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Antioquia Gold Cisneros Operations Update 08/06/2020

Antioquia Gold Cisneros Operations Update

Calgary, Alberta–(Newsfile Corp. – June 8, 2020) – Antioquia Gold Inc. (TSXV: AGD) (OTC Pink: AGDXF) (“Antioquia Gold” or the “Corporation”) is pleased to provide a summary of May 2020 production results for its Cisneros mining operation, report the results of the recent exploration drill program and announce the progress of other ongoing projects.

Production Summary and Operations Update:

During May 1,446 troy ounces of gold were produced at the Cisneros mining operation. An average of 357 tonnes per day were processed with a recovery of gold to concentrate of 97.0% during the month. As shown in the table below, an important increase in gold production and head grade (the highest since the beginning of operations) has been reached. Difficulties with water supply caused a temporary decrease in the daily processing rate during the month.

The difficulty with the water supply has been overcome with the recent commissioning of a new water pipeline and the approval by the environmental authority of the required water volume concession permit. This has allowed the process plant to reach its nominal 600 tonne per day processing rate as of now.

Below are other important announcements associated with the current status of the operation:

Plant expansion 1,200 TPD: The date for completion of the process plant expansion remains mid-July. As announced in the last press release, all the required permits were approved, and the expansion is fully licensed.

Mine preparation status: Some delays, due to the COVID-19 pandemic and related contingencies, have occurred in underground development and stope preparation. However, the hiring of personnel has been restarted and staffing levels are returning to pre-COVID-19 levels. Several narrow vein stoping blocks are ready to be mined with the long hole stoping method. These blocks will contribute to increased feed grade in the coming months.

Purchase of third-party mineral: This line of business continues to show important progress and now represents a significant contribution to production.

Exploration Drill ProgramResults:

Twenty underground diamond drill-holes targeting the Nus shear zone below level 1160 were recently completed. The majority of holes intercepted the shear zone and were drilled at or near perpendicular angles to the structure. Preliminary results of the exploration are presented in the table below.

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