San Lorenzo Gold Corp. Upsizes its Previously Announced Private Placement and Closes Second Tranche

CALGARY, March 31, 2022 - San Lorenzo Gold Corp. ("San Lorenzo" or the "Corporation") (TSXV:SLG), (OTC:SNLGF) is pleased to announce that it has completed a second tranche closing (the "Second Tranche Closing") of its recently announced private placement (see San Lorenzo press release dated March 10, 2022) of units of the Corporation ("Units") at a price of $0.10 per Unit, and due to strong investor demand, it has increased the maximum size of the private placement from 10,000,000 Units for aggregate gross proceeds of $1,000,000 to 15,000,000 Units for gross proceeds of $1,500,000 (the "Offering"). Each Unit is comprised of one (1) common share of the Corporation ("Common Share") and one (1) Common Share purchase warrant ("Warrant"). Each Warrant is exercisable at $0.20 per Common Share for a period of 12 months from the date of issuance.

The Second Tranche Closing yielded gross proceeds of $720,000 which involved the issuance of 7,200,000 Units comprised of 7,200,000 Common Shares and 7,200,000 Warrants. Finder's fees in the aggregate amount of $49,000 and 504,000 broker warrants ("Broker Warrants") were paid and issued in respect of the Second Tranche Closing. Each Broker Warrant entitles the holder to acquire one Common Share at a price of $0.10 per Broker Warrant for a period of 12 months from the date of issuance.

Proceeds from the Second Tranche Closing will be used for working capital purposes including the costs for the drilling program at the Corporation's Salvadora property and to pay the expenses associated with the Offering. Unless the Corporation determines to further increase the gross proceeds of the Offering, if additional subscriptions received for the Offering based on all available exemptions exceed the remaining Offering amount of $380,000, Units will be allocated on a first come, first served basis.

The Second Tranche Closing remains subject to final acceptance from the TSX Venture Exchange Inc. (the "TSXV"). The TSXV has conditionally accepted the Offering, requiring the Corporation to close all tranches under the Offering and to satisfy the TSXV's final acceptance requirements by no later than April 25, 2022. The securities issued are subject to a four month hold period from the date of the Second Tranche Closing.

For further information on the Corporation, readers are referred to the Corporation's website at www.sanlorenzogold.com and its Canadian regulatory filings on SEDAR at www.sedar.com.

About San Lorenzo Gold Corp.

San Lorenzo Gold is in the business of exploring for and advancing mineral properties. The Corporation currently has three 100% owned properties in Chile: Salvadora, Nancagua and Punta Alta. The Salvadora property is being explored for large scale copper-gold porphyry targets and high grade epithermal gold-silver-copper vein systems, Nancagua is a high grade mesothermal gold-silver prospect and Punta Alta is a copper - gold porphyry prospect with related disseminated and vein style copper-gold-silver-cobalt mineralization.

For further information, please contact:

Al Kroontje, Chairman Ken Booth, President

Email: al@kasten.ca Email: kbooth@sanlorenzogold.com

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 news release.

Not for distribution to United States newswire services or for release, publication, distribution or dissemination directly, or indirectly, in whole or in part, in or into the United States

Forward-Looking Information

This news release may contain certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "expected", "will", "anticipated", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. In particular, this news release contains forward-looking statements relating to, among other things: the use of proceeds from the Offering; and the Corporation's ability to obtain necessary approvals from the TSX Venture Exchange. Such forward-looking statements are based on various assumptions and factors that may prove to be incorrect, including, but not limited to, factors and assumptions with respect to: the general stability of the economic and political environment in which the Corporation operates; the timely receipt of required regulatory approvals; the ability of the Corporation to obtain future financing on acceptable terms; currency, exchange and interest rates; operating costs; the success the Corporation will have in exploring its prospects and the results from such prospects. You are cautioned that the foregoing list of material factors and assumptions is not exhaustive. Although the Corporation believes that the assumptions and factors on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Corporation can give no assurance that they will prove to be correct or that any of the events anticipated by such forward-looking statements will transpire or occur, or if any of them do so, what benefits the Corporation will derive there from. Actual results could differ materially from those currently anticipated due to a number of factors and risks including, but not limited to: fluctuations in market conditions, including securities markets; economic factors; the risk that the Offering will not be completed as anticipated or at all, including the risk that the Corporation will not receive the approvals necessary in connection with the Offering; and the impact of general economic conditions and the COVID-19 pandemic. The Corporation does not undertake to update any forward-looking statements herein, except as required by applicable securities laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement