Altamira hires Global Resource Engineering to Update 43-101 Resource Estimate for Cajueiro gold project, Brazil

Vancouver, British Columbia--(Newsfile Corp. - July 16, 2019) - Altamira Gold Corp.'s (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF) ("Altamira" or the "Company") is pleased to announce that it has hired Global Resource Engineering Ltd. ("GRE") to complete an updated resource estimate for the Cajueiro gold project located in the northern part of Mato Grosso state in western Brazil.

The Cajueiro project is currently Altamira's key project and comprises NI 43-101 compliant resources of 8.64Mt @ 0.78 g/t Au (for 214,000oz) in the Indicated Resource category and 9.53Mt @ 0.66 g/t Au (for 204,000oz) in the Inferred Resource category and an additional 1.37Mt @ 1.61 g/t Au in oxides (for 79,000oz in saprolite) in the Inferred Resource category.

These resources were calculated by Gustavson and Associates in May 2016 and are based on 10,282m of drilling and 48 drill holes.

Since May of 2016, the Company has drilled an additional 49 diamond drill holes totaling 3,154m and completed 25 surface trenches totaling 4,063m. This work was largely focused on the Baldo East area which is located 500m due east of the existing Baldo resource (see Figure 1) and has resulted in the discovery of several parallel high-grade structures (see press releases dated 1^st November 2017, 18^th January 2018 and 17^th July 2018). All of the data collected since May 2016 will be included in the revised resource estimate which is expected within the next 45 days.

The current resources are included within an area of approximately 275ha. The overall size of the Cajueiro claim block is 39,053ha, and a number of very large gold-in-soil anomalies which are associated with historic placer gold workings, remain untested.

Figure 1 - Map showing central part of Cajuiero claim block with significant gold-in-soil geochemical anomalies and historic placer workings plus area of current resources and recent discoveries at Baldo East

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4500/46304_41e2ded264a6a94b_001full.jpg

About Altamira Gold Corp.

The Company is focused on the exploration and development of gold projects within western central Brazil. The Company holds 11 projects comprising approximately 300,000 hectares, within the prolific Juruena gold belt which historically produced an estimated 7 to 10Moz of placer gold. The Company's advanced Cajueiro project has an NI 43-101 compliant resources of 8.64Mt @ 0.78 g/t Au (for 214,000oz) in the Indicated Resource category and 9.53Mt @ 0.66 g/t Au (for 204,000oz) in the Inferred Resource category and an additional 1.37Mt @ 1.61 g/t Au in oxides (for 79,000oz in saprolite) in the Inferred Resource category.

On Behalf of the Board of Directors,

ALTAMIRA GOLD CORP.

"Michael Bennett"

Michael Bennett
President & CEO

Tel: 604.676.5660
Toll-Free: 1-833-606-6271
[email protected]
www.altamiragold.com

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

Forward-Looking Statements

Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Except as required by law, we do not undertake to update these forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46304