Mr. Mike Bennett reports

ALTAMIRA CLARIFIES SAMPLING RESULTS AT CREPORI AND PROVIDES UPDATE ON DRILL PROGRAM

At the request of the Investment Industry Regulatory Organization of Canada (IIROC), Altamira Gold Corp. has clarified certain disclosure in its Sept. 26, 2017, news release. The high-grade samples disclosed are grab samples; grab samples are selective samples and are not representative of the mineralization hosted on the property, which was previously extensively worked for placer gold by artisanal miners. The current drilling program is aimed at identifying the source of this placer gold.

Of the 115 surface grab samples recently collected at Crepori, 56 samples were of saprolite or weathered bedrock, with the remainder comprising rock samples. The surface grab samples were collected mainly from four zones: Filao do Milton (24 samples), Ze de Ouro (10 samples), Filao de Parente/Boiadeiro (33 samples) and Raimundo (24 samples). Samples were collected from both outcropping veins and surrounding wall rock and range from below the analytical method detection limit (five parts per billion) to 148.2 grams per tonne gold. Of the 115 samples collected, nine returned values above five grams per tonne gold, eight returned values of one gram per tonne to five grams per tonne gold, 26 returned values of 0.1 gram per tonne to one gram per tonne gold and the remaining 72 samples returned values of less than 0.1 gram per tonne gold. All of the samples that returned values above one gram per tonne gold were rock samples.

The company follows industry-standard procedures with a quality assurance/quality control (QA/QC) program. Blank, duplicate and standard samples were inserted in each batch of samples. Sample preparation and analysis was done at SGS Geosol in Vespasiano, Minas Gerais state, Brazil. Analysis is performed by fire assay with 50-gram fusion and atomic absorption spectroscopy.

Altamira has completed two diamond drill holes thus far at the Crepori project, which has never been subject to any prior drill program. Holes at the Filao do Milton and Raimundo targets have been completed, and the drill is currently testing the Ze de Bode target.

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 that historically produced an estimated seven million to 10 million ounces of placer gold. The company's advanced Cajueiro project has a National Instrument 43-101-compliant resources of 8.64 million tonnes of 0.78 gram per tonne gold (for 214,000 ounces) in the indicated resource category and 9.53 million tonnes of 0.66 gram per tonne gold (for 204,000 ounces) in the inferred resource category as well as an additional 1.37 million tonnes of 1.61 grams per tonne gold in oxides (for 79,000 ounces in saprolite) in the inferred resource category.

Guillermo Hughes, PGeo, a consultant to the company as well as a qualified person as defined by NI 43-101, supervised the preparation of the technical information in this news release.

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