Altamira Announces Closing of Oversubscribed Non-Brokered Private Placement

Vancouver, British Columbia--(Newsfile Corp. - May 15, 2019) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF) ("Altamira" or the "Company") is pleased to announce that it has closed the non-brokered private placement announced on March 26, 2019 and May 10, 2019.

The Company has issued 10,479,400 units ("Units") at a price of $0.10 per Unit (the "Issue Price") for gross proceeds of $1,047,940. Each Unit is comprised of one common share and one non-transferable share purchase warrant exercisable at $0.15 per warrant share for a period of two years from the issue date. A finder's fee was paid to Canaccord Genuity Wealth Management (USA) Inc. of $700 and 7,000 finders warrants exercisable at $0.15 per warrant share for a period of two years from the issue date.

Insiders of the Company subscribed for 1,072,800 Units of the Offering. Each insider's subscription will be considered to be a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 ("MI 61-101"). The Company intends to rely on an exemption available from the formal valuation requirements under Section 5.5(a) of MI 61-101 and an exemption available from minority approval requirements under Section 5.7(a) of MI 61-101 on the basis that the fair market value of the transactions with the insiders do not exceed 25% of the Company's market capitalization.

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 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 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 (Gustavson Associates, 2016).

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 its 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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