Mr. Guy Goulet reports

CERRO DE PASCO RESOURCES CLOSES LAST TRANCHE OF A NON-BROKERED PRIVATE PLACEMENT

Cerro de Pasco Resources Inc. has closed the last tranche of a non-brokered private placement offering for a gross proceeds of $102,750 and issued 1,027,500 common share units of the company at a price of 10 cents per unit, each unit consisting of one common share and one common share purchase warrant.

Under the offering, the company raised aggregate gross proceeds of $1,106,750.

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 press 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 $1,400 and issued 14,000 broker warrants to certain arm's-length third parties who 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-month-and-one-day from the date of their issuance, in accordance with applicable securities laws.

One director and one officer of the company purchased a total of 327,500 units. The participation in the offering constitutes a related party transaction as defined under National Instrument 61-101, Protection of Minority Security Holders in Special Transactions. However, such participation is exempt from the valuation and minority shareholder approval requirements of NI 61-101 based on the fact that neither the fair market value of the offering, nor the consideration paid by such persons, exceeds 25 per cent of the company's market capitalization. The company did not file a material change report at least 21 days prior to the closing of the offering as participation of the insiders had not been established at that time.

About Cerro de Pasco Resources Inc.

Cerro de Pasco Resources is a mining and resource management company, with the goal to become the next mid-tier producer of base metals in Peru. Cerro de Pasco Resources is currently engaged in mining, developing and exploring its wholly owned 6,000-hectare Santander mine in the highly prospective Antamina-Yauricocha skarn corridor, located 215 kilometres from Lima. Cerro de Pasco Resources is also focused on the development of its principal 100-per-cent-owned assest, the El Metallurgista mining concession, comprising mineral tailings and stockpiles extracted from the Cerro de Pasco open-pit mine in central Peru. The company's approach at El Metalurgista entails the reprocessing and environmental remediation of mining waste and the creation of numerous opportunities in a circular economy. Cerro de Pasco Resources was founded on clear objectives to engender long-term economic sustainability and benefit for the local population, from an economic, social and health point of view.

We seek Safe Harbor.