Mitre Mining Corporation Limited announce that it has agreed to acquire 100% of the Cerro Bayo Silver-Gold Project (Cerro Bayo or the Project) in Chile for a total consideration of AUD 5.0 million (Acquisition) of which AUD 4.0 million is payable upfront. The Acquisition transforms Mitre into a significant silver-gold exploration company with Cerro Bayo's
existing JORC 2012 Inferred Resource Estimate standing at 3.82Mt at a grade of 206g/t AgEq for 24.7Moz of contained AgEq with significant scope for short term Resource growth potential. Cerro Bayo also includes the 500,000tpa Cerro Bayo flotation plant and mining infrastructure, existing mineral resources and +300km2 mining claim package, previously operated by Equus Mining Ltd. The Company is undertaking a two-tranche placement to raise AUD 8.3 million to fund the Acquisition and enable Mitre to immediately establish a near mine rapid resource growth program focusing on increasing the high-grade silver-gold Resource base. The Project is located in the Asyen region in Southern Chile and commenced production in 1996, producing over 91Moz AgEq. The Project lies on the Western margins of the Deseado Massif which is considered one of the premier epithermal gold-silver mining provinces globally, hosting world class deposits such as Cerro Negro (Newmont) and boasts an endowment of >20Moz of gold and >450Moz of silver.