Quimbaya Gold Inc. - New Directors and Chairman Appointment

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VANCOUVER, May 28, 2024 - Quimbaya Gold Inc. (CSE: QIM) ("Quimbaya" or the "Company") is pleased to announce that Mr. Juan Pablo Bayona and Mr. Pietro JL Solari have been appointed as new directors of the Company, effective 23 May 2024. Mr. Bayona will act as Executive Chairman for the board. The appointments bolster Quimbaya's expertise in the areas of management, capital markets, mining, local Colombian knowledge and represent a significant acquisition experience in Latin America.

Alexandre P. Boivin, CEO of Quimbaya, commented: "I am delighted to have Juan Pablo and Pietro join the Company as valuable additions to Quimbaya's leadership team. Both are highly skilled entrepreneurs and bring their industry know-how at an important time for the Company as it prepares itself for the next phase of its growth in accretive shareholder value."

Mr. Bayona, an economist by education, is a US citizen, born in Colombia, and brings over 30 years of management experience. Mr. Bayona began his career first at DH Blair while participating in over 20 IPOs of small cap companies, working in all corporate finance and capital markets areas. Then, as head of Barings for Colombia and Peru, he originated and executed a great number of transactions including M&As, Private Placements and IPOs of Latin American companies, including Minas Buenaventura and Minsur, in Peru. During that time, over US$1.0B in capital was raised with US and European institutional investors. Later, he started, built, and sold several companies in different sectors. Bringing to the team great experience in the management of startups, and entrepreneurial skills. One of those ventures, SMYLE SAS, was an anthracite mining company, which owned and operated several underground mines in Colombia, which had to undergo the entire licensing and permitting process in Colombia. Mr. Bayona will be actively involved with the Company to achieve its objectives and goals.

Mr. Solari, a Swiss citizen, started his professional career in mining in the 1980's, at the young age of 23, as Treasurer of United Mining Corporation, a NASDAQ listed company which at the time had consolidated the -Comstock Lode- in Virginia City, NV, USA. Mr. Solari's career then spanned 40 years in all aspects of banking, including Private Banking, Investment Banking and Corporate Finance, with various financial groups such as Bank of America, Rothschild and Merril Lynch. Mr. Solari, as a venture capitalist, also sits as a board of director for various other companies and plays an active role in these positions. Mr. Solari has been invaluable to Quimbaya since inception, having raised most of its seed capital through his deep network with his experience in the Capital Markets.

Additionally, the board has created a Management Committee composed of Alexandre P. Boivin, Juan Pablo Bayona and Pietro JL Solari. This collaborative team will strengthen Quimbaya's leadership in day-to-day responsibilities. Juan Pablo Bayona will also head the Audit Committee. Olivier Berthiaume, CFO of Quimbaya Gold has been appointed Corporate Treasurer and Pietro JL Solari Corporate Secretary.

Concurrently Quimbaya also announces the resignations of Mr. Alexandre de Beaulieu and Mr. Jean-Luc Peyrot as directors of the Company. Mr. de Beaulieu and Mr. Peyrot, as founders, have been valued board members of Quimbaya since inception and their vision, commitment and dedication have been instrumental to the Company in navigating numerous challenges and achieving significant milestones. Both Mr. de Beaulieu and Mr. Peyrot remain committed as strategic shareholders. We thank them for their unwavering service as pivotal members of the Quimbaya team.

Shareholders, existing directors and management warmly welcome Mr. Bayona and Mr. Solari, and look forward to their productive contribution for the benefit of Quimbaya its shareholders.

Quimbaya aims to consolidate gold reserves through exploration and acquisition of mining properties in Antioquia, Colombia. Managed by an experienced team in the mining sector, Quimbaya is focused on 3 projects in the regions of Segovia (the Tahami project), Puerto Berrio (the Berrio Project), and Abejorral (the Maitamac Project), all located in the Antioquia Province, Colombia.

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Certain statements contained in this press release constitute "forward-looking information" as that term is defined in applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking information by its nature is based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Quimbaya to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These assumptions include, but are not limited to: the satisfaction of any additional conditions to the Transaction including, without limitation, any future acceptance of the proposed Transaction by the CSE or securities commission; and the receipt of all required approvals for the Transaction, including but not limited to any further acceptance, any board approvals, shareholder approvals or third party consents. Although Quimbaya's management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Readers are cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Quimbaya as of the date of this news release and, accordingly, is subject to change after such date. Except as required by law, Quimbaya does not expect to update forward-looking statements and information continually as conditions change.

Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE Quimbaya Gold Inc.