Candelaria Provides a Corporate Update

VANCOUVER, British Columbia, July 10, 2020 (GLOBE NEWSWIRE) -- Candelaria Mining Corp. (TSXV:CAND, OTC PINK:CDELF) (the "Company") is pleased to provide a corporate update.

Venture Liquidity Providers

The Company has, subject to regulatory approval, retained Venture Liquidity Providers Inc. ("VLP") to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the company.

The market-making service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd., in compliance with the applicable policies of the TSX Venture Exchange and other applicable laws. For its services, the corporation has agreed to pay VLP CONTRACT AMOUNT per month for a period of 12 months. The agreement may be terminated at any time by the corporation or VLP. The corporation and VLP act at arm's length, and VLP has no present interest, directly or indirectly, in the corporation or its securities. The finances and the shares required for the market-making service are provided by W.D. Latimer. The fee paid by the company to VLP is for services only.

VLP is a specialized consulting firm based in Toronto providing a variety of services focused on TSX-V-listed issuers.

Resignation of Curtis Turner, Chief Executive Officer

The Company announces that it has accepted the resignation of Curtis Turner as Chief Executive Officer and Director. Mr. Turner resigned to pursue other opportunities. The Company has retained Mr. Turner as a strategic advisor.

"We are thankful for Curtis's service, leadership and many years of commitment to the Company. We wish him well in all of his future endeavors," said Ramon Perez, President and a Director of the Company.

Ramon Perez will act as Interim Chief Executive Officer as the Company assesses the vacancy in the position.

About Candelaria Mining

Candelaria Mining is a Canadian-based gold development and exploration company with a portfolio of highly prospective projects in Mexico, one of the world's best mining jurisdictions. Candelaria's 100% owned Caballo Blanco Project hosts an Indicated Resource of 521,000 ounces of gold and 2,170,000 ounces of silver (31,220,000 tonnes grading 0.52 g/t gold and 2.16 g/t silver) and an Inferred Resource of 95,000 ounces of gold and 590,000 of ounces of silver (8,630,000 tonnes grading 0.34 g/t gold and 2.14 g/t silver). Potential exists to increase these estimated resources through continued drilling and exploration. Candelaria also holds the Pinos Gold Project which hosts a Measured Resource of 4,444 ounces of gold and 228,892 ounces of silver (85,847 tonnes grading 1.6 g/t gold and 82.9 g/t silver), an Indicated Resource of 20,586 ounces of gold and 267,745 of ounces of silver (175,697 tonnes grading 3.6 g/t gold and 47.4 g/t silver) and an Inferred Resource of 60,657 ounces of gold and 811,082 of ounces of silver (529,267 tonnes grading 3.6 g/t gold and 47.4 g/t silver). For more information on resource estimates, please see the technical reports prepared pursuant to NI 43-101 which are available on the Company's website at www.candelariamining.com.

ON BEHALF OF THE BOARD,

Ramon Perez
President

For further information, please contact:

Investor Relations
Email: [email protected]
Phone: 604-349-5992

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.