• March 24, 2021

Cerro de Pasco Resources files NI 43-101 Technical Report on Maiden Mineral Resource Estimate for Excelsior Stockpile Containing an Inferred Mineral Resource of 42.9 Million Ounces of Silver

Published on March 24th, 2021

MONTRÉAL, CANADA — (March 18, 2021) Cerro de Pasco Resources Inc. (CSE: CDPR) (OTCMKTS: GPPRF) (Frankfurt: N8HP) (“CDPR” or the “Company”) is pleased to announce the filing of a NI 43-101 Technical Report under the Company’s profile on SEDAR at www.sedar.com with the results of a maiden Mineral Resource estimate for the Excelsior Stockpile in Cerro de Pasco, Peru. The Mineral Resource estimate (MRE) was prepared in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014.

The Excelsior Stockpile covers a surface area of 67.92 ha and contains approximately 70 Mt of material mined from the open pit at the world-renowned Cerro de Pasco mine, approximately between the years 1952 and 1996. The polymetallic material was stockpiled as it was, at the time, considered to be low grade and uneconomic. This maiden Mineral Resource estimate accounts for the portion of the Excelsior Stockpile which falls within CDPR´s 100% owned El Metalurgista mining concession as stated below:

Mineral Resource Estimate of the Excelsior Stockpile

The Mineral Resource estimate was completed by independent Qualified Person, Dr. Adrian Martínez Vargas, P.Geo., Senior Resource Geologist and employee of CSA Global Consultants Canada Limited (CSA Global), an ERM Group company. CDPR provided the block model, the informing data used for interpolation, relevant wireframes with geological interpretations and topographic surfaces, and the accompanying reports with the assumptions and parameters used for interpolation. Validations were completed by CSA Global on the model, informing data, geological interpretation and estimation domains, and interpolation parameters and assumptions. CSA Global also updated the density, topography and NSR cut-off used for reporting.

The maiden Mineral Resource estimate incorporates six diamond drill-holes completed in 2008, sampled at 2 m intervals, composites of approximately 6 m depth collected from 146 test pits (trenches) completed in 2008, and 74 Reverse Circulation (RC) drill-holes drilled in 2009, sampled at 2m intervals. A set of surface grab samples collected prior to 2009 was used only to inform geological modelling. A total of 2,555 samples were used for Mineral Resource estimation: 2,191 from RC drill-holes, 207 from diamond drill-holes, and 146 from test pits. Samples were assayed for Pb and Zn in percent and Ag in g/t.

Surface rights to the Excelsior Stockpile are owned by Activos Mineros S.A.C. a company created in June 2006 and wholly owned by the Peruvian Government. CDPR has initiated certain procedures with the Ministry of Energy and Mines with the intention of acquiring the surface rights from AMSAC or obtaining their temporary permission to use them.

Technical Information

The scientific and technical information contained in this news release has been reviewed and approved by Dr. Adrian Martínez Vargas, P.Geo., Senior Resource Geologist with CSA Global, and an independent Qualified Person with respect to the Company’s Excelsior Stockpile for the purposes of NI 43-101.

Shane Whitty, CGeol and V.P. of Exploration and Technical Services for CDPR, has reviewed and approved the scientific and technical information contained in this news release. Mr. Whitty is a Qualified Person for the purposes of NI 43-101

About Cerro de Pasco Resources

Cerro de Pasco Resources Inc. is a resource management company, with a focus on applying the latest technology in the production of commodity metals through the treatment and reprocessing of all material resources, dumps, tailings, mining waste etc. at Cerro de Pasco to secure long-term economic prosperity. CDPR strives to meet to the highest level of environmental, social, and legal compliance. CDPR provides extensive knowledge of Cerro de Pasco’s challenges and potential, based on first-hand experience and a team of top experts.

About CSA Global

CSA Global, part of the ERM group of companies, is an international mining consultancy that has been providing services to its clients across all mineral commodities and regions globally for over 35 years, with offices located in Vancouver, Toronto, Perth, Brisbane, Jakarta, Singapore, Johannesburg, Horsham (UK), and Dublin. CSA Global and ERM provide expert multidisciplinary advisory services across the mining life cycle from exploration, resource estimation, development studies, and mining to closure, working with large and small mining companies, investment banks, financial and legal services groups and private investors.

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DATE: March 18, 2021

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