TriStar Gold

Santacruz Silver Mining Achieves Record Production of 394,160 Silver Equivalent Ounces in October

Vancouver, British Columbia--(Newsfile Corp. - November 18, 2020) - Santacruz Silver Mining Ltd. (TSXV: SCZ) (the "Company" or "Santacruz") is pleased to announce that total consolidated production for the month of October of 2020 reached 394,160 silver equivalent ounces ("AgEq") at the Zimapan Mine and Rosario Mine in Mexico.

Mr. Carlos Silva, CEO, stated: "After recently closing our private placement and securing new underground equipment, our mines immediately saw efficiency and production improvements which are reflected in the monthly production statistics. We expect continued improvements and anticipate a robust production increase for this fourth quarter of 2020." Mr. Silva continued: "The acquisition of the new mining equipment when taken together with the organizational changes and strategic decisions made during Q2 are resulting in more reliable operations at improved production rates and related lower production costs."

October Consolidated Production Results

Summary of Production Results October 2020 Monthly Average Q3 2020 Third Quarter 2020
Material Processed (tonnes milled) 68,862 58,880 176,640
Silver eqv. ounce production(1) (2) 394,160 325,893 977,679
Silver production (ounces) (2) 129,192 101,374 304,123
Gold production (ounces) (2) 26 19 59
Lead production (tonnes) (2) 469 360 1,080
Zinc production (tonnes) (2) 1,189 1,013 3,041
Copper production (tonnes) (2) 143 77 395
Average Head Grade (g/t Ag Eqv.)(1) 246 231 231
Development (metres) 1,015 701 2,103

October Zimapan Mine Production Results

Summary of Production Results October 2020 Monthly Average Q3 2020 Third Quarter 2020
Material Processed (tonnes milled)(2) 62,543 54,948 164,846
Silver eqv. ounce production(1) (2) 363,715 306,995 920,985
Silver production (ounces)(2) 114,039 94,253 282,760
Silver head grade (g/t) 81 73 73
Lead head grade (%/t) 0.81 0.72 0.72
Zinc head grade (%/t) 2.60 2.40 2.40
Copper head grade (%/t) 0.32 0.33 0.33
Silver recovery (%) 69.8 72.3 72.3
Lead production (tonnes)(2) 446 349 1,048
Zinc production (tonnes)(2) 1,111 947 2,841
Copper production (tonnes)(2) 143 131 395
Average Head Grade (g/t Ag Eqv.)(1) 253 234 234
Development (metres) 777 567 1,701

October Rosario Project Production Results

Summary of Production Results October
2020
Monthly Average Q3 2020 Third Quarter 2020
Material Processed (tonnes milled) 6,319 3,931 11,794
Silver eqv. ounce production(1) 30,344 18,897 56,693
Silver production (ounces) 15,153 7,121 21,363
Silver head grade (g/t) 85 66 66
Gold head grade (g/t) 0.20 0.24 0.24
Lead head grade (%/t) 0.43 0.31 0.31
Zinc head grade (%/t) 1.46 2.06 2.06
Silver recovery (%)(2) 87.9 85.9 85.9
Gold production (ounces) 26 19.6 59
Lead production (tonnes) 24 10.6 32
Zinc production (tonnes) 77 66.6 200
Average Head Grade (g/t Ag Eqv.)(1) 178 183 183
Development (metres) 238 134 402

(1) AgEqvOz = (Au*Pau)+(Ag*Pag)+(Pb*Ppb*2205)+(Zn*Pzn*2205)+(Cu*Pcu*2205)(Pag)

Metal Prices 2020: Ag $17.85, Au $1,480, Pb $0.92, Zn $1.09, Cu $2.80
Metal Prices 2019: Ag $15.25, Au $1,281, Pb $0.94, Zn $1.20, Cu $2.92

(2) Q3 2019 production results at the Zimapan Mine reflect 50% of total production whereas the Q2 and Q3 2020 results reflect 100%.

About Santacruz Silver Mining Ltd.

