Altamira's First Phase Geological Mapping and Rock Sampling Reveals Copper and Gold Mineralization at Santa Helena Project, Brazil

Vancouver, British Columbia--(Newsfile Corp. - May 16, 2018) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF) ("Altamira" or the "Company") is pleased to provide an update on its early stage geological mapping and rock sampling program at the Santa Helena project located within the eastern part of the Juruena belt in Mato Grosso, Brazil. Highlights are as follows;

• Results have been returned on 49 grab samples from four areas within the Santa Helena concession block. Assays values range from 0 to- 171.6g/t gold and 0 to — 0.81% copper

• Four target areas were the subject of the surface rock sampling within the Santa Helena project: Flecha Dorada, Gabriel, Dorival and Tucura (see below for map of grab samples taken)

• Average values from each zone were:

  • 31.2 g/t gold + 0.13% Cu from Flecha Dorada target (17 samples of which 10 returned values above 10g/t gold)

  • 19.0 g/t gold + 0.11% Cu from Gabriel target (20 samples of which 7 returned gold values above 10g/t gold)

  • 24.6 g/t gold from Dorival target (6 samples)

• 7.2 g/t gold from Tucura target. (6 samples)

The Santa Helena project which comprises a total of 58,594 ha is the Company's closest project to the newly discovered copper porphyry by Anglo American at Jaca. The project is characterized by gold mineralization on surface and has a history of small-scale gold and copper production. The area has never been the subject of any previous drilling by Altamira. The current sampling program suggest the presence of a mineralized system with copper and gold values along a distance of 6km E-W.

The most easterly target is the Gabriel area which is located 1.2 km north of a small historic open pit mine which produced gold from a series of high-grade veins. A total of 20 grab samples were collected on surface from this area and returned gold values ranging from 0 to 171.6 g/t gold and 0 — 0.96% Cu and averaged 19.0 g/t gold and 0.11% Cu. Seven samples returned values above 10g/t gold.

The Flecha Dorada target is located 3km WSW of Gabriel. Grab samples from this prospect ranged from 0.3 — 153.8g/t gold and 0 — 0.81% Cu and averaged 31.2g/t gold + 0.13% Cu with 11 samples returning above 10g/t gold.

The Dorival target is located 500m west of Flecha Dorada. Six grab samples were collected from this prospect which ranged from 7.4 to 73.3g/t gold and 0 to 0.27% Cu and averaged 24.6g/t gold.

Six grab samples were collected from the Tucura area and returned gold values of 0.2 to 22.6 g/t gold and averaged 7.2g/t gold. Tucura is located 2km NW of the Dorival target.

In addition to the rock sample results outlined above, Altamira has completed a program of soil sampling with results expected during May 2018. This work will assist with the identification of drill targets.

Michael Bennett, President and CEO of Altamira stated, "Santa Helena is clearly a much larger mineralized system then we had previously recognized. The presence of extensive hydrothermal alteration in the area accompanied by the numerous high-grade gold bearing structures and elevated copper values bodes well for the possibility that a significant Au-Cu mineralized body exists at Santa Helena. We are looking forward to the receipt of the soil sampling data which should assist us with the definition of trenching and drill targets."

To view an enhanced version of the map, please visit: 
http://orders.newsfilecorp.com/files/4500/34687_a1526490543844_0.jpg

Altamira's First Phase of geological Mapping Reveals Copper and Gold
Mineralization at Santa Helena Project, Brazil

About Altamira Gold Corp.

The Company is focused on the exploration and development of gold deposits within western central Brazil. The Company holds 12 projects comprising approximately 200,000 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 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 (Gustavson Associates, 2016).

On Behalf of the Board of Directors,

ALTAMIRA GOLD CORP.

"Michael Bennett"

Michael Bennett
President & CEO

Tel: 604.676.5660
[email protected]

For more information contact:

Sean Kingsley VP, Corporate Development
Phone: +1 604 440 8474
Toll-Free: +1 833 606 6271
Email: [email protected]

Guillermo Hughes, P. Geo., a consultant to the Company as well as a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.

Neither TSX Venture Exchange nor it 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.