Mission, British Columbia Canada V2V-7N1

{01372144;1}

8792 Shook Road

Mission, British Columbia

Canada V2V-7N1

TSX-V: SMG

Tel: 604. 410-2277

Fax: 604. 410-2275

NEWS RELEASE

August 29, 2019

Sierra Madre Developments Inc. (TSXV: SMG) (the “Company”) announces that it will not be

proceeding with the previously announced change of management, share consolidation and a non-

brokered private placement financing (see news release dated July 31, 2019). As a result, the

Company’s directors and officers will continue to be Carl von Einsiedel, Robert Anderson and

Kathryn Witter.

The Company’s distribution of the shares of Bear Mountain Gold Mines Ltd. will still be

proceeding (see Company’s news releases of August 9 and 13, 2019), and such shares are expected

to be distributed to the Company’s shareholders next week.

ON BEHALF OF THE BOARD:

“Carl von Einsiedel”

Carl von Einsiedel, CEO

604-410-2277

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.