07:21 AM EDT, 03/28/2024 (MT Newswires) -- Calibre Mining Corp. ( CXBMF ) , which gained 3.7% yesterday, on Thursday entered into a key pre-commissioning and commissioning contract with Reliable Controls Corporation of Salt Lake City for the company's Valentine Gold Mine in Newfoundland and Labrador. The company said it has also executed a US$60 million short term, gold prepayment agreement with Asahi Refining USA Inc., pursuant to which Asahi has agreed to purchase a total of 27,600 ounces of gold from the company, comprising less than 10% of the company's expected 2024 gold production.

Darren Hall, President and Chief Executive Officer of Calibre, in a statement said: "With construction at Valentine 61% complete I remain confident in our ability to deliver first gold during H1, 2025. To further derisk delivery, I am pleased to announce that we have secured RCC, a team of highly experienced commissioning experts to lead pre-commissioning and commissioning of the process plant.

"Given the strong gold price environment, and continued investment across our portfolio of assets, we have executed a US$60 million 12-month gold prepay as part of our cash flow management strategy as we transition to a quality mid-tier gold producer. The prepay represents less than 10% of our expected 2024 gold production with deliveries commencing in May 2024."