Sierra Madre Gold and Silver Ltd. announced its first project-wide Resource Estimate for the La Guitarra silver-gold mine and the Temascaltepec mining district in Estado de Mexico, Mexico. TechSer Mining Consultants Ltd. of Vancouver B.C. prepared the Mineral Resource Estimate, David Thomas, P.Geo. and QP Geology and Cristian Garcia, P.Eng.

and QP Mining. The following tabulates the La Guitarra estimated Mineral Resources. Sierra Madre Increases M&I Silver-Equivalent Resources at La Guitarra by 373% to 27.2 million Ounces, Inferred Silver- Equivalent Resource Increased 204% to 20.2 million Ounces.

The Coloso mine supplied most of La Guitarra's production from 2015 to 2018 before being placed on care and maintenance. The Coloso and Narareno block modelsutilized wireframe models developed by First Majestic Silver which have been validated. The Coloso veins average width is 1.5 meters and the Nazareno veins have an average width of 4.3 meters.

The Coloso mine has over 12 kilometres ("km") of existing and accessible ramps, haulage ways, cross cuts, ventilation shafts, and development drives. The Nazareno mineralization is accessed from the Coloso workings by a one km meter haulage way and was under development when the mine was closed. The Guitarra Indicated Resources are contained in seven veins with a weighted average width (width x tonnes) for the Indicated Resources of 3.4 meters.

The Guitarra mine has approximately 40 km of haulage ways, ramps, crosscuts, raises, and development drives. It is accessed from the surface at five primary levels along with several other hillside adits. A decline ramp accesses the San Rafael 1 and 2 areas and has two ventilation shafts.

Sierra Madre management recognized that portions of the Guitarra veins and Santa Ana in the East District might be amenable to long-hole mining based on their previous mining experience at the Property and historic mining methods. The Los Angeles area in the Guitarra mine was found to have vein and stockwork mineralization in a configuration that could be amenable to long-hole mining methods. The Los Angeles mineralization is accessible on three haulage way levels, several ramps, and multiple development drives.

Existing ore passes on the La Cruz, Los Angeles, San Francisco, and Garambullo levels connect to the San Rafael haulage way, the primary haulage way to the Guitarra flotation plant. The Santa Ana vein in the East District has an average width of 7.1 meters. First Majestic completed an approved Environmental Impact Statement (MIA) to develop Santa Ana.

The operating area is called La Tlacotal, and the Company has a long-term land use agreement on the surface.