Sierra Metals reported it has updated its Mineral Resource at the Company's Bolivar Mine, located in Chihuahua State, Mexico. The updated Mineral Resource Estimate disclosed herein is the result of drilling programs completed between November 2017 and September 2019, as well as production data up to September 2019; this Mineral Resource update includes 13,698 metres of infill drilling and 41,553 metres of exploration drilling. Subsequent to the cut-off date of September 30, 2019 the updated Resource statement does not include approximately 1,377 metres infill drilling and 4,149 metres exploration drilling some of which is in the process of being drilled with an aim to further expand the resources and reserves at the Bolivar mine. These additional infill and exploration drill meters completed after the September 30, 2019 cut-off date will be included in the next Mineral Resource and Reserve update. Total Indicated Mineral Resources for Bolivar are 11.63 million tonnes averaging 0.95% copper, 18.1 g/t silver and 0.24 g/t gold or 1.17% CuEq which represents a 12% overall tonnage decrease from the previous Indicated Resource Estimate, but which includes depletions since the previous Resource Update. Metal grades were also reduced by 9% for copper, 20% for silver and 17% for gold. Total Inferred Mineral Resources for Bolivar are 16.69 million tonnes averaging 0.93% copper, 16.8 g/t silver and 0.30 g/t gold or 1.16% CuEq which represents a 108% overall tonnage increase from the previous Inferred Resource Estimate. Metal grades were reduced by 3% for copper, 25% for silver and 29% for gold. The updated Mineral Resource Estimate varies from the 2017 Technical Report due to a variety of factors, including: a reduction in the Net Smelter Return (NSR) cut off grades resulting in lower value material, increased commodity prices and depletion by production since the Report was completed. The updated Mineral Resource Estimate has incorporated new exploration drilling, sampling, and face mapping information into the geologic interpretation and grade estimations providing more refined resource models.