Vancouver, B.C. – Santacruz Silver Mining Ltd. (TSX.V:SCZ; OTC:SZSMF; FSE:1SZ) (the “Company” or “Santacruz”) reports operating results from the Zimapan Mine in Zimapan Hidalgo, and the Rosario Project in Charcas, San Luis Potosi, located in Mexico, for the fourth quarter (“Q4”) and year ended December 31, 2020 and provides an operations update.

Production Highlights:
•Silver equivalent (AgEq) consolidated annual production increased by 30% to 3,655,320 AgEq ounces (2019 – 2,829,459 AgEq ounces), including 1,157,812 ounces of silver, 11,056 tonnes of zinc, 3,948 tonnes of lead and 1,544 tonnes of copper
•Silver production at the Zimapan Mine in Q4 increased by 20% to 297,538 ounces compared to Q4 2019 (248,593 ounces) and by 5% compared to Q3 2020 (282,760 ounces)
•Silver production at the Rosario Project in Q4 (43,350 ounces) was virtually unchanged from Q4 2019 and increased by 103% as compared to Q3 2020 (21,363 ounces)

“Our priority during 2020 was to ensure the health and safety of our employees and stakeholders during the unprecedented COVID-19 pandemic,” commented Carlos Silva, CEO. “Despite country wide closures early in the year, we achieved a safe return to full production by June 2020 and reached record levels by year end, which is a significant accomplishment for our team on the ground. Additionally, production from Veta Grande has been completely replaced by production from the Zimapan Mine.”

Mr. Silva continued, “Our goal in 2021 is to continue optimizations and further improve production rates, particularly as new areas underground offer expansion potential. Of note, during Q4 2020 the Company completed development works on a new mineralized zone at the Zimapan mine, the Horizontes zone, which is expected to contribute higher grade mineralized material to the mill feed. Importantly, we expect to conclude the acquisition of the Zimapan Mine from Minera Cedros (Industrias Peñoles, S.A.B.) shortly.”

CONSOLIDATED PRODUCTION RESULTS – 2020 Q4 AND 2020 ANNUAL

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(1) In the above tables Ag Eq has been calculated as follows:

2020 Ag Eq was calculated using metal prices of: Ag $17.85/oz, Au $1,480/oz, Pb $0.92/lb, Zn $1.09/lb and Cu $2.80/lb.
2019 Ag Eq was calculated using metal prices of: Ag $15.25/oz, Au $1,281/oz, Pb $0.94/lb, Zn $1.20/lb and Cu $2.92/lb.

(2) Operations at the Veta Grande Project were suspended in Q1 2020.

Project Review

Zimapan Mine

With the addition of new underground mining equipment in October 2020 production throughput at the Zimapan Mine increased to 180,000 tonnes for Q4 and is on target to reach 200,000 tonnes by Q3 2021. Management anticipates that this improvement will have a positive impact on operating cash flows.

Rosario Project

With the addition of new underground mining equipment during Q4 it is expected that production throughput at the Rosario Project will increase in 2021 to 30,000 tonnes per month by Q2. As with the Zimapan Mine, management anticipates that improvement will have a positive impact on operating cash flows.

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. Carrizal Mining holds a 20% working interest in the Company’s Veta Grande Project and has the right to operate the Zimapan Mine until June 30, 2021 under a mining lease agreement. The acquisition of the Zimapan Mine and related assets is 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.