Cerro de Pasco Resources Inc. (CSE: CDPR) (OTCPK: GPPRF) (FRA: N8HP) is pleased to announce the closing of its previously announced non-brokered private placement, for total aggregate gross proceeds of $2,519,500. CDPR issued 25,195,000 units of the Corporation at a price of $0.10 per Unit, each consisting of one common share and one Share purchase warrant.

Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.25 per Common Share for a period of 24 months from the date of issuance of the Warrant.

In the event that, during such 24-month period, the volume-weighted average trading price of the Common Shares exceeds $0.60 per Common Share for any period of 20 consecutive trading days, the Corporation may, at its option, following such 20-day period, accelerate the expiry date of the Warrants by delivery of notice to the registered holders  thereof and issuing a press release, and, in such case, the expiry date of the Warrants shall be deemed to be 5:00 p.m. (Montreal time) on the 30^th day following the later of (i) the date on which the Acceleration Notice is sent to Warrant holders, and (ii) the date of issuance of the Warrant Acceleration Press Release.

The net proceeds from the Offering will be used for working capital.

In connection with the Offering, the Corporation paid finder’s fees in an amount of $97,450 to certain arm’s length third parties who assisted the Corporation by introducing subscribers to the Offering.

All securities issued in connection with the Offering are subject to a statutory hold period ending four-month-and-one-day from the date of their issuance, in accordance with applicable securities laws.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release does not constitute an offer to sell or the solicitation of any offer to buy securities in the United States, nor in any other jurisdiction.

About Cerro de Pasco Resources

Cerro de Pasco Resources Inc. is a mining and resource management company with unparalleled knowledge of the mineral endowment in the city of Cerro de Pasco and its surroundings. Initially, the Corporation will unlock the useful life of the mine and extend the concession areas in its Santander mining operation, applying the highest safety, environmental, social and governance standards. The key focus of growth for the Corporation is on the development of the El Metalurgista mining concession, one of the world’s largest surface mineralized resources, applying the latest techniques and innovative solutions to process tailings, extract metals and convert the remaining waste into green hydrogen and derivatives.