Cerrado Gold Starts Heap Leach Operations at Las Calandrias Project

Initial ore has been placed on the pad; leaching expected to commence within 10 days

Gold production expected in early June

Cerrado Gold Inc. (TSXV:CERT) (OTCQX:CRDOF) announced that it has commenced loading ore onto the heap leaching pad at its inaugural heap leach project in Las Calandrias, Santa Cruz Province, Argentina. The company expects to commence leaching in the next 7-10 days, with the first gold pour in early June.

As previously announced, the Las Calandrias project is expected to add 25k ounces per annum of gold production capacity commencing in June of this year. Las Calandrias is the first of two heap leach projects that are planned to be initiated this year to grow the overall gold production from Cerrado’s Argentinian operations. The second anticipated heap leach at Martinetas, is expected to be constructed later this year and start production in early 2024 adding an additional 20k ounces of production capacity.

Additionally, production from the two heap leach projects is expected to lower the total all-in-sustaining costs and strengthen cash flows by increasing ounces and reducing fixed costs produced per ounce in Argentina.

Photos: Ore being loaded onto the heap leach pad. Source: Cerrado Gold Inc.

With Las Calandrias now set to enter production, we are thrilled to be delivering on our growth strategy for Argentina, outlined in early 2022. We continue to expect further growth from the Martinetas heap leach Project as well as future underground development and exploration efforts which are anticipated to grow the resource base for both heap leach and CIL production. Shawn Khunkhun, President & CEO, Dolly Varden Silver

About Cerrado

Cerrado Gold is a Toronto-based gold production, development, and exploration
company focused on gold projects in South America. The company is the 100%
owner of both the producing Minera Don Nicolás mine in Santa Cruz province,
Argentina, and the highly prospective Monte Do Carmo development project,
located in Tocantins State, Brazil. At Minera Don Nicolas, Cerrado is maximizing asset value through continued operational optimization and further production growth.

An extensive campaign of exploration is ongoing to further unlock potential resources in our highly prospective land package in the heart of the Deseado Masiff.At Monte Do Carmo, Cerrado is rapidly advancing the Serra Alta deposit through Feasibility and into production. Serra Alta is expected to be a high-margin and high-return project with significant exploration potential on an extensive and highly prospective 82,542-hectare land package.

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.