Vancouver, British Columbia--(Newsfile Corp. - April 21, 2021) - Altamira Gold Corp.'s (TSXV: ALTA) (FSE: T6UP) (OTC PINK: EQTRF), ("Altamira" or the "Company") is pleased to announce that environmental process LOP No 324020/2021 within the Mutum gold target at its 100% controlled Apiacas gold project in Brazil has been approved. This permit allows Altamira to complete trenching and drilling over the target area.

Highlights

• The environmental department of the state of Mato Grosso, SEMA/MT has approved the environmental permit LOP No 324020 covering the central area of the Mutum target

• The permit allows Altamira to trench and drill the Mutum target at the Apiacas project and is valid until 06/04/2024

• The previously announced IP survey is expected to commence by the end of April 2021 and will guide the subsequent trenching and drill program. The IP survey will help to define the limits of the altered and mineralized intrusive rock with disseminated pyrite and gold

• Line cutting and topographic surveying has now begun over the 38.5km line grid and detailed geological mapping and sampling will be conducted over these lines to help site the initial drill holes planned for mid-2021

Michael Bennett, President & CEO commented "We are extremely pleased to have been granted the environmental permit at Mutum which allows us to drill and trench the central part of the Mutum target. A dedicated geological team is now onsite mapping and sampling the grid lines which are being opened ready for the ground IP survey in May 2021. The IP work should show us the limits of the disseminated gold-pyrite mineralisation and allow Altamira to define the initial sites for the drill program in mid 2021."

Granting of Environmental Licence at Mutum

The environmental department of the state of Mato Grosso, SEMA/MT has approved the environmental permit LOP No 324020 covering the central area of the Mutum target which allows Altamira to trench and drill the Mutum target at the Apiacas project. The permit covers part of the ANM 846.947/2018 exploration permit and is valid until 06/04/2024. This is a significant milestone in testing the potential of the Mutum target.

IP Survey at Mutum Target

Line cutting and topographic surveying for the previously announced IP survey (see press release dated April 13, 2021) has now begun over the 38.5 kilometer line grid and detailed geological mapping and sampling will be conducted over these lines to help site the initial drill holes planned for mid-2021 (See Figure 1). The IP survey will be completed by AFC Geofísica Ltda and is expected to commence by the end of April 2021.

The IP survey will help to define the limits of the altered and mineralized intrusive rock with disseminated pyrite and gold, and will guide the subsequent trenching and drill program.

Figure 1: Map showing historic alluvial and colluvial gold workings and limited of disseminated pyrite-gold mineralisation, as well as recently identified high-grade veins, and location of IP survey at the Mutum target, Apiacas project

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4500/81149_15e49ae45492db58_001full.jpg

The Mutum target is part of the Apiacas Project area is located 50km west of Altamira's Cajueiro gold project which hosts 43-101 compliant indicated resources of 5.66Mt @ 1.02 g/t gold for a total of 185,000 oz and inferred resources of 12.66Mt @ 1.26 g/t gold for a total of 515,000 oz.

An estimated 1Moz of colluvial gold was historically recovered from the Mutum target, suggestive of the presence of a significant underlying hard-rock deposit.

In 2019, geological mapping outlined an area of pervasive disseminated-style gold mineralization over at least 4 km² at Mutum. A total of 93 surface rock samples of disseminated and altered rocks collected on surface over this area returned gold values of up to 406.6 g/t gold (see news release dated September 11, 2019). Recent exploration has also identified four high-grade vein structures with channel samples returning values up to 3m @ 10.39 g/t gold. Silver assays have also returned high grade values up to 871 g/t silver (see March 8, 2021 news release for more information).

Qualified Person

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 the TSX Venture Exchange nor it's 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.

About Altamira Gold Corp.

The Company is focused on the exploration and development of gold projects within western central Brazil. The Company holds 8 projects comprising approximately 190,000 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 NI 43-101 resources of 5.66Mt @ 1.02 g/t gold for a total of 185,000 oz in the Indicated Resource category and 12.66Mt @ 1.26 g/t gold for a total of 515,000oz 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
info@altamiragold.com
www.altamiragold.com

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/81149