Mr. Jeffrey Reeder reports

PERUVIAN METALS CLOSES INITIAL TRANCHE OF PRIVATE PLACEMENT

Peruvian Metals Corp. has, subject to regulatory approvals, closed a first tranche of its non-brokered private placement of up to eight million units at seven cents per unit to raise up to $560,000 in gross proceeds. In this closing, the company has raised $225,000 through the issuance of 3,214,286 units. Each unit consists of one common share of the company and one-half non-transferable share purchase warrant of the company. Each warrant will be exercisable to acquire one additional common share for two years from the closing date of the offering at a price of 10 cents, subject to certain acceleration provisions.

No finders' fees or finders' warrants were issued in this tranche of the offering. All securities issued will be subject to resale restrictions until Aug. 24, 2024. The net proceeds of the offering will be used to develop the recently acquired Mercedes property and the company's existing Palta Dorada property, and for general working capital requirements.

The completion of the offering, including all issuances of units, remains subject to certain regulatory approvals, including the approval of the TSX Venture Exchange.

About Peruvian Metals Corp.

Peruvian Metals is a Canadian exploration and mineral processing company. Its business model is to provide toll milling services for clients and to produce high-grade sulphide concentrates from mineral purchases. The company continues to acquire and develop precious metal and base metal properties in Peru.

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