Madoro Metals Corp. announced that it has fully exercised its option to purchase a 100% interest in the Cerro Minas mineral concession having a surface area of 899 hectares, located in the state of axaca, Mexico. The Cerro Minas Property lies within the Oaxaca epithermal Au-Ag belt, approximately 130kilometers southeast of Oaxaca City, and 30 kilometers southeast of Gold Resource Corporation's operating Arista-Switchback mine.

The Property is an inlier to Madoro's principal Yautepec Project and covers 5 kilometers strike length of highly prospective ground along a northwest trending caldera structural margin as reported in prior Madoro news releases. In addition, the Property contains polymetallic skarn-style mineralization that is the subject of historical reports by the Mexican Consejo de Recursos Minerales that document small-scale artisanal mining. With this acquisition, Madoro has consolidated over 7 kilometers strike length of high potential targets for epithermal and skarn mineralization.

Pursuant to the option agreement with Gunpoint Exploration Ltd.and Gunpoint's subsidiary, Minera CJ Gold S.A. de C.V. dated September 30, 2019, Madoro has made total cash payments to Gunpoint of USD 100,000 and issued a total of 800,000 common shares of the Company, over the period of three years. Gunpoint retains a 1.5% Net Smelter Returns Royalty on the Property, of which the Company may purchase, at any time, 0.5% for $1,000,000.