Ann: Tesorito drilling commenced, own rig shipped, IP on its way, page-2

 Drilling has commenced and entered diorite porphyry near surface
 First hole of expanded drilling program at the Quinchia Gold Project-Colombia
 Company’s own drill rig and ancillary equipment has commenced journey to Colombia
 IP geophysics equipment has also commenced shipping to Colombia

Los Cerros Limited (ASX: LCL) (Los Cerros or the Company), is pleased to advise that the Q3 2020 drilling campaign has commenced with hole TS-DH08 breaking ground on 7 August as part of a prolonged drill program to determine continuity of gold mineralisation at the Tesorito Prospect. Results from this program will inform the merits of a focussed resource drilling campaign and the impact of additional resources to augment existing resources/reserves at the nearby Miraflores Deposit.
Based on visual comparisons of the core from near-by holes TS-DH07 and TS-DH02, drilling at TS- DH08 entered saprolite, interpreted to be weathered porphyry, from 7m and fresh diorite porphyry at 22m down hole. Drilling is currently at 110m and remains in diorite porphyry.

Previously reported results from holes TS-DH07 and TS-DH021 include:
• 384m @ 1.01g/t from 16m incl 29.3m @ 1.9g/t Au from 136.75m in TS-DH02; and
• 253.1m @ 1.01g/t Au from 2.9m incl 64m @ 1.67g/t Au from 144m in TS-DH07

The initial hole has a planned depth of 400m and is expected to take most of August to complete with assays expected from mid-September.

The second hole of the drilling program is planned to explore a recently defined gold/molybdenum soil geochemistry anomaly to the north of the drilled region of Tesorito.Drilling Rig and IP Equipment Acquisition UpdateThe Company confirms that the shipment of its own drill rig and ancillary equipment purchased under the HK Ausino partnership has begun its journey to Colombia, having left Chengdu, China on its way to Shanghai Port for shipping to Buenaventura on the Colombian Pacific coast.
Subject to logistics and COVID-19 restrictions, the rig is expected in Colombia in October. Until its arrival and commissioning, the Company will continue to use the current Colombia drilling services provider.Los Cerros further advises that two sets of bespoke IP equipment planned for geophysical programs across the Quinchia and Andes projects are also on their way to Colombia. The equipment is intended to be purchased under the HK Ausino arrangement.