October 06, 2022, Vancouver, British Columbia - Bear Creek Mining Corporation (TSXV: BCM) (OTCQX: BCEKF) (BVL: BCM) (“Bear Creek” or the “Company”) announces production results for the three months ended September 30, 2022 (“Q3 2022”), representing the Company’s first full quarter of production from the Mercedes Gold Mine in Sonora, Mexico.

Production Highlights:

148,211 tonnes of ore processed during Q3 2022, representing an average of 1,611 tonnes per day
11,169 ounces of gold produced during Q3 2022; a 14.9% increase in Mercedes production year over year (1)
The operational improvement program initiated shortly after acquiring Mercedes began showing positive results during Q3 2022, with tonnage, gold production, and development meters all trending higher throughout the quarter
Recent development work will provide access to higher grade deposits at Rey de Oro and Marianas during Q4 2022, which is expected to contribute to additional production improvements
Production and development results for the quarter ended September 30, 2022 were:

July 2022 August 2022 September 2022 Total Q3 2022 (2)

Ore Mined (tonnes) 37,532 45,638 45,528 128,698
Ore Processed (3) (tonnes) 45,505 50,875 51,831 148,211
Au recovery (%) 95.1 96.1 95.33 95.53
Au grade processed (gpt) 2.1 2.8 2.41 2.45
Au ounces produced 2,886 4,459 3,824 11,169

Au ounces sold (4) 6,557 3,419 2334 12,310
Au ounces streamed (5) 600 1,200 959 2,759

Operating development (mts) 199 173 389 761
Capital development (mts) 276 495 381 1,152
Mercedes gold production for the three months ended September 30, 2021 was 9,722 ounces as reported by Equinox Gold Corp. (https://equinoxgold.com/_resources/news/2021Q3/2021-Q3-EQX-MDA.pdf).
Silver production during the quarter amounted to 36,540 ounces and were delivered under a pre-existing streaming obligation.
Ore processed during the quarter included 28,310 tonnes of low-grade stockpiled material.
Au ounces sold at market prices.
Au ounces sold at contracted gold stream prices.
Anthony Hawkshaw, CEO, stated “Our focus at Mercedes is to safely increase throughput to achieve higher gold production. The operational improvement program we initiated shortly after acquiring Mercedes began bearing fruit during Q3 2022, with tonnage, gold production and development meters all trending higher throughout the quarter. We are extremely pleased that these production increases were achieved without a single lost time accident. Management has identified several cost reduction opportunities, and measures are being implemented to continue to increase production while lowering operating costs. These measures are expected to be realized through the remainder of 2022.”

Bear Creek will announce its third quarter financial results on November 29, 2022 following which it will host a conference call to discuss Mercedes’ performance (conference call details to follow).

Shares for Services

Subject to TSX Venture Exchange approval, Bear Creek will issue 250,274 common shares at a deemed price of $0.58 per share to Unison Mining Consulting Pte. Ltd. (“Unison”) for work on the Mercedes Gold Mine operational improvement program completed as of September 30, 2022. Details regarding the ongoing Mercedes improvement program, and the terms of the Unison engagement agreement, are provided in the Company’s news release dated September 6, 2022.

On behalf of the Board of Directors,
Anthony Hawkshaw
Chief Executive Officer

For further information contact:
Barbara Henderson - VP Corporate Communications