Altaley Mining provides an update on the commissioning of the Tahuehueto mine pre-production plant and informs of the change of control

Vancouver, British Columbia –News Direct– Altaley Mining Corp

Altaley Mining Corporation (TSXV: ATLY) (OTCQX: ATLYF) (FSE: TSGA) (the “Company” Where “Altaley“) is pleased to update shareholders on the progress of the commissioning, pre-production and construction of its Tahuehueto gold mine.

The operations team diligently resolved various start-up issues related to the water supply pipeline and plant commissioning and, over the past week, successfully achieved continued pre-production with the 1st 500 tpd ball mill. Recently, processing has stabilized with the plant achieving ore throughput of up to 350 tpd and averaging around 195 tpd over the last 5 days.

Crusher throughput is estimated to remain at current levels for the next two weeks, with crushing being handled with an interim cone crusher while the installation of the permanent crushing circuit is being finalized and expected to be operational in both coming weeks and thereafter, the throughput of the ball mill will ramp up.

To date, approximately 260 tons of bulk concentrate have been produced at Tahuehueto. Two shipments of around 30 tonnes each were sent to Trafigura for sale. These initial batches of concentrate were produced from low grade ore on purpose as an original feed test at ball mill start-up. Income received from 1st shipping was around US$42,000 paid for gold, silver and lead. Payment for the second delivery is pending. Another 70 tons of concentrate are being shipped from Tahuehueto to Tepehuanes to then be transported by truck and sold to Trafigura in the coming days. The Tahuehueto operations team estimates that there are approximately another 150 tonnes of concentrate available, which are drying on the mill patio and in the thickeners available to be filtered to dry on the patios.

The tailings storage facility is in the final stages of construction and should be ready to receive dry tailings within 45 days. The currently generated tailings are filtered and stored as additional backfill underground.

The Tahuehueto lab is essentially ready for operation and technicians are calibrating the ICP and ancillary equipment which should be fully operational within the next few days.

Installation of the second 500 tpd ball mill is scheduled for the next few months and the Company expects the project to be able to commission this mill in the fourth quarter of 2022 and ramp up production towards planned capacity. of the 1,000 tpd mine by the end of 2022.

“Although the commissioning phase of Tahuehueto’s first ball mill has taken longer than expected, management is optimistic that most of the start-up issues are behind us and the project will be able to sustain steady-state production with the initial ball mill and thus begin to increase Tahuehueto’s concentrate sales and revenues over the coming months,” said Ralph Shearing, CEO and President

Control of shareholders’ intention to sell

The Company has been advised that Mr. Roberto Guzman Garcia has filed Form 45-102A1, Notice of Intention to Distribute Securities Pursuant to Section 2.8 of NI 45-102 Resale of securities. Mr. Guzman has informed the Company that he intends to sell up to 50 million shares, the majority of his 68,160,172 controlling shares of Altaley as part of a restructuring of his real estate business mexican. The sales will be made in a series of private transactions or prearranged crossovers through the facilities of the TSX Venture Exchange. Buyers are acquiring the shares as a long-term investment recognizing the underlying intrinsic value of Altaley’s mining assets. It is not expected that any of the purchasers will become a shareholder of 10% or more of the Company. Mr. Guzman will retain direct or indirect ownership of approximately 18.16 million Altaley shares as a director and significant shareholder of the Company.

About Altaley Mining Corporation

Altaley Mining Corporation is a Canada-based mining company with two 100% owned Mexican gold, silver and base metals mining projects.

Altaley’s Tahuehueto mining project is in northwestern Durango State, Mexico, where construction of its 1,000 tonnes per day processing facility and associated mining infrastructure is nearing completion to launch the production of gold, silver, lead and zinc concentrates in Tahuehueto. The company began initial pre-production and plant commissioning in May 2022 and will reach full production capacity during the third to fourth quarters of 2022.

Campo Morado is an operating polymetallic base metal mine with mining and milling equipment currently producing an average of 2,200 tonnes per day and is currently estimated to be Mexico’s 6th largest zinc producer.

Visit: www.altaleymining.com

On behalf of the Board of Directors

(signed) “Ralph Shearing”Ralph Shearing, P. Geol,

CEO, President and Director

Caution Regarding Production Decisions and Forward-Looking Statements

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.

It should be noted that Altaley declared commercial production at Campo Morado prior to completing a mineral reserve feasibility study demonstrating economic and technical viability. Therefore, readers should be cautioned that the decision to produce Altaley was made without a full feasibility study of established reserves, so there is greater risk and uncertainty in the future economic results of the Campo Morado mine and a higher technical risk of failure than would be the case if a feasibility study were carried out and used to make a production decision. Altaley has completed a Preliminary Economic Assessment (“PEA”) mining study on the Campo Morado mine which provides a conceptual life-of-mine plan and preliminary economic analysis based on previously identified mineral resources (see press release). release of November 8, 2017 and April 4, 2018). ). Additionally, it should be noted that Altaley intends to commence pre-production and transition to full commercial production at Tahuehueto before completing a mineral reserve feasibility study demonstrating economic and technical viability. Accordingly, readers should be cautioned that Altaley’s pre-production and production decisions will be made without a full feasibility study of established reserves, so there is greater risk and uncertainty as to the future economic results of the Tahuehueto mine and a higher risk of technical failure than would be the case if a feasibility study were completed and used to make such production decisions. Altaley has completed a positive prefeasibility study (the “Prefeasibility Study”) and updated mineral reserve/resource estimates for its flagship Tahuehueto mine which provides a conceptual mine plan life and preliminary economic analysis based on a production of 1,000 tons per day. operation (see press release of March 7, 2022)

Statements contained in this press release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, financial conditions or performance that are based on assumptions about future economic conditions and plans of action; the timing and costs of future activities at the Company’s properties, such as production rates and increases; the success of exploration, development and bulk sample processing activities, and the processing schedule at its own ore processing facility at the Tahuehueto project site. In some cases, forward-looking information can be identified by words and phrases such as “plans”, “expects”, “expects”, “estimates”, “expects”, “intends”. de”, “anticipates” or variations of these words and phrases. In preparing the forward-looking information contained in this press release, the Company applied several important assumptions, including, but not limited to, that current exploration, development, environmental and other objectives regarding the Campo Mine Morado and the Tahuehueto project can be reached. ; that the start-up of mining and pre-production milling operations at Tahuehueto will proceed as planned; gold and other metal price continuity, economic and political conditions and operations. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Except as required by law, the Company undertakes no obligation to release revisions to the forward-looking information contained in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events.

Contact details

Glen Sandwell

+1 604-684-8071

[email protected]

Company Website

https://www.altaleymining.com/

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