Peruvian Metals Corp. Provides Update on Mineral Processing During October and November at the Aguila Norte Processing Plant in Northern Peru

Edmonton, Alberta–(Newsfile Corp. – December 2, 2020) – Peruvian Metals Corp. (TSXV: PER) (“Peruvian Metals” or the “Company”) is pleased to provide an update regarding the mineral processing at its 80% owned fully permitted Aguila Norte Processing Plant (“Aguila Norte” or the “Plant”) located in Northern Peru.

During the months of October and November, Peruvian Metals processed 4,692 metric tonnes (“mt”) of third party mineral. The Company pleased to note that the Plant has already exceeded 2019 total fourth quarter production of 4,496 mt. The company expects to continue processing during December will continue to accept mineral deliveries during the holidays.

Jeffrey Reeder, CEO of Peruvian Metals, comments: “Since the successful restart of the Aguila Norte processing facility, the plant has been achieving consistent and increasing production since July. We expect similar production levels for December and will be accepting mineral deliveries until the end of the year. Since the restart we are extremely pleased that the average daily production is 71% of total capacity. The Company is now able to use its free cash flow to continue its plant upgrades.”

The Aguila Norte processing plant has an environmental permit (“IGAC”) from the Peruvian government which provides the Plant with the ability to expand operations past the current 100 tonnes per day level. Jeffrey Reeder, P Geo, a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation or approved the scientific and technical disclosure contained in this news release.

About Peruvian Metals Corp.

Peruvian Metals Corp. is a Canadian Exploration and Mineral Processing company. Our business model is to provide toll milling services for clients and to produce high grade concentrates from mineral purchases. The Company continues to acquire and develop precious and base metal properties in Peru.

For further information on Peruvian Metals Corp. please visit www.peruvianmetals.com

Peruvian Metals Corp. is a Canadian resource company listed on the
TSX Venture Exchange : Symbol “PER”
For additional information, contact: Jeffrey Reeder Tel: (647) 302-3290
Website: www.peruvianmetals.com Email:
[email protected]

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.

Disclosure Regarding Forward-Looking Statements: This press release contains certain “Forward-Looking Statements” within the meaning of applicable securities legislation. We use words such as “might”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “estimate”, “forecast” and similar terminology to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward looking statements and forward-looking information.

Peruvian Metals Generates a New High Grade Silver-Gold Project in Northern Peru

Edmonton, Alberta–(Newsfile Corp. – October 15, 2020) – Peruvian Metals Corp. (TSXV: PER) (“Peruvian Metals” or the “Company”) is pleased to announce that the Company has assembled a number of contiguous prospective mineral concessions hosting the potential for a high grade silver-gold resource in Northern Peru called “Cerro La Cumbre” (“The Property”). Historic underground development on this new property exposed a high grade silver-gold vein returning values up to 1,535 g/t Ag and 5.13 g/t Au. The Property is located about 3 hours by truck or approximately 90 kilometres by a combination of highway and dirt road from Peruvian Metals’ 80% owned Aguila Norte Processing Plant (the “Plant”).

The Property is located within the Tertiary aged Calipuy volcanic complex. This volcanic unit hosts several prolific gold producers in Northern Peru including Newmont’s Yanacocha and Barrick’s Laguna Norte and Pierina mines. The precious metal mineralization occurs in a series of quartz veins which are considered to be of low sulphidation type. The nearby historic Machacala Au-Ag and the Salpo Mines are also considered to below sulphidation epithermal deposits. Three other notable low sulphidation Au-Ag systems hosted within Northern Peru’s Calipuy volcanic complex are the 2.6 million Au ounces Tres Cruces deposit owned by Barrick and New Oroperu Resources, the privately owned Urumalqui Ag-Au deposit and SSR Mining’s high grade Au-Ag San Luis deposit. Figure 1 shows the location of the property in Northern Peru.

https://orders.newsfilecorp.com/files/3210/65949_1a8367fa94146b90_001full.jpg

The Property is comprised of three concessions covering an area of 1,027 hectares. The main concession where the underground workings are located is subject to a purchase option agreement requiring the Company to pay US$200,000 over 6 months, with no royalties payable to the previous owner. The Company had a lease to extract mineral on this concession in 2018 but allowed the lease to expire. Due to new circumstances and the recent increase in the prices of silver and gold, the Company will re-acquire this concession under more favourable terms.

