Mantaro Precious Metals Corp. Provides Corporate Update

VANCOUVER, April 19, 2023 - Mantaro Precious Metals Corp. (TSXV: MNTR) (OTCQB: MSLVF) (FSE: 9TZ) (the "Company") is pleased to provide a summary of progress as well as its 2023 exploration plans at the Golden Hill high-grade orogenic gold project in Bolivia and the Santas Gloria high-grade intermediate sulphidation epithermal silver-gold-base metal property in Peru.

• Numerous high-grade gold assays from the maiden 21 diamond core drill program at the Golden Hill Property.
• New environmental license for fully permitted Golden Hill Property.
• Exercise of initial option to acquire a 51% interest in Golden Hill Property.
• Drill permits for up to 20 drill pads at the Santas Gloria Property.

Given the fact that Golden Hill is a fully permitted mining concession, the Company has designed a 2023 work program that reflects both the robust exploration potential, and the opportunity for exploitation.

• Mineral Resource Estimate: The Company is currently preparing a mineral resource estimate on the Golden Hill Property which it anticipates will be completed in the second quarter 2023.
• Petrographic Study: A petrographic study is ongoing using mineralized core from the recent drill program. The program is designed to (i) better understand gold deportment and morphology of gold grains; (ii) assist with modelling key controls on mineralization and depth within the system; and (iii) provide input into the design of gravity recovery flow-paths.
• Tailings Study: The Company is currently exploring the option of re-processing the tailings on site or selling them to a third party. Previously, the Company took sixteen samples each of 5 kg for metallurgical test-work (See news release dated December 2, 2021). Tailings head grade varied from 0.31 g/t Au to 7.83 g/t Au for an average head grade of 1.33 g/t Au and gold recovery by cyanidation averaged 96% (92.3 to 97.0%).

Santas Gloria is an exceptional untested very high grade silver-gold-base metal system of a deposit type that is well understood and has excellent depth potential.

• Drill Pad Construction: Following cessation of the wet season, the Company anticipates that it re-commence drill pad construction in May of 2023.
• 2500 m Diamond Drill Program: The Company has planned a 15 hole angled diamond drill program totaling 2500 subject to completion of a future financing. The program is planned to commence in June and will initially target the strike and depth extensions of extremely high grades defined in surface channel sampling and underground workings at the Tembledara, San Jorge, Paquita and Mirabel veins.

The Golden Hill property is a fully permitted 5976 hectare mining concession. Gold mineralization at Golden Hill is of an orogenic or greenstone-hosted type, controlled by a regional structure that hosts at least 6 other gold deposits along a 25 km strike length, which have all been mined by open pit to shallow levels. Greenstone-hosted gold systems worldwide form in clusters along regional structures, with the most favorable sites being fault flexures that juxtapose metavolcanics against metasediments. The location of Golden Hill on a gold mineralized regional structure, at the contact of metavolcaincs and metasediments, highlights the exceptional exploration potential.

Golden Hill was mined historically for gold from alluvial drainages along a 6 km long trend within the concession. Shallow open pits were also developed and targeted near-surface shear-hosted gold mineralization over a 3 km long trend from Garrapitillia to La Escharcha (Figure 1). Five sub-parallel veins were mined at La Escarcha through limited underground development to 60 m below surface. Material was processed onsite using a conventional jaw crusher and ball mill and gold was recovered using a simple gravity sluice box.

Mapping of underground workings confirmed the presence of multiple, sub-vertical, gold mineralized shear zones, which individually exceeded 4 to 6 m true width. A 10 tonne bulk sample taken by Mantaro from the -45 m level of the C3 vein at La Escarcha provided a 170 kg sub-sample which was sent to SGS Lakefield (Canada) for metallurgical testwork. Testwork confirmed a head grade of 5.53 g/t Au by 50 g fire assay and 5.96 g/t Au by cyanide bottle roll, and demonstrated that recoveries of 73.6 % gold are achievable by gravity separation and 94 % gold by cyanidation. (See news release dated December 2, 2021 for complete results from of the metallurgical testwork).

In 2022, the Company completed a maiden 21 hole diamond drill program at the Golden Hill Property. A total of 3009 meters were drilled. Fourteen holes for a total of 2405 metres were drilled at La Escarcha beneath, and along strike of, historical workings. The remaining seven holes were scout exploration holes drilled at Gabby, Brownfields and Westfields. These holes intersected multiple high-grade gold-mineralized shear zones over true widths of between 1 to 11.5 metres (Figure 2). (See news release dated January 12, 2023 for complete results from the maiden drill program).

• 5.15 g/t gold over 4.69 meters from 171.51 meters in GH0003.
• 8.27 g/t gold over 3.40 meters from 67.56 meters, including 11.82 g/t gold over 2.02 meters from 67.6 meters, 7.57 g/t gold over 5.00 meters from 87 meters, and 3.57 g/t gold over 14.0 meters from 105.0 meters in GH0005.
• 4.00 g/t gold over 3.00 meters from 67.0 meters, 6.46 g/t Gold over 4.00 meters from 76.0 meters, including 12.73 g/t Gold over 2.00 meters from 76.0 meters, in GH0006.
• 2.70 g/t gold over 15.02 meters from 64.53 meters, including 8.47 g/t Gold over 3.10 meters from 70.62 meters, 1.25 g/t Gold over 9.16 meters from 82.84 meters in GH0008.

