Cerro Grande Mining Corporation announced that, further to its news release dated March 6, 2022 (the “Release”), it has filed an updated technical report for its Pimenton Project and the potential for gold recovery at its existing tailings pond entitled “An Updated Technical Report on the Pimenton Mine and its Tailings Pond Gold Potential, Region 5, Chile” (the “Report”). The Report is dated April 19, 2022 and was independently prepared by Román E. Flores Villalobos, a senior geologist, designated a Qualified Person (Persona Competente No. 186) by the Comisión Minera de Chile (Chilean Mining Commission) in accordance with Canadian Securities Administrators' National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

The gold recovery equipment to be used at the Company's Pimenton property previously ordered in December 2021 has been received and Tamidak has started testing it using the Pimenton mine tailings at its Los Andes installation. Long term, the Company plans to use funds from the gold recovery project in order to continue exploring the Pimenton copper gold porphyry as well as the known gold veins. Final work and safety permits for the tailings gold recovery project are being filed and are expected to be completed and approved by October 11, 2022.

The scientific and technical content of this news release has been reviewed and approved by Román E. Flores Villalobos, who is independent of the Company, and a qualified person as defined by NI 43-101.