.90 10.60 7.69 211.87

including 249.30 255.95 6.65 9.16 252.50

RD11-015 182.00 184.20 2.20 5.44 405.55

RD11-016 198.50 205.60 7.10 2.72 287.65

including 201.92 205.60 3.68 3.61 518.44

RD11-019 121.15 126.95 5.80 9.37 64.80

including 125.15 126.95 1.80 13.82 132.10

RD11-026 208.84 211.42 2.58 8.74 120.50

RD11-029 282.52 284.97 2.45 10.30 56.70

Riscos de Oro

RISCOS DE ORO GOLD-SILVER PROJECT – 100% CALIBRE OWNED

SLIDE 19

Riscos de Oro RD11-016 Intercepted: 7.10m of 2.72 g/t Au & 287.65 Ag

Pictured intercept assayed:

3.68m @ 3.6 g/t Au and 518 g/t Ag

(Section 201.92m – 205.60m of Hole RD11-016)

CERRO AEROPUERTO NI 43-101 INFERRED RESOURCE

SLIDE 20

Tonnes and Grade Total Contained Metal

Cutoff

grade Tonnes Au Ag

Au

Eq1 Au Ag Au Eq1

Au Eq

(g/t)1 (mm) (g/t) (g/t) (g/t) (ounces)

(mm

ounces) (ounces)

0.2 6.85 3.24 14.69 3.47 714,640 3.23 765,290

0.4 6.22 3.55 15.95 3.80 709,820 3.19 759,780

0.6 6.05 3.64 16.16 3.89 707,750 3.14 757,000

0.8 5.66 3.86 15.95 4.11 702,330 2.90 747,750

1.0 5.40 4.02 15.93 4.27 696,910 2.76 740,200

1.Au Eq cutoff equivalent

calculated using Wardrop’s

estimated gold price of

US$1058/oz and silver price of

US$16.57 per oz.

2.Mineral resources that are not

mineral reserves do not have

economic viability

Historic La Luz Mine

Open Pit

Hole From (m) To (m) Length

(m)

Au

(g/tonne)

CA-07-01 194.80 197.80 3.00 19.72

CA-07-01 242.80 266.80 24.00 5.75

CA-07-02 242.00 244.00 2.00 25.08

CA-07-02 257.50 259.70 2.20 16.94

CA-07-03 303.00 306.00 3.00 4.16

CA-07-03 316.00 318.00 2.00 7.34

CA-08-04 237.00 240.00 3.00 2.10

CA-08-08 263.80 266.40 2.60 2.01

CA-08-16 9.00 13.95 4.95 2.50

CA-08-16 111.00 116.00 5.00 7.23

CA-08-16 174.70 177.20 2.50 6.56

• 100% Calibre owned

• High Grade Gold Skarn

System

• New NI 43-101 inferred

resource

• 500 metres south of

historic La Luz Mine (past

production of 2.7 M oz Au

production)

• Deposit is open to the

north & south

500m

Cerro Aeropuerto

• New partner in Alder Resources; Alder to spend C$4 million over the next four years to earn a 65% stake in Calibre’s Rosita D Concession

• Rosita D concession consist of an area of 3,356 hectares

• Historic open pit Santa Rita copper-gold mine boasts total historic production from skarn mineralization estimated at 305 mm lbs of Cu, 177,737 ozs of Au, and 2,629,720 ozs of Ag from 5,924,572 tons of ore (Arengi, 2002)

• Recent significant trenching results include Trench STR 11 -002 returning 1.06 g/t Au, 0.96% Cu and 9.33 g/t over 12 m

• Phase One exploration commenced, including 5,000 metres of “RC” and diamond drilling

SLIDE 21

Rosita D Concession – Calibre/Alder Option

Rosita Historical Open Pit

Rosita Historical Open Pit

Rosita

SLIDE 22

EXPLORATION TIME LINE / NEWS FLOW

2012 Q1 Q2 Q3 Q4

Exploration for Porphyry Gold/Copper

Systems

Calibre/B2Gold Option

100% Calibre owned concessions

Target Delinineation

Drilling

Primavera – Calibre/B2Gold Rosita Copper Project – Calibre/Alder Resources Option

Data Review Riscos de Oro - 100% Calibre

Drilling Results Compilation

RESULTS Drill Results from Riscos de Oro, Rosita, Primavera

Contact: Mark Carruthers, Investor Relations

Phone: 604 681 9944

Email: mcarruthers@calibremining.com

Website: www.calibremining.com

TSX – V: CXB M I N I N G C O R P.