The underground development on the property consists of both shafts and drifts exposing a well-defined N-S trending structure showing typical low sulphidation type Ag-Au mineralization. Geological observation and interpretation suggest that the adits and shafts were driven into the higher level of a low sulphidation system. The bladed textures observed in the adits are now filled with quartz suggesting the “High Grade Precious Metal Intervals” are below the workings. Figure 2 below depicts the conceptual geological model which shows the approximate vertical position within the epithermal system where the Company’s geologists believe that the precious metal mineralization is located on the property.

The main Ag-Au mineralized structure outcrops on a large silicified mound and is observed to have a strike length of at least 700 metres. Eight samples were taken by the Company from the quartz vein exposed in the underground workings with an average width of 0.70 metres. Gold assays range from 0.99 g/t Au to 5.13 g/t Au averaging 2.24 g/t Au and silver assays range from 90 g/t Ag to 1,535 g/t Ag with an average of 326 g/t Ag or a silver equivalent of 16 oz/t Ag using a 77:1 gold to silver ratio. Historic sampling reports ten non-systematic samples were taken in 2003 at various mined underground sites with vein widths ranging between 0.30 and 0.80 meters. Gold results reported in the report range between 4.16 g/t Au to 16.78 g/t Au averaging 8.8 g/t Au over a weighted average width of 0.66 meters. Silver results over the same average width range between 111g/t Ag to 1,038 g/t Ag averaging 412 g/t Ag or a silver equivalent of 35 oz/t Ag. Please take caution as these results are historical in nature and should not be relied upon.

https://orders.newsfilecorp.com/files/3210/65949_figure2.jpg

Peruvian Metals plans to conduct property wide exploration consisting of soil and rock sampling with geological mapping followed by a geophysical survey. Underground workings will be extended for the extraction of mineralized material for bulk samples and subsequent metallurgical testing. The Company will also plan a diamond drilling program in 2021 consisting of both surface and underground programs.

Jeffrey Reeder, CEO and President of Peruvian Metals states “The Cerro La Cumbre project exhibits all the geological characteristics typical of a high grade low sulphidation system and is ideally located in Northern Peru with very good infrastructure and power at site. The Company’s objective is to explore and define a high grade gold-silver minable resource at Cerro La Cumbre by conducting both underground and surface exploration programs along with metallurgical studies which will show what types of modifications and additions are needed to treat this type of mineralized material at our Aguila Norte Processing Plant.”

Peruvian Metals is a uniquely positioned junior resource company. The Aguila Norte Processing Plant is capable of toll milling local ores that generate revenues to the Company to sustain its exploration and acquisitions of strategic mineral properties without perpetual shareholder dilution via repetitive share issuances. Over 25 years of exploring throughout Peru gives the Company’s management team exceptional insight into mineral projects of merit. The Company has assembled a portfolio of properties throughout Peru that it continuously options, assigns and sells to 3rd parties to offset its working capital requirements.

Jeffrey Reeder, P.Geo. and a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation, or approved the scientific and technical disclosure contained in this news release.

About Peruvian Metals Corp.

Peruvian Metals Corp. is a Canadian exploration company focused on mineral processing and the exploration and development of precious and base metal properties in Peru.

Peruvian Metals Corp. is a Canadian resource company listed on the
TSX Venture Exchange: Symbol “PER”
For additional information, contact: Jeffrey Reeder Tel: (647) 302-3290

Website: www.peruvianmetals.com Email: [email protected]

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.

Disclosure Regarding Forward-Looking Statements: This press release contains certain “Forward-Looking Statements” within the meaning of applicable securities legislation. We use words such as “might”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “estimate”, “forecast” and similar terminology to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com.While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward looking statements and forward-looking information.

Peruvian Metals Assigns the Development of the Mansa Musa Gold-Silver Project

Edmonton, Alberta–(Newsfile Corp. – October 6, 2020) – Peruvian Metals Corp. (TSXV: PER) (“Peruvian Metals” or the “Company”) is pleased to announce that it has entered into agreements with a group of Peruvian private investors to purchase the Mansa Musa Gold-Silver property (the “Property”). The investors are supported by GEXEG S.A.C (“GEXEG”), a private mining consulting company based in Lima. The Property is located in the Department of Huancavelica, 300 kilometres southeast of Lima and consists of five concessions totaling 3600 hectares where previous operators have spent in excess of US$5 million on exploration on the main concessions. Payments to the Company totaling US$940,000 will be made over seven years with up to 3% NSR payable to Peruvian Metals on all metal production. On the two main concessions, the 3% NSR will be payable solely to Peruvian Metals and on the three surrounding concessions 2% will be paid to Franco-Nevada and 1% to Peruvian Metals.

