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Cerrado Gold Inc. (TSXV: CERT | OTCQX: CRDOF) has released production results for the third quarter of 2022 from its Minera Don Nicolas Mine (MDN) in Santa Cruz Province, Argentina.

Mark Brennan, CEO and Co-Chairman stated: “The past year has been a building year for MDN; while we are pleased with the consistency in the operation to achieve our 2022 production guidance of between 45,000-55,000 gold equivalent ounces and we continue to expect an increase in grades and expect further improvement as we bring the new pits into the mine plan, the real focus of operations has been to develop a long term strategy for MDN.”

During Q3 2022 Cerrado has reported that operations at its MDN mine continued under normalized operations for the fourth consecutive quarter, demonstrating that significant improvements have been achieved at site.

The company’s MDN mine quarterly production slightly declined from the previous quarter from 11,640 gold equivalent ounce to 11,284 gold equivalent ounce in Q3 2022 reportedly due to lower throughput caused by wet feed due to inclement winter season conditions. Although gold production was lower in the quarter, the higher grades resulted in an increase of gold inventory of 1,300oz.

Additionally, September production exceeded 4,000oz with an average head grade of 5.15g/t. The average gold grade mined improved from 3.44g/t in Q2 2022 to 4.40g/t in Q3 2022, a 28% improvement.

The company expects gold production to exceed 13,000oz for Q4 2022. Management reiterates go equivalent ounce production guidance at 45,000 to 55,000 for 2022. For the nine-month period ending September, production was 36,423 gold equivalent ounce.

The company continues to progress development of the Calandrias heap leach project with construction commencing in Q4 of 2022. The heap leach operations will look to utilize lower grade material and increase annual production at the Minera Don Nicolas Mine by approximately 20,000- 25,000oz per annum.1

Work on expansion plans via the heap leach projects is now underway which should only improve the long-term future and results at MDN. Concurrently, we continue to make rapid progress on completing the Feasibility Study at the Monte do Carmo project in Brazil. Once onstream, the combined production from both these projects puts Cerrado on track to be a mid-tier producer.” Mark added.

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