NEWS RELEASE

Colibri Retains 49% Interest In Pilar And Will Enter Into A JV

March 21, 2024

NEWS RELEASE - Dieppe, NB., March 21st, 2024 - Colibri Resource Corporation (TSX.V:CBI) (OTC:CRUCF) ("Colibri" or the "Company") announces that Tocvan Ventures Corp. (“Tocvan”) has elected not to exercise its Right of First Refusal to purchase 49% ownership in the Pilar Gold and Silver Project (“Pilar”) held by Colibri. As per the original agreement, the two companies will now form a joint venture (“JV”) on a 51 % Tocvan / 49% Colibri basis to advance the project.


“The Pilar Gold and Silver Project has advanced significantly since we entered into the option and joint venture agreement in September 2019. We believe that the Tocvan team has done an excellent job in creating substantial project value and has positioned Pilar to potentially become a low cost gold producer in the near term. The head grade of the bulk sample reported in May 2022 of 1.9 g/t Au is very encouraging as are the recovery factors for gold and silver attained from various metallurgical tests. Further potential expansion of known mineralization is indicated by mineralized trends that are open to the southeast and by detailed interpretation of geophysical surveys completed in 2020 which indicate the potential continuity of controlling structures at depth. We are extremely excited about the potential opportunities that Colibri now has on the table for its 49% ownership at Pilar.” said Ian McGavney, President/ CEO of Colibri.


About the Pilar Project Agreement and JV


The Pilar Gold & Silver Project is an advanced exploration project located near the town of Suaqui Grande in central Sonora, Mexico. In September 2018, the two Companies entered into a 5 year option work one agreement whereby Colibri granted Tocvan the right to earn 51% ownership of Pilar by:


  1. issuing a total of 5 million shares of Tocvan to Colibri,
  2. completing a total of $2 million of exploration expenses,
  3. making cash payments totalling $400,000.


The agreement also granted Tocvan, upon earning its 51% interest in Pilar, a six month exclusivity period to purchase the remaining 49% owned Colibri by paying CAD$2 million and granting Colibri a 2% net smelter royalty (“NSR”). Tocvan successfully completed its Earn-In of 51% ownership of Pilar on September 18th, 2023, triggering the exclusivity clause which expired at the end of business on March 18th, 2024. As a result, 49% ownership of Pilar remains with Colibri and the Companies will now form a JV to advance the project towards production.


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 holds six high potential precious metal projects in the mining friendly state of Sonora, Mexico. 


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:

Ian McGavney, President, CEO and Director, Tel: (506) 383-4274, ianmcgavney@colibriresource.com

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