Guanajuato Silver Closes New US$5M Silver-Gold Pre-Payment Facility With OCIM

VANCOUVER, BC / ACCESSWIRE / March 30, 2023 / Guanajuato Silver Company Ltd. (the "Company" or "GSilver") (TSXV:GSVR)(AQUIS:GSVR)(OTCQX:GSVRF) is pleased to announce that the Company has drawn down US$5M from its new silver and gold pre-payment facility (the "New Pre-Payment Facility") with Swiss-based precious metals trading firm, OCIM Metals & Mining S.A. ("OCIM") (See Guanajuato Silver previous news release dated March 16, 2023 - "Guanajuato Silver Arranges New US$5,000,000 Facility with OCIM"). The net proceeds from the New Pre-Payment Facility will be used to extinguish the previous OCIM prepayment facility in its totality, and for capital expenditures related to ramp-up activities at all four of the Company's producing silver mines.

James Anderson, Chairman and CEO stated: "Once again OCIM has shown a willingness to work with Guanajuato Silver to extend the timeline of our silver and gold payment obligations under previous agreements with them. This facility enables the Company to focus more capital, more swiftly, toward expanding production at all of our producing mines and continuing the trend of considerable quarter over quarter production growth".

About Guanajuato Silver

GSilver is a precious metals producer engaged in reactivating past producing silver and gold mines in central Mexico. The Company produces silver and gold concentrates from the El Cubo Mine, Valenciana Mines Complex, and the San Ignacio mine; all three mines are located within the state of Guanajuato, which has an established 480-year mining history. Additionally, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango. With four operating mines and three processing facilities, Guanajuato Silver is one of the fastest growing silver producers in Mexico.

ON BEHALF OF THE BOARD OF DIRECTORS
"James Anderson"
Chairman and CEO

For further information regarding Guanajuato Silver Company Ltd., please contact:
JJ Jennex, Communications Manager, [phone]
Email: [e-mail]
Continue to watch our progress at: www.GSilver.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward-Looking Statements and Information

This news release contains forward-looking statements and information, which relate to future events or future performance including, but not limited to, the intended use of net proceeds from the New Pre-Payment Facility, the status of the Company as one of the fastest growing silver producers in Mexico, and the ability of the Company to ramp-up and expand production across all four of its producing silver mines and grow into a mid-tier silver producer.