Altamira Announces Closing of Final Tranche of Oversubscribed $1,742,408 Non-Brokered Private Placement

Vancouver, British Columbia--(Newsfile Corp. - March 16, 2020) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF), ("Altamira" or the "Company") is pleased to announce that it has closed the second and final tranche of the non-brokered private placement announced on February 28, 2020 and January 16, 2020. The originally announced $1,000,000 total financing was oversubscribed and the company increased the offering to $1,742,408 to accommodate additional subscribers.

The Company has issued an additional 8,013,578 units ("Units") at a price of $0.06 per Unit for gross proceeds of $480,815. Along with the initial tranche, Altamira has now raised total gross proceeds of $1,742,408.

Each Unit is comprised of one common share and one non-transferable share purchase warrant exercisable at $0.10 per warrant share for a period of two years from the issue date. In the event that the common shares of the Company trade at a closing price greater than $0.25 per share for a period of 10 consecutive days, then the Company may deliver a notice to the warrant holders that they must exercise their warrants within the next 30 days or the warrants will expire.

In connection with this tranche of the Private Placement, the Company will pay an aggregate cash finder's fee of $3,570 and will issue an aggregate of 59,500 share purchase warrants ("Finder's Warrants") to certain finders in connection with the Private Placement. Each Finder's Warrant entitles the holder to purchase one common share of the Company at a purchase price of $0.10 for a period of two years following closing of the Private Placement.

All the securities will be subject to a four-month hold period from the date of closing. Altamira intends to use the net proceeds for its exploration program on the Company's mineral properties in Brazil, and for general working capital purposes.

About Altamira Gold Corp.

The Company is focused on the exploration and development of gold projects within western central Brazil. The Company holds 11 projects comprising approximately 300,000 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 NI 43-101 resources of 5.66Mt @ 1.02 g/t gold for a total of 185,000oz in the Indicated Resource category and 12.66Mt @ 1.26 g/t gold for a total of 515,000oz in the Inferred Resource category.

On Behalf of the Board of Directors,

ALTAMIRA GOLD CORP.

"Michael Bennett"

Michael Bennett
President & CEO

Tel: 604.676.5660
info@altamiragold.com

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.

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