Santacruz is a Mexican focused silver company that currently owns and operates the Rosario Mine. The Company also owns 100% of Carrizal Mining S.A. de C.V. Carrizal Mining holds a 20% working interest in the Company's Veta Grande Project and has the right to operate the Zimapan Mine until December 31, 2020 under a mining lease agreement. On July 28, 2020 the Company announced that it had reached agreement with Minera Cedros, S.A. de C.V. ("Minera Cedros"), a wholly owned subsidiary of Industrias Peñoles, S.A.B. de C.V., to acquire outright the Zimapan Mine for US$20.0 million (plus applicable IVA of US$3.2 million), subject to a number of conditions, including receipt of all necessary regulatory approvals including approval of the TSX Venture Exchange ("TSXV") to the transaction which will constitute a "Fundamental Acquisition" pursuant to TSXV Policy 5.3.

The Company is managed by a technical team of professionals with proven track records in developing, operating and discovering silver mines in Mexico. Our corporate objective is to become a mid-tier silver producer.

'signed'

Arturo Préstamo Elizondo,
Excutive Chairman

For further information please contact:

Arturo Prestamo
Santacruz Silver Mining Ltd.
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Telephone: +52 81 8378-5707

Mars Investor Relations
+ 1(778) 999-4653
This email address is being protected from spambots. You need JavaScript enabled to view it.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward looking information

Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws, including the agreement with Minera Cedros and the acquisition of the Zimapan Mine by the Company. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions. In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including that the Company's financial condition and development plans do not change as a result of unforeseen events, that the Company will receive all required regulatory approvals and that future metal prices and the demand and market outlook for metals will remain stable or improve. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, unanticipated delays in obtaining or failure to obtain regulatory or stock exchange approvals; the risk that any of the assumptions referred to above prove not to be valid or reliable; there can be no assurance that the Company will be successful in completing the acquisition of the Zimapan Mine (including obtaining the necessary funding); risk of delays or inability to obtain the approval of the TSXV to the acquisition of the Zimapan Mine; market conditions and volatility and global economic conditions, including increased volatility and potentially negative capital raising conditions resulting from the continued COVID-19 pandemic and risks relating to the extent and duration of such pandemic and its impact on global markets; risk of delay and/or cessation in planned work or changes in the Company's financial condition and development plans; risks associated with the interpretation of data (including in respect of the third party mineralized material) regarding the geology, grade and continuity of mineral deposits; the uncertainty of the geology, grade and continuity of mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; risks related to gold, silver, base metal and other commodity price fluctuations; risks relating to environmental regulation and liability; the possibility that results will not be consistent with the Company's expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.

Rosario Project

The decisions to commence production at the Rosario Mine, Cinco Estrellas Property and Membrillo Prospect were not based on a feasibility study of mineral reserves demonstrating economic and technical viability, but rather on a more preliminary estimate of inferred mineral resources. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with this production decision. Production and economic variables may vary considerably, due to the absence of a complete and detailed site analysis according to and in accordance with NI 43-101.

Zimapan Mine

Production at the Zimapan Mine is not supported by a feasibility study on mineral reserves demonstrating economic and technical viability or any other independent economic study under NI 43-101. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with production operations at the Zimapan Mine. Production and economic variables may vary considerably due to the absence of a complete and detailed site analysis according to and in accordance with NI 43-101. There is no assurance that the Company will be successful in negotiating and completing any acquisition of the Zimapan Mine. Any transaction to acquire the Zimapan Mine will be subject to receipt of all necessary regulatory approvals, including Santacruz obtaining the approval of the TSX Venture Exchange.

GET DAILY NEWS FLOW

Sign Up To Receive All Morning
News To Your Email Inbox

Please review our Disclaimer and Privacy Policy before subscribing.

Santacruz Silver

Last Trade: C$0.28
Daily Change: -0.01 -3.45
Daily Volume: 5,129
Market Cap: C$72.060M

REVIVAL GOLD (TSX.V: RVG)

Revival Gold

Revival Gold is a growth-focused gold exploration and development company. The Company has the right to acquire a 100% interest in the past producing Beartrack gold project located in Lemhi County, Idaho. Beartrack-Arnett is the largest... LEARN MORE