Altamira Resumes Trenching on the Baldo East Target, Cajueiro Gold Project, Brazil

Previous trenching at Baldo East confirmed the discovery of at least two continuous high-grade gold mineralized structures in the Baldo East target area – the northern most of these two structures Baldo East 1 and the zone immediately south of this, Baldo East 2. Both zones remain open to the east. Results from the most easterly trenches on both structures returned the following results;

• Baldo East 1 - Trench TCBL-29 previously returned 10m @ 1.82 g/t gold and 7m @ 1.79 g/t gold including 1m @ 7.23 g/t gold

• Baldo East 2 is located 200m south of the Baldo East 1 zone. Trench TCBL-28 previously returned 29m @ 3.03 g/t gold including 7m @ 5.42 g/t gold and 4m @ 8.07 g/t gold

The current trenching program at Baldo East area (see map) is aimed at defining the easterly extensions of both the Baldo East 1 and Baldo East 2 zones and identifying other possible parallel zones within the Baldo East area, which was originally identified through a gold-in-soil anomaly. There are some indications of a third structure immediately south of Baldo East 2 (eg. 2m @ 8.30g/t gold in trench TCBL-25).

Figure 1: Altamira Continues Trenching Program to Further Extend its High-Grade Baldo East Zone at the Cajuiero Project, Brazil

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4500/34435_figure1.jpg

Mike Bennett, Altamira’s President & CEO commented, "We are very pleased with the new high-grade discoveries made at Baldo East last year and are optimistic that the two structures identified thus far will continue to the east. Baldo east represents approximately 10% of the area covered by gold-in-soil anomalies within the Cajueiro property package suggesting excellent potential for further discoveries.”

Figure 2: Altamira Completes the First Trench of 2018 to Further Extend its High-Grade Baldo East Zone at the Cajuiero Project, Brazil

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/4500/34435_figure2.jpg

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 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”

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.