Sierra Metals Completes First Phase of Systematic Drill Campaign and Confirms Dimensions of High-Grade Silver Mineralized Zone at its Cusi Mine in Mexico

TORONTO, June 5, 2017

Drill hole highlights include:

	Ag (gpt)	Pb (%)	Zn ARIVA.DE Börsen-Geflüster Kurse Sierra Metals Inc. 0,59 $ -0,97% (%)	EqAg (gpt)	Real Width
Hole C:	757	0.35	0.33	784	over 12.0m
Hole H:	709	2.12	1.31	862	over 1.8m
Hole 6:	1152	0.26	0.52	1243	over 2.0m
Hole 13:	414	0.51	0.83	467	over 3.5m
Hole 14:	1034	1.50	2.00	1126	over 3.2m
Hole 15:	690	0.84	1.09	766	over 4.3m
Hole 28:	575	0.11	0.10	575	over 11.0m

TORONTO, June 5, 2017 /PRNewswire/ - Sierra Metals Inc. (TSX: SMT) (BVL: SMT) ("Sierra Metals" or "the Company") today announced initial assay results the from exploration drill program at the Santa Rosa de Lima zone located within the Cusi Mine property in Cusihuiriachi, Chihuahua state, Mexico.

Drilling has confirmed a high-grade mineralized deposit, located adjacent to the current operations. The Santa Rosa de Lima zone is a regional structure, that has been identified in the area extending for 12 kilometers. The Main mineralized zone extends over 1,000 meters in length, 400 meters in depth and is open along strike to the Northwest and Southeast (see Figure 2 attached). Recent drilling results are summarized in Table 1. These results come as a part of a reinterpretation of the Hydrothermal model and a drilling campaign of 15,500 meters that began in December 2016.

"These drilling program results confirm the existence of high-grade silver mineralization and demonstrate a significant potential for our operations at the Cusi Mine. We are currently following up on this initial drilling program with an in-fill drill program to move the assay results into a measured mineral resource category which will be included in an updated mineral resource estimate for the Cusi mine expected to be released early in the fourth quarter" stated Alonso Lujan, Vice President Exploration at Sierra Metals. "Intercepts such as those returned in Holes 6, 14, 15 and 28 are characteristic of high grade epithermal deposits. Additionally, there is further potential to expand the exploration success at depth and along strike at the Santa Rosa de Lima zone as well as with other zones including the San Rafael Vein, San Nicolas Vein and the Bordo Fault. We look forward to further potential discoveries as we continue to explore the Cusi Mine district."

"This is an important development for the continuity and upgrade of our Cusi operations" stated Igor Gonzales, President and CEO of Sierra Metals. He continued, "We are excited about these drilling results, which increase the value of the asset and make an important contribution to our growth strategy.  The wider vein structure nature and higher grade of Santa Rosa de Lima is increasing the asset quality and size potential of this mine"

Cusi Mine Geology

The Cusi mine district encompasses 11,657 hectares over range of elevation of 1,950 to 2,460 metres above sea level in the Sierra Madre Occidental Mountain Range. It is the result of one of largest volcanic events in the world that occurred between the Cretaceous and the Tertiary periods. The Sierra Madre Occidental is formed by two volcanics groups. Upper Volcanic Complex (UVC) and Lower Volcanic Complex (LVC).

The Sierra Madre Occidental is one of the largest known epithermal precious metal metallogenic provinces and is host to well-known gold and silver producing mining districts, including: Concheño, Ocampo, Bacis, Tayoltita, Topia, Guanacevi, La Cienega, Mulatos El Sauzal and Pinos Altos.

The Cusi Mine district is located in the Lower Volcanic Complex, where subvolcanic rocks are closely related to the mineralization. The current operation is being developed in secondary veins with a preferred Northeast-Southwest arrangement. The Santa Rosa de Lima zone has no clear evidence of surface hydrothermal alternation although it is identified for a length of12 kilometers. This has an extensive relationship with the structural trend where Sunshine Silver Mine's Los Gatos Project is located 90 kilometers to the Southeast of the Santa Rosa de Lima zone.

The mineralization at the Santa Rosa de Lima zone is located approximately 200 meters below the surface, and can occasionally be observed at surface in the intersections of veins like Promontorio and Santa Edwiges.

Table 1.1 Complete set of results from the drill program

No Hole	Internal Control	Real Width(m)	Au (g/t)	Ag (g/t)	Pb (%)	Zn (%)	EQAg (g/t)
DC13B634	A	3.5	0.15	316	0.28	0.26	347
DC13B628	B	20.0	0.06	266	0.22	0.21	283
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