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Colibri Reports Purchase of RC Drill to Reduce Drilling Expenses and Expedite Exploration Work at Its Mexican Gold and Projects

11.01.2022  |  Newsfile

Dieppe, January 11, 2022 - Colibri Resource Corp. (TSXV: CBI) ("Colibri" or the "Company") is pleased report it has purchased a reverse circulation (RC) drilling rig. The drill rig is expected to assist in expeditiously and economically advancing Colibri's precious metals projects in Mexico. The Company will seek contract work to third parties when not being utilized for Colibri's purposes.

Colibri's management team have extensive experience in the hard rock drilling business. The Company has estimated that by owning and operating the rig, it will achieve significant cost savings per meter drilled when compared to contracting third party drilling providers as prices have been rising over the last 2 years due to supply and demand and inflationary pressures.

The rig purchase included peripheral equipment required to operate as well as spare parts for repairs. The purchase of the rig and ancillary equipment was CAD$475,000. In addition, the Company has hired a team of experienced drillers to operate the rig effectively and efficiently for Colibri and clients.

Ron Goguen, President of Colibri stated "Operating our own rig with an experienced crew will reduce our drilling costs, ensure quality meters drilled and guarantee availability for Company purposes. We are confident that we can compete for various work by offering great service and quality work. Additional cash flow from third party drilling will be used for operational improvements and general corporate purposes."

ABOUT COLIBRI RESOURCE CORPORATION:

Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring and exploring prospective gold & silver properties in Mexico. The Company has six exploration projects of which five currently have exploration programs being executed 2021 and 2022. (1) The flagship Evelyn Gold Project is 100% owned and explored by Colibri, (2) the Pilar Gold & Silver Project (optioned to Tocvan Ventures- (CSE:TOC)), (3) the El Mezquite Gold & Silver Project , (4) the Jackie Gold & Silver Project, and (5) the Diamante Gold & Silver Project. 3, 4,and 5 are subject to earn-in agreements by Silver Spruce Resources - (TSXV: SSE).

For more information about all Company projects please visit: www.colibriresource.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Notice Regarding Forward-Looking Statements:

This news release contains "forward-looking statements". Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate.

For information contact: Ronald J. Goguen, President, Chairperson and Director, Tel: (506) 383-4274, rongoguen@colibriresource.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/109665


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