Atlantic Gold Reports Resource Drilling Results From the Cochrane Hill Gold Deposit and Completion of Phase One Drilling

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 2, 2017) -

Highlights Include: 11m @ 3.41 g/t From 144m, 27m @ 3.34 g/t From 102m
30m @ 2.61 From 139m and 21m @ 2.99 g/t From 86m
Step-Out Holes: 5m @ 2.80 g/t From 38m and 6m @ 4.04 g/t From 108m

Atlantic Gold Corp. (TSX VENTURE:AGB) ("Atlantic" or the "Company") is pleased to report assay results received from an additional forty-one holes of the resource definition diamond drilling program being undertaken at its Cochrane Hill Gold Project in Nova Scotia, Canada and completion of phase one of the drill program. With 12,888 m in 89 holes having been drilled to the end of 2016 and all assay results received for the first phase of the program the second phase will commence in February 2017. The second phase drilling will focus on infilling the 400m gap between the completed step out drill holes and the previous drilling and extending the mineralization further west from 2775E. The objective of this diamond drilling program is to bring the resources at the Company's Cochrane Hill deposit to measured and indicated status and thereby adding to the existing life of mine plan at MRC.

Drilling Results:

These additional results continue to define a fairly discrete, tabular, 70° north-dipping zone of continuous disseminated mineralization having a true width of approximately 25m. New assay results from holes CH-16-111 (5m @ 2.80g/t from 38m) and CH-16-117 (6m @ 4.04g/t from 108m and 3m @ 8.03g/t from 170m) on previously reported step-out section (2775E) 400m west of most of the previously reported drilling enhance this shallower-than-expected position and direct potential for western extension. Mineralization also remains open at depth, notwithstanding economic parameters yet to be appropriately applied at the completion of this drilling campaign, and to a modest extent to the east from shallow intersections.

The accompanying cross section and drill progress plan can be viewed here:
http://media3.marketwire.com/docs/Cochrane_Hill_Drill_Plan_Map_and_Sections.pdf

Results subsequent to those previously released are tabulated below. Previous results can be found here: Dec 6, 2016, Jan 3, 2017, and Jan 25, 2017.

The current resource estimate for Cochrane Hill is tabulated below:

The Mineral Resource estimate for Cochrane Hill is quoted at a cut-off grade of 0.5g/t. It has an effective date of August 1, 2014 and was prepared as part of a technical report in accordance with NI 43-101 by Mr. Neil Schofield, a principal of FSSI (Australia) Pty Ltd, released on August 14, 2014 on SEDAR.

Elsewhere, at the Company's Fifteen Mile Stream Gold Project, 62 holes for 5600m have now been completed. The Plenty prospect, which is located 300m south of Fifteen Mile Stream recently released results from eight holes for 944m please see the news release here. High grade intercepts hosted in both the argillites and quartz veins were reported at the Plenty prospect and additional drilling is scheduled to fully assess the potential to establish a mineral resource at Plenty.

Results and updates from these drilling programs will be reported progressively.

Technical Disclosure

All core drilled is assayed. All assays are conducted on 1m whole-sampled pulverized samples of sawn, half NQ core and, where mineralization is expected, assayed by total sample screen fire assay with 2x fines fire assays, and insertion of standards and blind blanks. In the hangingwall and footwall of expected mineralization samples are assayed by 50g charge fire assay with any mineralized samples (generally >0.5g/t), and adjacent samples as appropriate, returned for screen fire assay. Sample preparation and assaying is conducted at the Sudbury and Vancouver laboratories of ALS Canada Ltd, an entity having no other relationship with the Company. Core recovery is estimated for each metre and averages >98%. Standards and blanks assay results are acceptable.

True width of the mineralization is approximately 80% of the down-hole width.

The individual drill hole assay results underlying the mineralized intersections listed in the table above have been verified by detailed checking against the original assays sheets. The lengths and average grades of each intersection have also been checked against the drill hole assay logs.

Wally Bucknell, Director of Exploration to the Company and a Qualified Person as defined by National Instrument 43-101 ("NI 43-101") has reviewed and approved the contents of this news release.

Further updates will be provided in due course.

On behalf of the Board of Directors,

Steven Dean, Chairman and Chief Executive Officer

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.

Forward-Looking Statements:

This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements and information are not historical facts, are made as of the date of this press release, and include, but are not limited to, statements regarding discussions of future plans, guidance, projections, objectives, estimates and forecasts and statements as to management's expectations with respect to, among other things, the activities contemplated in this news release and the timing and receipt of requisite regulatory, and shareholder approvals in respect thereof. Forward-looking statements in this news release include, without limitation, statements related to proposed exploration and development programs, grade and tonnage of material and resource estimates. These forward looking statements involve numerous risks and uncertainties and actual results may vary. Important factors that may cause actual results to vary include without limitation, the timing and receipt of certain approvals, changes in commodity and power prices, changes in interest and currency exchange rates, risks inherent in exploration estimates and results, timing and success, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), changes in development or mining plans due to changes in logistical, technical or other factors, unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications, cost escalation, unavailability of materials, equipment and third party contractors, delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), political risk, social unrest, and changes in general economic conditions or conditions in the financial markets. In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, the assumptions that: (1) market fundamentals will result in sustained gold demand and prices; (2) the receipt of any necessary approvals and consents in connection with the development of any properties; (3) the availability of financing on suitable terms for the development, construction and continued operation of any mineral properties; and (4) sustained commodity prices such that any properties put into operation remain economically viable. Information concerning mineral reserve and mineral resource estimates also may be considered forward-looking statements, as such information constitutes a prediction of what mineralization might be found to be present if and when a project is actually developed. Certain of the risks and assumptions are described in more detail in the Company's audited financial statements and MD&A for the year ended December 31, 2015 and for the quarter ended September 30, 2016 on the SEDAR website at www.sedar.com. The actual results or performance by the Company could differ materially from those expressed in, or implied by, any forward-looking statements relating to those matters. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Except as required by law, the Company is under no obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Contact

Atlantic Gold Corp.
Maryse Belanger
COO
+1 604 689-5564