Gold assay results from the maiden drill program confirm the presence of high grade, shear-hosted gold mineralization. Intercepts of 11.82 g/t Au (Hole GH0005) and 12.73 g/t Au (Hole GH0006), within a broader halo of >4 g/t Au, are consistent in terms of width and grade with greenstone-hosted gold discoveries worldwide. Significantly, only 350 m strike meters of La Escarcha was drilled tested to vertical depths of generally 75 to 100 m. The system remains open in all directions.

Five exploration scout holes were drilled at Gabby (Figure 01) over a strike length of 450 m. Three holes intersected gold mineralization (for example 7.5 m @ 1.09 g/t Au from 88.5 m downhole) at vertical depths of between 10 to 65 m. Significant further drilling is warranted at Gabby.

In August 2022, during the maiden drilling campaign, the Company elected to exercise its initial option to acquire a 51% interest in Golden Hill (see news release dated August 25, 2022). The Company and the optionor, Luis Fernando Kinn, who is also a director of the Company, have formed a strong working relationship to advance and realize the full potential of the Golden Hill Property. In particular, the Golden Hill team successfully obtained a new environmental license covering the entire area of Golden Hill. This environmental license is for an indefinite term allowing for any scale of open pit, any type of underground development and alluvial mining across the entire Golden Hill Property. With this permit, the Company has significant optionality on whether it pursues exploration or exploitation of minerals at Golden Hill.

The 100%-owned Santas Gloria silver-gold-base metal project comprises three exploration concessions totalling 1100 metres. The project is located in the Miocene epithermal gold-silver belt of Peru to the southwest of the Morococha/Toromocho and mineralization is of an intermediate sulphidation style that is likely over-printed by a gold-rich low sulphidation phase. Many of the larger silver-base metal mines in this part of Peru are of an intermediate epithermal sulphidation type characterized by high grade silver-base metal grades in sub-vertical ore shoots that often have in excess of 600 m of vertical extent.

Santas Glorias is noted for very high silver grades (>10,000 g/t Ag in underground channel samples) and unusually high gold grades (up to 56 g/t Au in surface channel samples). Limited historical underground mining in the Tembledara and San Jorge veins enabled the Company to resample accessible workings and define drill ready targets based on the location of the highest grade shoots. Santas Gloria has never been drill tested despite the presence of over 12 km of multiphase, 0.5 to 5 m wide epithermal veins, several of which have strike lengths in excess of 2 km (See Figure 3 and Mantaro's news release dated June 2, 2021 for full details of the results below). For example:

• Tembladera Vein System. The Tembladera veins have a cumulative strike length of 4 km. Previous underground channel sampling results ranged from < 5 g/t silver to 10,000 g/t silver, and surface channel sampling results ranged from < 5 g/t silver to 798 g/t silver.
• San Jorge Vein System. The San Jorge veins have a cumulative strike length of 3 km. Previous underground channel sampling results ranged from < 5 g/t silver to 4,100 g/t silver, and surface channel sampling results ranged from < 5 g/t silver to 2,500 g/t silver.
• Paquita Vein System. The Paquita vein crops out in the north of the Property over a strike length of almost 1.25 km. Previous surface channel sampling results ranged from < 5 g/t silver to 502 g/t silver and 0.05 g/t gold to 3.32 g/t gold.
• Maribel Vein System. The Maribel vein crops out in the north of the Property over a strike length of almost 1.3 km. Previous surface channel sampling results ranged from < 5 g/t silver to 585 g/t silver and 0.05 g/t gold to 1.63 g/t gold.

The Santas Glorias property is approximately 100 km from Lima, has excellent access, is at a relatively low altitude of 3300 m, and benefits from a community access agreement that is valid until 2028. The Company was awarded three archaeology certificates (CIRA) that cover key drill targets and confirm that there are no archaeological impediments to drilling. The Company's environmental application (Ficha Tecnica Ambiental) and water permits have been accepted and an authorization for drilling (AIA) from 20 pads has been received.

The Company also announces that it has engaged with MIC Market Information & Content Publishing GmbH ("MIC") for marketing services for an initial term of six months. MIC was engaged by the Company to heighten market and brand awareness for the Company and to broaden the Company's reach with the investment community through various online platforms and methods of engagement.

Under the terms of the agreement, the Company has agreed to pay MIC up to EUR 37,500 per month for its services. Either party may terminate the agreement on providing thirty days' notice to the other party.

MIC is based in Germany with an address of Gerhard-Hauprmann-St. 49b 51379 Leverkusen and email: contact@micpublishing.de. The principal of MIC is Christian Pohl. Neither MIC nor its principals own any securities in the Company.

Dr. Christopher Wilson, Ph. D., FAusIMM (CP), FSEG, a Qualified Person under National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

Mantaro Precious Metals Corp. is a British Columbia company that holds a diversified portfolio of gold and silver focused mineral properties in Bolivia and Peru. The Company holds an option to acquire up to an 80% interest in the advanced Golden Hill orogenic gold property ("Golden Hill"), located in the underexplored Precambrian Shield, Bolivia.

In Peru, the Company has a 100% interest in the high-grade Santas Gloria silver property as well as a 100% interest in each of the La Purisima, Cerro Luque and Huaranay properties.

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to Company's limited operating history, ability to obtain sufficient financing to carry out its exploration programs and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Mantaro Precious Metals Corp.