San Lorenzo's Recently Completed Mag Survey Returns Positive Results on its 100% Owned Large Scale Copper- Gold Porphyry Salvadora Project, Chile

Highlights of the MAG Survey

• - Clearly identifies key structures and phases of intrusive activity (Figure 1)

  • - This was a key objective of the survey

  - Confirms and refines many of the key features previously identified through mapping

  - MAG survey is a key milestone for the Project

  • - First MAG survey completed on the Project

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Figure 1 - MAG Data Reduced To Pole - with interpreted structures and contacts

The results of the MAG survey will provide key information in planning an Induced Polarization ("IP") geophysical survey. The planned IP survey will cover most of the property and will follow up on positive results from previous limited sized IP surveys.

Salvadora Copper - Gold Project Highlights

• - Potential to discover large bulk mineable copper - gold porphyries;

  - 15 km from world class billion+ tonne El Salvador copper - gold porphyry mine;

  - Geologically very similar to El Salvador mine including:

  • - Style of mineralization;

    - Alteration;

    - Favourable copper bearing rocks are similar age;

• - Project has not been fully and systematically explored leaving potential untapped;

  • - Limited geophysics and diamond drilling;

• - Drilling has returned encouraging copper - gold grades from porphyry style mineralization;

  • - 156 metres of 0.28% copper and 0.08 g/t gold

    - 35 metres of 0.28% copper and 0.11 g/t gold;

  - Additional upside from five extensive epithermal vein systems;

  • - Outcrop and underground sampling returned:

    • - 5.1 - 154.5 g/t gold, 1.3 - 61.8 g/t silver and 0.16 - 14.75% copper over 1.5-4.3 metres;

    - Historically reported small scale, underground production to 240 metres:

    • - 4.5 - 195 g/t gold, 20 - 356 g/t silver and 1.4 - 23.6% copper over 0.5 -3.0 metres

  - Located at relatively low elevation and readily accessible year round.

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Figure 2 - Salvadora Project

The Company has also granted incentive stock options to consultants of the Company to purchase up to 300,000 common shares in the capital of the Company, pursuant to the share option plan of the Company. The options are exercisable on or before July 21, 2023 at an exercise price of $0.15 per share and will contain certain restrictions to exercise.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Terence Walker, M.Sc., P.Geo., who is a "qualified person" within the meaning of National Instrument 43-101.

For further information on the Company, readers are referred to the Company'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 Company 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, Nancagua is a high grade epithermal gold property and Punta Alta is a copper - gold porphyry property with related disseminated and vein style copper-gold-silver-cobalt mineralization.

For further information, please contact: Ken Booth

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.

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Cautionary Note Regarding Forward-Looking Information

This press release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of San Lorenzo. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, San Lorenzo does not assume any obligation to update or revise them to reflect new events or circumstances.

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