Star Metro - Guanajuato Silver Makes Key Upgrades to Mining Fleet

James Anderson, Chairman and CEO, said, "Investing heavily in our mining fleet is the most effective way to generate improved operating efficiencies and enhanced production. The challenges of maintaining our existing fleet of maturing vehicles has often added variability to our production cycle; however, with these new state-of-the-art vehicle acquisitions, our operations will see enhanced fleet availability, which we expect to materially impact production output. Ensuring optimal utilization of our mining fleet will continue to be a priority and a key component to ensuring long-term operational success at our mines."

A total of six new mining vehicles have been delivered from Shandong, China based Tuoxing Heavy Machinery Company; specifically, three low profile trucks and three scooptrams have arrived over the past month and are either now fully deployed or are in the final preparatory stages of integration. Additionally, three "Torino" style 20-tonne haulage trucks, manufactured in central Mexico, have been ordered and will be arriving in Guanajuato over the coming months.

New Low-Profile Trucks

Three new TU-6 low profile underground mining trucks have all arrived in Guanajuato and are being deployed to the Santa Cecilia mining area at El Cubo. These ultra-low profile 6-ton trucks have a strengthened safety cab system, and a unique low centre of gravity that improves roadway stability and maneuverability.

New Scooptrams

Three new TC-100 diesel scooptrams have arrived in Guanajuato; two have been moved to El Cubo and one to VMC. Noted for having an exceptionally long operational life, these vehicles are powered by a reliable turbocharged 4-cylinder engine, and each of these vehicles has been thoroughly customized for a rough underground environment.

New Torino Trucks

Finally, three new "Torino" 20-tonne haulage trucks have been ordered; one each will arrive per month starting in October. These unique trucks are dimensionally modified to operate underground. Running on Mercedes Benz engines, the Torino trucks have been manufactured to the Company's specifications. Two of the Torino trucks will be deployed at VMC, with the third vehicle scheduled to be utilized at El Cubo.

About Guanajuato Silver

GSilver is a precious metals producer engaged in reactivating past producing silver and gold mines in central Mexico. The Company produces silver and gold concentrates from the El Cubo Mines Complex, the Valenciana Mines Complex, and the San Ignacio mine; all three mines are located within the state of Guanajuato, which has an established 480-year mining history. Additionally, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango. With four operating mines and three processing facilities, Guanajuato Silver is one of the fastest growing silver producers in Mexico.

ON BEHALF OF THE BOARD OF DIRECTORS

"James Anderson"
Chairman and CEO

For further information regarding Guanajuato Silver Company Ltd., please contact:

JJ Jennex, Gerente de Comunicaciones, T: 604 723 1433
E: [email protected]
GSilver.com

Guanajuato Silver Bullion Store

Please visit our Bullion Store, where Guanajuato Silver coins and bars can be purchased.

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.

Forward-Looking Statements

This news release contains certain forward-looking statements and information, which relate to future events or future performance including, but not limited to, GSilver's growth, enhanced fleet availability, material impacts to production output, ensuring optimal utilization of the Company's mining fleet, long-term operational success at the Company's mines, expected timing to take delivery and integrate the new mining fleet, expected benefits of the new mining fleet and GSilver's status as one of the fastest growing silver mining company in Mexico.

Such forward-looking statements and information reflect management's current beliefs and are based on information currently available to and assumptions made by the Company; which assumptions, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: our estimates of the potential quantity, grade and metal content of the mineralized material at El Cubo and San Ignacio, that the new mining fleet will be delivered on schedule, that the new mining fleet will operate in accordance with design specifications, the geotechnical and metallurgical characteristics of such material conforming to sampled results and metallurgical performance; available tonnage of mineralized material to be mined and processed; resource grades and recoveries; assumptions and discount rates being appropriately applied to production estimates; prices for silver, gold and other metals remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company's projects and to satisfy current liabilities and obligations including debt repayments; capital, decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation) and inflation rates remaining as estimated; no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

Readers are cautioned that such forward-looking statements and information are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results, level of activity, production levels, performance or achievements of GSilver to differ materially from those expected including, but not limited to, market conditions, availability of financing, currency rate fluctuations, high inflation and interest rates, tariffs, geopolitical conflicts including wars, actual results of exploration, development and production activities, actual grades and recoveries of silver, gold and other metals from the Company's existing mines including El Cubo, San Ignacio, VMC and Topia, that the new mining fleet will not be delivered on schedule, that the new mining fleet will not operate in accordance with design specifications, availability of third party mineralized material for processing, unanticipated geological or structural formations and characteristics, environmental risks, future prices of gold, silver and other metals, operating risks, accidents, labor issues, equipment or personnel delays, delays in obtaining governmental or regulatory approvals and permits, inadequate insurance, and other risks in the mining industry. There are no assurances that GSilver will be able to continue to increase production, tonnage milled and recoveries rates, improve grades and reduce costs at El Cubo, San Ignacio, VMC and/or Topia to process mineralized materials to produce silver, gold and other concentrates in the amounts, grades, recoveries, costs and timetable anticipated. In addition, GSilver's decision to process mineralized material from El Cubo, San Ignacio, VMC and Topia is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and therefore is subject to increased uncertainty and risk of failure, both economically and technically. Mineral resources and mineralized material that are not Mineral Reserves do not have demonstrated economic viability, are considered too speculative geologically to have the economic considerations applied to them, and may be materially affected by environmental, permitting, legal, title, socio-political, marketing, and other relevant issues. There are no assurances that the Company's projected grades of gold and silver at El Cubo and San Ignacio and the anticipated level of production therefrom will be realized. In addition, there are no assurances that the Company will meet its production forecasts or generate the anticipated cash flows from operations to satisfy its scheduled debt payments or other liabilities when due or meet financial covenants to which the Company is subject or to fund its exploration programs and corporate initiatives as planned. There is also uncertainty about impact of any future global pandemic, ongoing global military conflicts, elevated inflation and interest rates and the impact they will have on the Company's operations, supply chains, ability to access mining projects or procure equipment, contractors and other personnel on a timely basis or at all and economic activity in general. Accordingly, readers should not place undue reliance on forward-looking statements or information. All forward-looking statements and information made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR+ at www.sedarplus.ca including the Company's most recently filed annual information form. These forward-looking statements and information are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by law.

SOURCE: Guanajuato Silver Company Ltd.

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