Mr. Alan Carter reports

ALTAMIRA GOLD CORP. REPORTS TRENCH RESULTS OF 6M AT 21.74G/T GOLD AT THE NEW BALDO EAST ZONE, CAJUEIRO PROJECT, BRAZIL

Altamira Gold Corp. has provided additional results from the continuing drilling and trenching program at the Cajueiro project located in western Brazil, which is designed to further expand on the discoveries recently announced at the Baldo East and Toninho targets. Highlights are as follows.

• Results from trench TCBL-20 include six metres at 21.74 grams per tonne (g/t) gold, including three metres at 43.02 g/t. This is the westernmost trench completed to date at Baldo East.
• Results from trench TCBL-19, which is currently the easternmost trench on the Baldo East zone, include one metre at 13.33 g/t gold and nine metres at 1.84 g/t gold.
• The strike length of the Baldo East zone has more than doubled to 570 metres in an east-west direction having been identified in five adjacent trenches. Recent trench results at Baldo East include three metres at 6.54 g/t, including one metre at 17.54 g/t; three metres at 5.83 g/t, including one metre at 16.24 g/t; and one metre at 9.15 g/t gold. The zone remains open both to the east and west.
• Ten diamond drill holes have been completed thus far at Cajueiro as part of this drill program with results pending. The program of mechanical trenching is continuing with 2,716 metres completed thus far.

In terms of drilling at Cajueiro, 10 diamond drill holes have been completed thus far during this campaign in three new target areas, and results are currently pending. It is anticipated that the drill rig will move to the Crepori project, which has not been previously drill tested, during late August, to allow for receipt of all the drill results from Cajuiero.

Baldo East

Surface rock samples from the Baldo East area range from 3.4 to 118.4 g/t gold. Thus far, the new Baldo East zone has been identified in five trenches, three of which were reported on previously (see press release dated Aug. 1, 2017) and included one metre at 3.49 g/t plus three metres at 6.54 g/t, including one metre at 17.54 g/t, plus six metres at 2.26 g/t in trench 10; three metres at 5.83 g/t gold, including one metre at 16.24 g/t, in trench 13; and one metre at 9.15 g/t plus nine metres at 1.19 g/t in trench 18.

Two new trenches were developed on either side of the existing trenches. Trench 20 was developed 100 metres west of trench 10 and returned six metres at 21.74 g/t gold, including three metres at 43.02 g/t. The zone remains open to the west. Trench 19 was developed 100 metres east of trench 18 and returned one metre at 13.33 g/t gold and nine metres at 1.84 g/t gold. The zone remains open to the east and has now been traced for 570 metres along strike, more than doubling the over-250-metre strike length inferred from the previous press release.

Results are currently pending on four diamond drill holes, which are designed to test the vertical extent of the Baldo East zone.

Toninho

Three additional trenches have been developed at Toninho along with three additional diamond drill holes and results are pending.

Future plans

The drill rig will now move to the Crepori project located 280 kilometres north of Cajuiero in an area of extensive historical placer gold workings. This will allow for receipt of drill results on the initial 10 diamond drill holes at Cajuiero. Crepori has never been previously drill tested and has returned surface gold values from outcropping high-grade veins up to 1,022 g/t gold.

Other

The company has also entered into agreements to settle an aggregate amount of $42,500 in fees owed to certain arm's-length creditors of the company. The debt will be settled through the issuance of 236,111 common shares of the company at a deemed price of 18 cents per share. The issuance of the shares in connection with the debt settlement is subject to the approval of the TSX Venture Exchange and subject to a four-month hold period.

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 seven million to 10 million ounces of placer gold.

Guillermo Hughes, PGeo, 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.

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