Cerrado GOLD Provides an Update FOR Its Monte Do Carmo GOLD Project IN Tocatins State, Brazil
April 17, 2023 www.cerradogold.com
CERRADO GOLD PROVIDES AN UPDATE FOR ITS MONTE DO CARMO GOLD PROJECT IN
TOCATINS STATE, BRAZIL
• Feasibility Study expected by the end of May
• Feasibility Study to include underground mining in the later part of mine life
• Appoints SD Capital Advisory and GKB Ventures (S&G) to Investigate Export Credit Agency Project Finance
TORONTO, ONTARIO - Cerrado Gold Inc. [TSX.V: CERT] [OTCQX: CRDOF] ("Cerrado" or the "Company") expects to
deliver its Feasibility Study ("FS") for its Monte do Carmo ("MDC") gold project in Tocantins State, Brazil, by the end
of May. The operational team, in conjunction with independent engineering firms SRK and GE21, have completed or
are at near completion of all disciplines required to deliver a Feasibility Study by the end of May. Additional work
streams to incorporate the underground mining are well-advanced. The move to underground mining in the later
part of the current mine life is expected to significantly reduce the amount of waste stripping required and lower
the overall operating costs of the mine. The Company continues to expect a robust FS following the successful PEA
delivered in August 2021.
As noted in its press release of April 5th, Cerrado has also moved to strengthen its in -country development,
construction, and operations team in anticipation of commencing construction activities later this year. Further, the
Company anticipates it should b e granted the Preliminary Licence ("LP") around the end of April , with the
construction license ( "LI") expected to be issued in Q3/2023. Regional exploration activities are also underway to
further define known exploration targets and identify new potential resource opportunities to continue expanding
the overall resource base at Monte do Carmo.
Cerrado is also pleased to announce that it has appointed SD Capital Advisory Limited and GKB Ventures Limited
(S&G) to structure and arrange Export Credit Agency ("ECA") supported project finance for the development of the
Company's Monte do Carmo Project. In addition, the Company provides S&G with a right of first refusal to act as a
financial advisor for further debt capital transactions with respect to projects held by the Company for the duration
of this mandate.
SDCA is a London-based independent financial boutique that focuses on securing project finance for corporates and
mining/resources companies in developed and emerging markets. The firm specializes in strategic business advisory,
financial modelling , and credit analysis. The team consists of experienced finance professionals with major
multinational, banking, and emerging markets experience complemented by geological and process engineering
expertise.
GKB is a n award-winning independent consultancy helping clients secure cross -border transactions and access
international finance via ECAs. GKB has a track record of delivering knowledge and access to government-supported
schemes, including ECA financing, creating bespoke solutions whic h are scalable for the long term. GKB founders
include the previous Managing Director and Global Head of Barclays Capital Export Credit Agency & Structured Trade
Finance business and the previous Head of Emerging Markets on the Capex Financing Solutions te am at Barclays.
GKB is currently appointed on over US$4 billion of structured ECA financings and has successfully closed over US$1bn
of projects with ECA support in the developing markets.
SDCA and GKB are currently engaged by Nouveau Monde Graphite Inc. and Lake Resources Ltd. and ha ve secured
interest from several ECAs to support approximately 70% of the respective project 's development costs with ECA-
backed project financing.
About Cerrado
Cerrado Gold is a Toronto-based gold production, development, and exploration company focused on gold projects
in South America. The Company is the 100% owner of both the producing Minera Don Nicolás mine in Santa Cruz
province, Argentina, and the highly prospective Monte Do Carmo development project, located in Tocantins State,
Brazil.
For more information about Cerrado, please visit our website at: www.cerradogold.com.
For further information, contact:
Mark Brennan David Ball
CEO and Co Chairman Vice President, Corporate Development
Tel: +1-647-796-0023 Tel: +1-647-796-0068
[email protected] [email protected]
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RELEASE.
This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking
statements") within the meaning of the applicable Canadian securities legislation, all statements, other than
statements of historical fact, are forward -looking statements and are based on expectations, estimates and
projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans,
projections, objectives, assumptions, future events or performance (often but not always using phrases such as
"expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled",
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actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking statements.
Forward-looking statements contained in this press release include, without limitation, statements regarding the
business and operations of Ce rrado. In making the forward - looking statements contained in this press release,
Cerrado has made certain assumptions, including, but not limited to the anticipated time to complete a FS, the results
of the FS and whether or not the engagement of SDCA and GKB may lead to ECA supported project financing for the
development of the Monte do Carmo Project. Although Cerrado believes that the expectations reflected in forward -
looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements
will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual
results and future events to differ materially from those expressed or implied by such forward -looking statements.
Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties.
Accordingly, readers should not place undue reliance on the forward-looking statements and information contained
in this press release. Except as required by law, Cerrado disclaims any intention and assumes no obligation to update
or revise any forward-looking statements to reflect actual results, whether as a result of new information, future
events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.