Cerrado Gold Initiates Leaching at Its Las Calandrias Project

Cerrado Gold Inc. (TSXV:CERT) (OTCQX:CRDOF) has initiated the leaching process at its initial heap leach project at the Las Calandrias area in Argentina. Mining operations have reached a rate of approximately 10,000 tpd, feeding the pad at a rate of 5,000 tpd. Carbon loading has begun and the first gold pour is expected by the end of this month.

Highlights

First gold pour at Las Calandrias heap leap project scheduled for end of June
Las Calandrias expected to reach full production capacity during Q3 2023
MDC (Brazil) Feasibility Study well advanced and preparations for construction initiated

The Las Calandrias project is expected to provide additional gold production in Argentina during the second half of this year. Las Calandrias and additional heap leach projects are expected to help lower unit costs per ounce by providing additional economies of scale. The Company expects to reach full production rates from Las Calandrias during Q3 this year.

Las Calandrias Heap Leach under Cyanidation

Pad Stacking

The second successive heap leach project, Martinetas, is expected to begin construction later this year and begin production in 2024.

With Las Calandrias now ramping up, we expect to see continued production growth and lower costs in Argentina as we benefit from the economies of scale now being achieved. In Brazil, preparations to begin construction at MDC towards the end of the year are well under way and we are working on bringing a funding solution together over the coming months.Mark Brennan, CEO & Chairman

In Brazil, the company is in the final stages of completing its Feasibility Study for the Monte Do Carmo (“MDC”) project in Tocantins, Brazil, which is expected by the end of June. As previously announced, the Installation License is expected to be issued during Q3 of this year, allowing construction to commence thereafter. As such, the Company has initiated a process to source Project Financing for the construction of MDC later in the year.

Cerrado Gold is a market awareness client of Capital 10X.

Duane Hope

Duane Hope is a Partner at Capital 10X, he brings over 15 years of communications and research experience to the firm. His research and writing has appeared in publications for North American, European and Asian audiences.