Mr. Guy Goulet reports

CERRO DE PASCO RESOURCES CLOSES $1 MILLION PRIVATE PLACEMENT

Cerro de Pasco Resources Inc. has closed its previously announced non-brokered private placement for total aggregate gross proceeds of $1,004,000. The company issued 10.04 million units of the corporation at a price of 10 cents per unit, each unit consisting of one common share and one common share purchase warrant.

Each warrant entitles the holder thereof to purchase one common share at an exercise price of 25 cents per common share for a period of 24 months from the date of issuance of the warrant. In the event that, during such 24-month period, the volume-weighted average trading price of the common shares exceeds 60 cents per common share for any period of 20 consecutive trading days, the corporation may, at its option, following such 20-day period, accelerate the expiry date of the warrants by delivery of a notice to the registered holders thereof and issuing a news release, and, in such case, the expiry date of the warrants shall be deemed to be 5 p.m. Montreal time on the 30th day following the later of: (i) the date on which the acceleration notice is sent to warrantholders; and (ii) the date of issuance of the warrant acceleration news release.

The net proceeds from the offering will be used for working capital.

In connection with the offering, the corporation paid finders' fees in an amount of $28,630 and issued 286,300 broker warrants to certain arm's-length third parties that assisted the corporation by introducing subscribers to the offering. Each broker warrant entitles its holder to purchase one common share at a price of 25 cents per common share for a period of 24 months from the date of issuance of the broker warrant.

All securities issued in connection with the offering are subject to a statutory hold period ending four months and one day from the date of their issuance, in accordance with applicable securities laws.

About Cerro de Pasco Resources Inc.

Cerro de Pasco Resources is a mining and resource management company with unparalleled knowledge of the mineral endowment in the city of Cerro de Pasco and its surroundings. Initially, the corporation will unlock the useful life of the mine and extend the concession areas in its Santander mining operation, applying the highest safety, environmental, social and governance standards. The key focus of growth for the corporation is on the development of the El Metalurgista mining concession, one of the world's largest surface mineralized resources, applying the latest techniques and innovative solutions to process tailings, extract metals, and convert the remaining waste into green hydrogen and derivatives.

We seek Safe Harbor.