ancouver, British Columbia (October 28, 2021) – Santacruz Silver Mining Ltd. (TSX.V:SCZ) (the "Company” or "Santacruz"). The Company wishes to provide an update with respect to the previously announced proposed acquisition of a portfolio of Bolivian mining assets from Glencore (the “Acquisition”).

In accordance with TSX Venture Exchange (“TSXV”) Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets (“Policy 5.3”), the trading of the common shares of the Company on the TSXV was halted on October 12, 2021 pending TSXV review, as the Acquisition is expected to constitute a “Fundamental Acquisition” for the Company, as defined in Policy 5.3. The trading halt will be lifted by the TSXV once certain conditions have been met under Section 5.6 of Policy 5.3, including the delivery to the Exchange of technical reports prepared in compliance with National Instrument 43-101 – Standards of Mineral Disclosure with respect to the material mineral properties to be acquired.

About Santacruz Silver Mining Ltd.

Santacruz is a Mexican focused silver company with one producing silver project (Zimapan) and two exploration properties, the La Pechuga property and Santa Gorgonia prospect. 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.

‘signed’

Arturo Préstamo Elizondo,
Executive Chairman and Interim CFO