Cerro Dorado, Inc. Announces Results At Lobo Solitario Property, Lipangue Plateau, Chile.

Business Editors

SALT LAKE CITY, Utah--(BUSINESS WIRE)--June 22, 2000

Cerro Dorado, Inc. is pleased to announce that the results of a soil geochemical survey over part of the Lobo Solitario property have revealed strongly elevated values for gold and other elements in an area overlying previously defined geophysical anomalies. These results have created a high-priority drill target on the Lobo Solitario property, particularly due to the geological setting and the close proximity to other areas of known strong gold and base metal mineralization.

Two hundred soil samples were taken at 25-meter intervals along 7 east-west oriented traverses approximately 1,000 meters long and 100 meters apart in the southern part of Lobo Solitario claim block. Each sample was dried and screened at 230 mesh and the fine material was analyzed for gold and 30 other elements. The results show elevated values for gold, silver, copper, arsenic, zinc, and lead within a northeast-southwest oriented corridor that is approximately 400 to 500 meters wide and 600 to 700 meters long. An Induced Polarization geophysical survey, completed by the Company late last year, defined strong coincident high-polarization and high-resistivity anomalies under part of this same area. These features were interpreted by the independent geophysical contractor as representing the presence of sulfides and silicification extending to the near surface, features that are commonly associated with gold and base metal mineralization.

In addition, geological mapping in this same area has revealed the presence of iron oxide rich quartz and granodiorite rubble at surface in an area of shallow soil cover. A number of samples of the quartz contained significant gold values up to 6.10 g/t.

Furthermore, this area is less than two kilometers from the Lipangue breccia pipe recently the subject of two drilling programs by Medinah Mining, Inc. This drilling has shown strong gold, silver and copper mineralization over wide intervals - e.g., 98 meters with an average grade of 2.29 g/t gold, 16.73 g/t silver and 0.27% copper (Medinah Mining, Inc. News Release dated April 3, 2000). Also, the workings of the Fortuna Mine, famous in Chile for its high-grade gold production, are less than 500 meters to the north.

Mineralized breccia pipe, such as those discovered by Medinah Mining, Inc., often signify the presence of underlying or adjacent large-scale porphyry mineralization for which Chile is renowned. These recent findings on the Lobo Solitario property are further evidence of the possible existence of large-scale, near-surface, porphyry-style mineralization beneath this area of the property.

Drilling is planned on this part of the Lobo Solitario property following a trenching program on these soil geochemistry anomalies to expose the underlying bedrock and allow geological mapping and sampling.

On behalf of the Board of Directors

Per: Richard W. Cahoon, President

Note: This News Release may contain certain "forward-looking statements" within the meaning of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Cerro Dorado, Inc., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future could differ materially from those anticipate in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risk Factors" and elsewhere in documents filed from time to time with the United States Securities and Exchange Commission and other regulatory authorities.