Cerrado Gold Appoints Mr. Clinton Swemmer as Vice President, Technical Services

Project delivery executive with significant experience in completing technical studies for development stage projects

Toronto, October 21, 2021 - Cerrado Gold Inc. (TSXV: CERT) (OTCQX: CRDOF) ("Cerrado" or the "Company") is pleased to announce that Clinton Swemmer has joined as Vice President of Technical Services. Mr. Swemmer will collaborate with the onsite teams in the development of both the Minera Don Nicolás Mine and Monte do Carmo gold project.

Mr. Swemmer is a senior project delivery professional whose career spans over 20 years working on various development stage projects. Prior to joining Cerrado, Mr. Swemmer held the position of Vice President of Project Delivery for Treasury Metals a mining company where he managed the Study and Trade-Offs to maximize NPV and meet the technical requirements of the Environmental and Permit process. In addition, as Vice President of Project Delivery, North America for Ausenco, an EPC/M company focused on the metals and mining industry he managed the teams responsible for the EPC Awards of the Magino Gold Mine, Las Chispas Mine and Blackwater Gold Mine.While at Ausenco, Mr. Swemmer was also accountable for reviewing all Pre-Feasibility Studies (PFS) and Feasibility Studies (FS) execution strategies and layouts such as Marathon Gold Mine and Springpole Gold Project.

Prior to Ausenco, he served as Director of Projects, Mining and Minerals for Amec Foster Wheeler, where he was Project Manager for the Kinross Gold Round Mountain and Bald Mountain Projects, actively involved in the development of the IAMGOLD Côté Gold Project as well managed the portfolio for PFS and FS that included the Spring Valley Gold Mine and the Sukhoi Log Gold Mine. In addition, he previously served as Vice President of Projects for DRA Americas responsible for all PFS, FS, and Projects in the region that included delivery of the Renard Diamond Mine processing facility in Quebec, Labrador Iron Mines processing plant and numerous cold weather projects. In this role, he has also been an Independent Expert for numerous financial institutions involved with projects such as the Gahcho Kue Diamond Mine and the Brucejack Gold Mine. Mr. Swemmer holds a First-Class Honours Bachelor of Engineering degree from the University of Hertfordshire, is a Professional Engineer (Pr. Eng) of Ontario and a member of the Project Management Institute where he is an active PMP member.

Mark Brennan, CEO & Co Chairman of Cerrado, stated, "We are extremely pleased to welcome Clinton to the Cerrado Gold team. Clinton brings with him a wealth of experience completing technical studies that will be critical in advancing our projects to the next level, specifically as we bring the Monte do Carmo gold project into Feasibility stage."

The Board of Directors have approved the issuance of 150,000 RSUs to Mr. Swemmer in connection with his appointment. The RSUs will vest as to one-third on the date of issuance, being October 20, 2021, one-third in twelve months and one-third in twenty-four months. The RSUs will expire on the third anniversary of the date of issuance.

For further information please contact

Mark Brennan
CEO and Co Chairman
Tel: +1-647-796-0023
mbrennan@cerradogold.com

Nicholas Campbell, CFA
Director, Corporate Development
Tel: +1-905-630-0148
ncampbell@cerradogold.com

About Cerrado Gold

Cerrado Gold is a public gold producer and exploration company with gold production derived from its 100% owned Minera Don Nicolás mine in Santa Cruz province, Argentina. It also owns 100% of the assets of Minera Mariana in Santa Cruz province, Argentina. The company is also undertaking exploration at its 100% owned Monte Do Carmo project located in Tocantins, Brazil. For more information about Cerrado Gold please visit our website at: www.cerradogold.com.

Disclaimer

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This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation, all statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements contained in this press release include, without limitation, statements regarding the business and operations of Cerrado Gold. In making the forward- looking statements contained in this press release, Cerrado Gold has made certain assumptions, including, but not limited to ability of Cerrado to expand its drilling program at its Minera Don Nicolas Project and increase its resources. Although Cerrado Gold believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political, and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Cerrado Gold disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

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