Sierra Madre to Resume Trading on TSX Venture Exchange on Monday June 5, 2023

VANCOUVER, BC / ACCESSWIRE / June 2, 2023 / Sierra Madre Gold and Silver Ltd. (TSXV:SM) ("Sierra Madre" or the "Company") is pleased to announce that the Company's common shares will resume trading at the market open on Monday, June 5, 2023. Shares were halted from trading following the announcement of the definitive acquisition of La Guitarra Project ("La Guitarra" or the "Project") from First Majestic on May 25, 2022. In addition to re-listing on the TSX Venture, the Company intends to quickly take the necessary steps to requalify for OTCQX, in order to provide increased liquidity to our US shareholders.

Foto: Accesswire

Recent Highlights:

• Closing of the acquisition of La Guitarra from First Majestic gives the Company a 100% interest in a fully permitted, past-producing silver-gold mine in Mexico
• First Majestic is now the largest shareholder of Sierra Madre
• Closed $10.3 million financing

"We are excited to be publicly traded once again and would like to thank existing shareholders, new shareholders and First Majestic for their patience during the lengthy process to re-list Sierra Madre on the TSX Venture," stated Alex Langer, CEO of Sierra Madre. "We have a lot of news to share over the coming months, including drill results from both the Tepic and La Tigra Projects in Nayarit, Mexico and numerous updates from La Guitarra. We have been very active at site since January at La Guitarra, as we continue to fast-track components of the Project vital for recommencing production. We have begun sourcing and rebuilding underground mining equipment, refurbishing the mill, and commissioned a study to improve the efficiency of the flotation circuit. In the eastern portion of the Temascaltepec mining district, we have initiated a district scale mapping program. We intend to ramp up our marketing efforts to ensure existing shareholders and potential shareholders are kept informed of the exciting developments underway at Sierra Madre."

La Guitarra Highlights:

• La Guitarra is a high-grade, past-producing underground mine with an on-site process facility that operated up to August, 2018
• Historical Measured and Indicated Mineral Resources of approximately 7.45 million ounces ("oz") of silver-equivalent ("AgEq") and Historical Inferred Mineral Resources of approximately 10.03 million oz AgEq, based on 128,671 metres of drilling[1]
• Functional and expandable 550 tonnes per day crushing, grinding and flotation facility
• The eastern district mapping program has thus far delineated over 40 km of mineralized veins and breccias.
• We have continued to build on the strong community relations base with the local stakeholders we inherited from First Majestic.

[1] See below under the heading "Notes for Historical Mineral Resources".