Mr. Igor Gonzales reports

SIERRA METALS CONFIRMS HIGH GRADE MINERALIZED EXTENSIONS TO THE BOLIVAR WEST ZONE, AT THE BOLIVAR MINE, MEXICO

Sierra Metals Inc. has released positive results from a recent drilling program designed to test the continuity and characteristics of geophysical anomalies identified in a recent Titan 24 geophysical survey. The areas drilled had been deemed as high-value targets within the Bolivar West zone, located at the Bolivar mine, Chihuahua, Mexico. The Bolivar mine is situated within the Piedras Verdes mining district, located within the major north-northwest-trending Sierra Madre precious metals belt which extends across the states of Chihuahua, Durango and Sonora in northwestern Mexico.

Drilling has identified and defined a new zone named West Extension to the Bolivar West zone which is an extension of the Bolivar West structure and is within close proximity to the Bolivar West zone with similar characteristics.

Alonso Lujan, vice-president of exploration, stated: "The areas tested in the Titan 24 survey demonstrated an excellent relationship between chargeability and the structures. Based on those results, the company continued to test these areas with drilling programs. This has resulted in the definition of a new structure which demonstrates the continuity of previously defined wide, high-grade, copper structures. The company plans to drill an additional six to seven holes, approximately 2,500 metres, within this area in 2019. Depending on success further holes and drilling could be added. Further to the success at the West Extension, the potential for further extensions to the north of this zone remains open."

Igor Gonzales, president and chief executive officer of Sierra Metals, commented: "Brownfield exploration remains a key part of Sierra Metals growth plan. The discovery of this extension structure at Bolivar should help support further mineral resource growth and subsequent production growth plans. We are continuing our aggressive brownfield exploration programs at all three of our mines and expect to see further discoveries this year." He continued: "The relevance of these results is that the exploration success in previously unknown areas is yielding high-quality mineral discoveries. When combined with Bolivar's expanded production capacity it could materially improve cash flows and the net asset value forecast of our Bolivar unit."

    
Hole No.        From       To    Width        Au       Ag     Cu       Zn     CuEq
                 (m)      (m)      (m)     (g/t)    (g/t)    (%)      (%)      (%)

DB18B659      667.15   668.65     1.50       0.0      3.0   0.78    0.005     0.78
              672.90   679.20     6.30       0.0      4.7   0.74    0.023     0.73
              686.25   690.30     4.05       0.0     12.9   1.43     0.01     1.52
DB18B666      684.60   689.10     4.50     0.013     15.8   0.45     0.81     0.92
              689.10   693.60     1.50     0.013     14.0   0.43     0.49     0.75
              711.60   713.10     4.25     0.090    140.3   2.29     7.56     6.56
DB18B669      642.30   657.00    14.70      0.23     1.30   0.74    0.009     0.89
              661.50   674.25    12.75      0.30     8.17   0.81    0.018     1.08
              678.75   698.90    20.15      1.16    14.80   1.32    0.017     2.42
DB19B672      664.70   681.25    16.55       0.0     8.88   0.29    0.056     0.38
              691.45   694.45     3.00       0.0     36.3   0.87     8.50     4.63
              706.15   712.00     5.85       0.0     6.44   0.42     0.20     0.56

Quality assurance

All samples were dried, crushed and pulverized by the Chemex Lab (Chihuahua), pulp samples were shipped to its Canadian laboratory in Vancouver.

The quality assurance/quality control (QA/QC) program employed by Sierra Metals is described in detail in the NI 43-101 technical report for Bolivar dated June 28, 2018, prepared by SRK Consulting (U.S.) Inc. in Denver, which is available for review on SEDAR. Standards and blanks are inserted into the sample stream, and duplicate samples are sent to the Chemex lab in Chihuahua as per internal quality control procedures.

Quality control

All technical production data contained in this news release have been reviewed and approved by Gordon Babcock, PEng, chief operating officer and a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

Americo Zuzunaga, FAusIMM CP (mining engineer), and vice-president of corporate planning, is a qualified person and chartered professional qualifying as a competent person under the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Augusto Chung, FAusIMM CP (metallurgist), and consultant to Sierra Metals, is a qualified person and chartered professional qualifying as a competent person on metallurgical processes.

About Sierra Metals Inc.

Sierra Metals is a Canada-based growing polymetallic mining company with production from its Yauricocha mine in Peru and its Bolivar and Cusi mines in Mexico. The company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new discoveries and still has additional brownfield exploration opportunities at all three mines in Peru and Mexico that are within or close proximity to the existing mines. Additionally, the company has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

We seek Safe Harbor.