Sierra Madre Makes Final Payment for Tepic Project, Nararit, Mexico

VANCOUVER, April 29, 2022 - Sierra Madre Gold and Silver Ltd. (TSXV:SM)(OTCQB:SMDRF) ("Sierra Madre" or the "Company") is pleased to announce it has made the final payment of USD$50,000 to acquire 100% of the Tepic Silver/Gold Project in Nayarit, Mexico. The company is in the process of having the licenses transferred into its fully owned subsidiary, PITA Exploration S. DE R.L. DE C.V.

Sierra Madre also announces that, pursuant to its Stock Option Plan, it has granted stock options to certain consultants to purchase an aggregate of 500,000 common shares of the Company at the price of $0.74 per share for a period of 5 years from the grant date. The options will vest 1/3 immediately as of the date of grant; 1/3 six months after the date of the grant; and 1/3 twelve months after the date of the grant. This stock option grant is subject to acceptance by the TSX Venture Exchange.

About Sierra Madre

Sierra Madre Gold and Silver Ltd. is a mineral exploration company, currently focused on the acquisition, exploration and development of the Tepic and La Tigra Properties in Nayarit, Mexico. The Company has an experienced management team with a proven track record of wealth creation in Mexico through project discovery, advancement, and monetization. Sierra Madre's key objective is to advance exploration on the Tepic and La Tigra Properties to determine whether they contain commercially exploitable deposits of precious or base metals.

On behalf of the board of directors of Sierra Madre Gold and Silver Ltd.,

"Alexander Langer"

Alexander Langer
President, Chief Executive Officer and Director

CONTACT:
investor@sierramadregoldandsilver.com

Cautionary Note

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.

SOURCE: Sierra Madre Gold and Silver