GCM Mining Announces Multiple High-Grade Drill Results

TORONTO - GCM Mining Corp. ('GCM Mining' or the 'Company') (TSX: GCM; OTCQX: TPRFF) announced today multiple high-grade intercepts at its Segovia Operations from the final 39 diamond drill holes, totaling 9,158 meters, of its 2021 in-mine and near-mine drilling programs, as well as the final 27 diamond drill holes, totaling 7,125 meters, from its 2021 brownfield drilling programs.

The Company also announced the assay results from 2 additional kick-off diamond drill holes, totaling 1,140 meters, from the ongoing directional drilling at the El Silencio Deep Zone.

Serafino Iacono, Executive Chairman of GCM Mining, commented, 'We completed a very robust exploration campaign at our Segovia Operations in 2021 with a total of approximately 97,000 meters completed in 444 diamond drill holes at our producing mines and our high-priority brownfield targets. These drill results will be incorporated in the annual mineral reserve and resource updates that are expected to be announced later this month. Our Segovia Operations continue to demonstrate their prowess as a world-class system, both in terms of its size and high grades, as shown by the continued outstanding results from the 2021 drilling programs. The team's exploration model and understanding of the local vein systems led to the discovery of the 1040 Vein at the El Silencio Mine in 2021 which has the potential to add substantial resources and increase the mine life for this operation. Drilling from surface at the Sandra K Mine has proven the down-plunge extension of the main ore-shoots to well below the deepest level of the mine, as well as a further strike extension of the main vein system to the north by 150 meters. In addition, brownfield drilling on the Marmajito Vein has shown multiple high-grade intersections, which reinforce the exploitation potential of this vein by taking advantage of the proximity of the Providencia Mine's infrastructure. For 2022, we have committed to contining our exploration campaign at Segovia with another 91,000 meters of drilling at our producing mines and high-priority brownfield targets.'

The 2021 in-mine and near-mine infill and step-out drilling programs commenced in January 2021 and focused on replacing the 2021 mine production and on organic growth through resource and reserve expansion at the Company's core operating mines. GCM Mining completed a total of 184 drill holes in 2021 totaling 47,735 meters which represented about 119% of plan. The in-mine and near-mine drilling campaign was complemented by another 196 diamond drill holes totaling 33,471 meters that were completed in 2021 in an ongoing underground in-fill drilling campaign carried out by the Company's Mine Geology Department, primarily at the El Silencio Mine, which focused on resource definition within the underground mine developments.

The 2021 brownfield drilling campaign, which focused on exploration for new resources at the brownfield exploration targets on the 24 veins within the Segovia mining title that are not currently in production, commenced in late 2020 at the Vera Project. The 2021 brownfield exploration drilling campaign was finalized at the end of December 2021 with a total of 64 drill holes totaling 15,924 meters, about 20% less than planned mainly due to the lengthy administrative processes involved to obtain permission to access the land where the drilling platforms were built.

GCM Mining's 2022 diamond drilling campaign will comprise approximately 91,000 meters with up to 52,000 meters of in-mine and near-mine drilling and 15,000 meters of underground in-fill drilling at its four producing mines together with 24,000 meters of brownfield drilling at its high-priority targets within the other 24 known veins it is not currently mining in its Segovia mining title.

About GCM Mining Corp.

GCM Mining is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is the leading high-grade underground gold and silver producer with several mines in operation at Segovia Operations. Segovia produced 206,000 ounces of gold in 2021. In Guyana, the Company is advancing its fully funded Toroparu Project, one of the largest undeveloped gold/copper projects in the Americas, which is expected to commence production of more than 200,000 ounces of gold annually in 2024. GCM Mining pays a monthly dividend to its shareholders and has equity interests in Aris Gold Corporation (44%; TSX: ARIS; Colombia - Marmato), Denarius Metals Corp. (27%; TSX-V: DSLV; Spain - Lomero-Poyatos and Colombia - Guia Antigua, Zancudo) and Western Atlas Resources Inc. (26%; TSX-V: WA: Nunavut - Meadowbank).

Cautionary Statement on Forward-Looking Information

This news release contains 'forward-looking information', which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including exploration programs and mineral resources and reserves. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'expects', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes' or variations (including negative variations) of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of GCM Mining to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption 'Risk Factors' in the Company's Annual Information Form dated as of March 31, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and GCM Mining disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

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