Ground IP Geophysical Program in progress at the Mutum Target, Apiacas Project

Vancouver, British Columbia--(Newsfile Corp. - May 12, 2021) -  Altamira Gold Corp.'s (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF) ("Altamira" or the "Company") announces that the Company has raised an additional $1,104,490 in the past few days bringing proceeds from recent warrant exercises to $2,537,077. The Company's current treasury stands at approximately $6.1 million, sufficient to undertake its aggressive 2021 exploration program.

Michael Bennett, President & CEO commented, "These additional funds allow us to aggressively explore our 3 main projects and continue to advance our growth strategy. Once again, we would like to thank our long-term shareholders for supporting the Company through the process of exercising these warrants and we look forward to commencing a significant and well-financed exploration drill program in the next few months."

As previously disclosed in the news release dated May 5^th, 2021, officers and directors of the Company exercised a total of 1,072,800 warrants for proceeds of $160,920. Of this total, the CEO of the Company exercised a total of 672,800 warrants representing proceeds of $100,920, and the Company's Chairman exercised a total of 400,000 warrants representing proceeds of $60,000. In connection with the exercise of the warrants, the CEO and the Chairman sold 284,000 and 170,000 common shares respectively for proceeds of $102,458 and $61,320.

Mutum IP Survey

The Company has launched its 3D Induced Polarization and Resistivity ("IP") ground geophysical survey at the 100% controlled Apiacas Project, located in Mato Grosso State, Brazil. The program is centered on the large-scale Mutum gold target and incorporates areas covered by on-going geochemical rock sampling and geological mapping programs.

The IP survey is intended to assist with the identification of sulfide mineralization related to the gold mineralizing system at Mutum and will guide subsequent trenching and drill targeting. Recent surface mapping has delineated a large area of pyritic mineralisation and sericitic alteration in addition to extensive historic artisanal colluvial gold workings over an area encompassing several square kilometres. The Company expects the IP results to generate drill targets to be tested within the next couple of months. The 17 line-program covers an area of 6 km2 and is expected to be completed by the end of June.

Figure 1 Map showing the location of the completed and proposed ground IP survey lines at the Mutum target, Apiacas project. Both the historic alluvial / colluvial gold workings and estimated outlines of the primary disseminated pyrite-gold mineralisation and recently identified high-grade veins are displayed in the background.

To view an enhanced version of Figure1, please visit:
https://orders.newsfilecorp.com/files/4500/83754_268cf4da040a7847_001full.jpg

The Mutum gold target is part of the Apiacas Project 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 515,000oz. An estimated 1Moz of colluvial gold was historically recovered from the Mutum area, suggestive of the presence of a significant underlying hard-rock deposit.

In 2019, geological mapping outlined an area of pervasive disseminated 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 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.

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: 604.676.5661
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 exploration drill program. 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.

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