22 September 2021

Caerus Mineral Resources PLC

('Caerus' or the 'Company')

Troulli Diamond Drill Programme

Caerus Mineral Resources (LON: CMRS), the exploration and resource development company focused on developing mineral resources in Europe to support the global "Clean Energy" initiative, is pleased to inform Shareholders that diamond drilling for Resource definition  has commenced at the Troulli Project one month ahead of schedule.

The diamond drill rig scheduled to arrive in Cyprus in October has been delivered to site almost a month early. The rig was transferred to the Troulli Project site on Friday 17 September 2021 and commenced drilling on Monday 20 September 2021.

Highlights

·      The Resource evaluation programme scheduled for Troulli Project has commenced ahead of schedule

·      Hard rock samples will be collected and delivered to Jubilee Metals Group ("Jubilee") for further detailed mineralogical test work

·      The Company will capitalise on the current availability of both a diamond and a scout drill rig to run two drill programmes in parallel

·      Access to low-cost scout drill data enables the Caerus exploration team to broadly define legitimate targets well-ahead of more costly diamond drilling and the definition of potential Mineral Resources

·      Diamond drilling will initially focus on sulphide mineralisation in the former Troulli open pit, extensions of the pit, the high-grade gold oxide zone and underlying sulphide mineralisation.

·      Scout drilling will operate in advance of the diamond rig testing the 1.5km long structure hosting impressive evidence of hydrothermal activity (a prerequisite for Volcanogenic Massive Sulphide formation) that may link the Troulli deposit with the Kokkinapetra deposit.

·      Scout drilling will also test the 32,000m² surface area covered by gold oxide mineralisation at Kokkinapetra and test for underlying sulphide mineralisation.

·      Once scout drilling is completed, the rig will relocate to other priority targets within the Caerus project portfolio and delineate mineralisation in anticipation of follow-up by diamond drilling

The rig will drill-out a variety of resources and targets provisionally defined by the recent scout drilling programme with the purpose of defining an NI 43-101 Mineral Resource and will provide high-quality fresh samples for further mineralogical test work being undertaken by Jubilee Metals Group ("Jubilee").

Commenting on the dual drill programme, chief executive officer Martyn Churchouse said; "The preliminary work undertaken over the past few months is starting to deliver results and the benefits of having two drill rigs available to us on a full-time basis is becoming evident. We have a well-defined drill programme prepared for Troulli and depending on the results of the scout drilling we expect to be able to roll out the diamond programme to include the prospective structure linking the Troulli  and Kokkinapetra deposits and potentially increasing resource tonnes well beyond our projected estimates".

For further information, please visit www.caerusmineralresources.com or contact:

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About Caerus Mineral Resources

Caerus Mineral Resources is a European focused copper-gold resource development and exploration company with a portfolio of mineral exploration licences located in Cyprus. The Country has a well-developed infrastructure and history of mineral exploration and production, which has been dormant over the last 50 years and provides significant undiscovered value.

With investors recognising copper as one of the cornerstone metals for the Clean Energy Transition centred upon the Electric Vehicle and Stationary Energy sectors, Caerus is working to rapidly expand its copper exploration and production objectives. The Caerus licence portfolio includes 16 former mines which operated with an average head grade of approximately 2% copper. 

Caerus' licence portfolio comprises brownfield sites, where historic mining has taken place, and greenfield licences, where there has been no systematic exploration. The Brownfield sites and the former high-grade copper-gold mines they host are evidence of rock types and structures conducive to Volcanogenic Massive Sulphide ("VMS") mineralisation. As VMS deposits characteristically occur in camps or clusters, it is the Company's view that its licences are prospective for both extensions to existing or mined-out orebodies together with new discoveries. 

The combination of brown and greenfield exploration provides optionality and the opportunity for the Company to quickly build a resource portfolio that can be commercially developed. 

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 Qualified Persons

The content of this news release has been reviewed, verified, and approved by H. Andrew Daniels, P. Geo in his capacity as a Qualified Person as defined by National Instrument 43-101.

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