Pucara Gold Ltd. Announces Management Change

Mr. Davis is currently President and CEO of Sun Peak Metals Corp. an exploration company with projects based in Ethiopia. Prior to Sun Peak, Mr. Davis was VP, Business Development for Sunridge Gold Corp. from 2006 until the sale of the Asmara project in April 2016, during which time he directed financing efforts and raised over $50 million for the company. The Asmara Project was advanced from exploration and development through acquiring a mining license. Prior to Sunridge, Mr. Davis was part of the discovery team at Nevsun's Bisha Project as on-site Project Manager. Mr. Davis has an extensive technical background in the mining sector, with over 25 years of experience in all levels of corporate and project management in various jurisdictions around the world.

Pucara will continue exploration work on its assets in Peru and evaluate any business opportunities that improve the return for its shareholders.

On behalf of the Board, David Awram, a director of the Company, stated: "We are pleased to have Mr. Davis take on the role of CEO and President, and also welcome him as a member of the Board. We would also like to thank Mr. Zuker for building a portfolio of seven highly-prospective precious and base metal projects, over the last 10 years, that include three optioned projects to Lowell Copper SAC/Solaris Resources and Iamgold Peru SA, and for its transition into a TSXV company in 2020."

Lynda Bloom, Director of Pucara has also resigned as of today.

In connection with the appointment of Mr. Davis and his incoming management team, Pucara announces the granting of an aggregate of 2,100,000 stock options (the "Options") to Mr. Davis and incoming team. These Options have an exercise price of $0.11 per share and are exercisable during a 5-year period. All Options will vest in three equal tranches and have been granted in accordance with the Company's stock option plan.

About Pucara Gold

Pucara is a junior exploration company focused on the discovery and advancement of economic precious metals deposits in resource-rich Peru. Pucara has a portfolio approach to project acquisition and controls seven precious and base metal projects located in Peru. Pucara is advancing four projects while the remaining three are under option agreements with strategic partners. Pucara plans to grow through discoveries, strategic relationships, and grassroots exploration. For more information, please visit Pucara's YouTube channel.

Cautionary Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, the impact of the COVID-19 pandemic on the worldwide economy, continued availability of capital and financing, and general economic, market or business conditions and regulatory and administrative approvals, processes and filing requirements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.

SOURCE Pucara Gold Ltd.



Contact Information:

Greg Davis, CEO, President & Director, info@pucaragold.com, +1 604 687 9931