Cerrado Gold Inc. announced that is has completed its Phase I Drill program of exploration and infill definition drilling at the Serra Alta deposit, at its Monte do Carmo ("MDC") Project located in Tocantins State, Brazil. The final drill program saw 55 holes completed totaling 18,998 metres. The additional metres drilled, relative to the original targeted metres, were drilled to ensure Cerrado hit disclosed targets of upgrading and expanding the Company's maiden mineral resource estimate. The first phase of the current drill program at Serra Alta, which began at the end of September 2020, follows the success of the 2018 drill program which resulted in the mineral resource estimate contained in the Company's current preliminary economic assessment (the "PEA"). The PEA, titled "Independent Technical Report - Preliminary Economic Assessment for Serra Alta Deposit, Monte do Carmo Project, Tocantins State, Brazil" and dated October 14, 2020 with an effective date of December 5, 2018, was prepared by Porfírio Cabaleiro Rodriguez, B. Terrence Hennessey, Bernardo Horta de Cerqueira Viana and Paulo Roberto Bergmann. The mineral resource estimate outlined in the PEA, completed in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), with an effective date of December 5, 2018, outlined an inferred resource totaling 813,000 oz of gold contained within 13,639,000 tonnes grading 1.85 g/t Au. The mineral resource statement reported therein was prepared in conformity with generally accepted CIM "Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines". The Serra Alta deposit is 1.5 kilometres long, 400m wide, and remains open along strike and at depth and represents only the first of 4 known additional targets. The PEA is preliminary in nature, includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The Phase I program was designed as a definition drill program to upgrade and expand the maiden mineral resource estimate ("MRE"). It was initially planned to consist of approximately 17,000 metres of drilling; mainly step-outs and downdip drilling, to define additional ounces and a modest amount of infill drilling to upgrade a portion of the resource base to the Measured and Indicated resource categories focusing on the known Serra Alta deposit. The final drill program resulted in 55 holes totaling 18,998 metres with the additional metres drilled to ensure Cerrado hit its published targets of upgrading and expanding the maiden resource estimate. Visible gold was reported in 34 (62%) out of the 55 holes drilled in this program. This is much higher than experienced in the 2018 program. The Phase I program also noted greater thickness in the altered granite near the contact with the overlying quartzite and volcanic rocks leading to greater thicknesses of the mineralized zones. The program has extended the mineralized envelope and added new mineralization. Highlighted holes already reported from this program include (all intervals are true thickness): FSA094 105.00 metres grading 3.48 g/t Au; FSA094 19.02 metres grading 1.92g/t Au; FSA095 9.98 metres grading 2.26g/t Au; FSA102 41.96 metres grading 1.82g/t Au; FSA106 14.15 metres grading 5.98g/t Au; FSA110 24.16 metres grading 2.45g/t Au; FSA112 9.31 metres grading 3.50g/t Au; and FSA114 15.25 metres grading 1.79g/t Au. When the results from the Phase I drill program and modelling are completed, they will be used to update the current mineral resource estimate as documented in the PEA. Timing of the drill result assays have been severely impacted by the COVID 19 pandemic at both the prep labs in Brazil and the analytical labs in Lima, Peru, resulting in longer than planned turnaround times. Additional results will be reported as they become available in the coming weeks. The company expects all the results to be in by early June and it will provide additional updates if necessary. Cerrado is targeting to define a resource between 1.2 million and 1.6 million ounces at an average grade of between 1.5 g Au/t to 2.0 g Au/t. Investors are cautioned that the resource target is conceptual in nature at this time Subsequent to the completion of the new MRE, the Company plans to undertake a new Preliminary Economic Assessment on what is anticipated could be a materially larger resource that can deliver either a longer mine life or support the development of a larger scale operation relative to previous studies. To date, the bulk of the drill results reported fall within the pit boundary as outlined in the PEA. While work on the new mineral resource estimate and preliminary economic assessment commences, the Company plans to begin a further 14,000 metre Phase 2 drill program in the coming weeks looking at infill drilling at Serra Alta to upgrade and expand additional resources and drill testing of several of the highly prospective satellite targets known on the larger Monte Do Carmo property with the aim to further developing the understanding of the regional potential that the Company anticipates could add significant additional ounces in time.