Sierra Madre Gold and Silver Ltd. announced that it has received approval for the acquisition of the La Guitarra Silver-Gold Mine ("La Guitarra") from Mexico's antitrust agency, the Comisión Federal de Competencia Económica ("COFECE"). With the receipt of this approval, closing of the Acquisition is expected to take place on March 30th, 2023, followed by trade resumption of Sierra Madre shares shortly thereafter. La Guitarra is located in the southeast end of the Mexican Silver Belt, 130km SW of Mexico City.

Modern production began in 1992 and was operated as a 500 t/d underground mine up until August 2018. Current infrastructure includes two underground production centres­ La Guitarra and Coloso in the western half of the district ­ as well as a flotation mill, a permitted tailings facility, multiple work buildings and equipment and related infrastructure.