Anacortes Mining Corp. announced that the Preliminary Economic Assessment (PEA) for the Tres Cruces gold oxide project, has been filed on SEDAR and uploaded to the Company's website. As stated in the Company's news release dated March 8, 2022, the PEA was prepared in accordance with National Instrument 43-101 ("NI 43-101") and presents an economic analysis of the potential viability of mining the Tres Cruces Oxide Gold Deposit through conventional open pit mining and heap leach processing for gold recovery to doré.

The study was prepared by M3 Engineering and Technology of Tucson Arizona and Lima Peru, in cooperation with Nilsson Mine Services of Pitt Meadows, BC, Transmin Ltd., of Lima, Peru, Advantage Geoservices Ltd. of Osoyoos, BC, and Jeffrey Rowe of Surrey, BC. PEA Highlights - Tres Cruces Oxide Project: Pre-Tax Net Present Value (NPV) at a 5% discount rate ("NPV 5%") of USD 294.3 million. After-Tax NPV 5% of USD 165.9 million.

After-Tax Internal Rate of Return ("IRR") of 33.0%; 2.1 year payback Initial CAPEX of USD 125.2 million. Average gold production of 68,000 ounces annually over an initial oxide life of mine (LOM) of 7 years. Peak gold production of 81,000 ounces in Year 2. Average Daily Throughput: 5,800 tpd over LOM.

588,000 ounces of gold mined, and 478,000 ounces recovered over LOM.