Cerrado Gold Issued Preliminary License for Its Monte Do Carmo Project, Brazil

• Preliminary Licence ("LP") granted to Monte Do Carmo ("MDC") by Tocantins state environmental agency
  • First in three stage licence process to bring the MDC project into production
    • Installation license expected within 90-120 days

TORONTO, May 29, 2023 - Cerrado Gold Inc. [TSX.V:CERT][OTCQX:CRDOF] ("Cerrado" or the "Company") is pleased to announce that its Monte Do Carmo gold project has received the Preliminary License ("LP") from the Instituto Natureza do Tocantins ("NATURATINS") the state environmental regulatory authority, which has authority to grant state permits.

The mine permitting process in Tocantins has three stages, the LP, the installation license ("LI"), and finally the license to operate ("LO"). The granting of the LP is an important milestone in the licensing process as it outlines all the basic parameters of the project to be accepted by all parties, including the local community and relevant regulatory bodies. The subsequent installation license allows for the commencement of construction activities for the project. The Company expects to receive the LI within the next 3 to 4 months. The final licence, the LO, is granted upon completion of construction and at commencement of operations.

Mark Brennan, CEO and Chairman commented "The award of the LP is a significant milestone for the MDC project and reflects the great work done by our Brazilian team and represents a significant endorsement from the community and regulators for the development of the project. As previously announced, discussions for Project Financing are ongoing, and we look forward to the completion of the FS in the coming weeks as we work to bring the Monte Do Carmo project into production. "

About Cerrado Gold

Cerrado Gold is a Toronto-based gold production, development, and exploration company focused on gold projects in South America. The Company is the 100% owner of both the producing Minera Don Nicolás mine in Santa Cruz province, Argentina, and the highly prospective Monte Do Carmo development project, located in Tocantins State, Brazil.

At Minera Don Nicolas, Cerrado is maximizing asset value through continued operational optimization and further production growth. An extensive campaign of exploration is ongoing to further unlock potential resources in our highly prospective land package in the heart of the Deseado Masiff.

At Monte Do Carmo, Cerrado is rapidly advancing the Serra Alta deposit through Feasibility and into production. Serra Alta is expected to be a high-margin and high-return project with significant exploration potential on an extensive and highly prospective 82,542-hectare land package.

For more information about Cerrado please visit our website at: www.cerradogold.com.

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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. In making the forward- looking statements contained in this press release, Cerrado has made certain assumptions, including, but not limited to the likelihood of receiving additional licenses and timing thereof, the expected timing to complete the Feasibility Study at MDC and the decision to move towards construction. Although Cerrado 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 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.

SOURCE: Cerrado Gold Inc.