Bear Creek Mining Corporation discovered a new high-grade gold vein at the Marianas zone. Drill Hole UG-MR22-114 intersected 0.8 meters grading 89.1 g/t gold and 192 g/t silver, marking the discovery of a new vein, and a second intercept of 3.0 meters grading 15.8 g/t gold and 151 g/t silver representing the extension, as projected, of a known vein. UG-MR22-114 was drilled from underground drilling station Bay 4 in Marianas.

Additional drilling to test these veins will be conducted from Bay 5 in February 2023, with the goal of defining ore for mining in 2024. Development work is ongoing in the Marianas, Rey de Oro and San Martin zones. There are approximately 80 meters of development required in Marianas to establish underground drilling station, Bay 5, and prepare for ore production from this zone.

There are about 50 meters of development required to reach the lower Rey de Oro zone where drill hole R22-215D intersected 0.9 meters grading 26.2 g/t gold and 23 g/t silver. Ore production from lower Rey de Oro is planned for late first quarter or early second quarter 2023. San Martin will contribute ore during first quarter 2023.