The first agreement, subject to a five month due diligence period, is a five year assignment agreement whereby the investors supported by GEXEG can control and develop the Property without obtaining property ownership. The group will be responsible for environmental remediation and will make payments to the Company during the first three years of the assignment agreement totaling US$415,000. The group commits to a production decision within the second year of the agreement. Once the first agreement expires, the group can enter into a second agreement to purchase 100% of the property still subject to a 3% NSR and by making payments over two years totaling US$525,000. GEXEG will be supporting all evaluation, exploration and development for the group of investors.

Established in 2013, GEXEG Consultores is a highly reputable group of Peruvian mining professionals providing services for exploration and mining companies throughout the Peruvian Andes. Celso Palacios, the founding director of GEXEG, is a geological engineer with over 28 years experience and was the co-discoverer of the Rescatada gold deposit where Minera Aruntani S.A.C mined over 2 million ounces of less than 1 g/t gold. GEXEG’s staff includes a multidisciplinary group of geological, mining, metallurgical, industrial and systems engineers as well as experts in cost control and finance. GEXEG’s clients include Minas Buenaventura, NEXA, El Brocal, Korea Zinc, Chinalco, Sumitomo, Hudbay, Kaizen Discovery, OZ Minerals and Sumitomo Metal Mining.

The Mansa Musa project is underlain by Tertiary age volcanic rocks with high sulphidation style mineralization similar to Barrick’s Pierina and Alto Chicama mines and Newmont and Buenaventura’s Yanacocha mine in Peru. Other notable and comparable high sulphidation oxide gold properties in Southern Peru include Pan American’s Pico Machay, Minera IRL’s Corihuami and Aruntani’s Rescatada (now called Arasi) mines. It is important to note that the style of the near surface oxide gold mineralization allows for low cost extraction.

Jeffrey Reeder, the CEO and Chairman of Peruvian Metals, comments: “We are very pleased to have GEXEG involved in the development our Mansa Musa Gold-Silver project in Southern Peru. They have the in-house expertise to plan and execute a mine plan which will be beneficial to Peruvian Metals. Having retained a significant NSR on the Property will allow our Company to focus on its high grade projects in Northern Peru and the Huachocolpa area while generating a substantial new revenue stream.”

Jeffrey Reeder, P Geo, a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation or approved the scientific and technical disclosure contained in this news release.

About Peruvian Metals Corporation

Peruvian Metals Corp. is a Canadian Exploration and Mineral Processing company. Our business model is to provide toll milling services for clients and to produce high grade concentrates from mineral purchases. The company continues to acquire and develop precious and base metal properties in Peru.

For further information on Peruvian Metals Corp. please visit www.peruvianmetals.com.

Peruvian Metals Corporation. is a Canadian resource company listed on the
TSX Venture Exchange: Symbol “PER”
For additional information, contact: Jeffrey Reeder Tel: (647) 302-3290
Website: www.peruvianmetals.com Email:
[email protected]

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.

Disclosure Regarding Forward-Looking Statements: This press release contains certain “Forward-Looking Statements” within the meaning of applicable securities legislation. We use words such as “might”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “estimate”, “forecast” and similar terminology to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward looking statements and forward-looking information.

Peruvian Metals Reports Third Quarter Throughput at the Aguila Norte Processing Plant and Announces Closing of Second Tranche of Private Placement

Toronto, Ontario–(Newsfile Corp. – October 2, 2020) – Peruvian Metals Corp. (TSXV: PER) (“Peruvian Metals” or the “Company”) is pleased to provide an update regarding the mineral processing at its 80% owned fully permitted Aguila Norte Processing Plant (“Aguila Norte” or the “Plant”) located in Northern Peru. During the third quarter …

Peruvian Metals Shows Successful Restart of Mineral Processing at the Aguila Norte Processing Plant in Northern Peru

Edmonton, Alberta–(Newsfile Corp. – September 1, 2020) –  Peruvian Metals Corp. (TSXV: PER) (“Peruvian Metals” or the “Company”) is pleased to provide an update regarding the mineral processing at its 80% owned fully permitted Aguila Norte Processing Plant (“Aguila Norte” or the “Plant”) located in Northern Peru. The Company successfully restarted …

Peruvian Metals Initiates Permitting Process on the High Grade Minas Maria Norte Property in South-Central Peru

Edmonton, Alberta–(Newsfile Corp. – July 21, 2020) –  Peruvian Metals Corp. (TSXV: PER) (“Peruvian Metals” or the “Company“) is pleased to announce the plans to explore and develop the Company’s 100% Minas Maria Norte Property (“Maria Norte” or the “Property”) located in the Huachocolpa Mining District in South-Central Peru. The …