Maiden MRE For Maria Bonita Porphyry Gold Project

VANCOUVER - Altamira Gold Corp. reported on the maiden mineral resource estimate for the Maria Bonita porphyry gold deposit within the Cajueiro Project. Maria Bonita is a separate discovery, located 7km to the west of, and additional to, the Cajueiro Central Mineral Resource (previously reported under NI 43-101).

The maiden open-pit resource consists of total Indicated Resources of 24.19Mt @ 0.46g/t gold (for a total of 357,800oz) and Total Inferred Resources of 25.64Mt @ 0.44g/t gold (for a total of 362,400oz). These resources include near-surface saprolite Indicated Resources of 2,02Mt @ 0.59g/t gold (for a total of 38,000oz) and Inferred Resources of 0.68t @ 0.40g/t gold (for a total of 8,700oz). These resources were calculated using a 0.2 g/t gold cut-off grade. A significant higher grade near-surface resource has also been identified and at a 0.5 g/t gold cut-off comprises Indicated Resources of 7.56Mt @ 0.72g/t gold (176,250oz) and Inferred Resources of 5.18Mt @ 0.92g/t gold (152,940oz).

Mineralization extends to surface and the relative volume of waste to mineralized material within the optimised pit is 0.5:1. The deposit remains open to the west, south and at depth. Maria Bonita is the first of nine porphyry-gold targets that have been identified so far within the Cajueiro district and further drilling will be aimed at both expanding Maria Bonita and initial drill testing of the eight other targets.

CEO, Mike Bennett said, "We are thrilled with the maiden mineral resource estimate for our Maria Bonita project. This is a transformational step forward for the company and, together with the existing resources at Cajueiro, doubles Altamira's Indicated and Inferred resource base. The mineralization at Maria Bonita is notably coherent and regular, with higher grades returned from near surface material. Coupled with our portfolio of nine drill-ready targets within the Cajueiro district, we now have an excellent opportunity to add to these resources through both the expansion of the defined mineral resources at both Maria Bonita and Cajueiro Central, and additional discoveries of porphyry-related mineralization in the district. We will be mobilising a drill rig shortly to continue testing of the extensions to the Maria Bonita mineralization and our district targets. We look forward to the continued delineation of the deposit and unlocking the potential of the other eight targets."