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Cerrado Gold Reports Strong First Quarter Production Results from Its Minera Don Nicolas Gold Mine in Argentina

May 5, 2022

  • Q1 2022 production of 13,499 Gold Equivalent Ounces
  • Target Gold Production Rate stabilized at over 50,000 ounces per annum

Toronto, Ontario–(Newsfile Corp. – May 5, 2022) – Cerrado Gold Inc. (TSXV: CERT) (OTCQX: CRDOF) (“Cerrado” or the “Company”) is pleased to announce its production results for the first quarter of 2022 (“Q1 2022”) from the Minera Don Nicolas Mine in Santa Cruz Province, Argentina (“MDN”). Full financial results are to be released in by the end of June.

Q1 Operating Highlights

  • 13,499 Gold Equivalent Ounces (“GEO”) produced for Q1 2022, in line with targeted 50,000 ounces of GEO production for 2022
  • 2nd consecutive quarter of “normalized” production despite continued operating challenges
  • Exceptional average grade of 4.68 g/t achieved in Q1 2022

The continued strong operational performance seen in Q1 2022 follows our record quarterly production in Q4 2021. The mining team experienced some setbacks due to availability of explosives and parts for vehicle maintenance but continues to meet its production targets. The numerous operational improvements implemented at the processing plant as well as consistently good head grades have ensured a sustained production of approximately ~4,000 o per month, in line with stated guidance for 2022.

The Company would also like to formally affirm its production guidance for the year of 45,000-55,000 GEOs at a AISC of US$1,100-US$1,300 per ounce.

Mark Brennan, CEO and Co-Chairman, commented, “The numerous operational improvements implemented by the team have resulted in a more sustainable and predictive production profile for MDN. We continue to expect consistency in the results from the Minera Don Nicolas operation despite a continued challenging operating environment. The core focus at MDN for 2022 will be on cost cuts, the development of the heap leach operations at Calandria and extension of life of mine resources. Solid and growing production from Argentina and progress with the feasibility at MDC in Brazil puts us on track for rapid production growth in the coming years.”

Please see below table for a summary of key highlights from Q1 2022 and all four quarters of 2021.

Full financial results are to be released by June 30, 2022.

Key Operating Information
Operating Data Unit Q1 FY Q4 Q3 Q2  Q1





Ore Mined ktonnes 89.2 411.6 120.5 113.5 102.3  75.4
Waste Mined ktonnes 879 5,114 1,061 1,462 1,323  1,268
Total Mined ktonnes 1,061 5,616 1,182 1,575 1,467  1,393
Strip ratio waste/ore 9.85 14.42 8.81 12.88 12.94  16.81
Mining rate tpd 11,790 15,387 12,844 17,308 16,119  15,476
Ore Milled ktonnes 99 414 110 102 107  95
Head Grade Au g/t 4.68 3.51 4.77 3.57 2.97  2.59
Head Grade Ag g/t 14.85 12.63 17.94 13.01 10.91  8
Recovery Au % 88% 89% 89% 88% 87%  91%
Recovery Ag % 63% 59% 56% 63% 54%  61%
Mill Throughput tpd 1,096 1,133 1,194 1,126 1,171  1,051
Gold ounces produced oz 13,007 42,268 15,008 10,168 9,607  7,485
Silver ounces produced (Au Equiv.) oz 381 1,291 360 381 327  223
Gold GEO Produced oz 13,388 43,559 15,368 10,549 9,934  7,708


During the quarter, the Company continued to pursue its exploration activities at the Paloma underground, is now ready to drill at Michelle and progress works on the Calandrias heap leach project.

At the Company’s Monte do Carmo project in Brazil, the infill campaign is progressing well and a new exploration target, Gogo has been added to the program (see press release dated April 21st, 2022).

Review of Technical Information

The scientific and technical information in this press release has been reviewed and approved by Sergio Gelcich, P.Geo., Vice President, Exploration for Cerrado Gold Inc., who is a Qualified Person as defined in National Instrument 43-101.

Mark Brennan
CEO and Co Chairman
Tel: +1-647-796-0023
[email protected]

Nicholas Campbell, CFA
Director, Corporate Development
Tel.: +1-905-630-0148
[email protected]

About Cerrado Gold

Cerrado Gold is a public gold producer and exploration company with gold production derived from its 100% owned Minera Don Nicolás mine in Santa Cruz province, Argentina. It also owns 100% of the assets of Minera Mariana in Santa Cruz province, Argentina. The company is also undertaking exploration at its 100% owned Monte Do Carmo project located in Tocantins, Brazil. For more information about Cerrado Gold please visit our website at: www.cerradogold.com.



This press release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation, All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements contained in this press release include, without limitation, statements regarding the business and operations of Cerrado Gold. In making the forward-looking statements contained in this press release, Cerrado Gold has made certain assumptions, including, but not limited to ability of Cerrado to expand its drilling program at its Minera Don Nicolas Project and increase its resources. Although Cerrado Gold believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Cerrado Gold disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.