Altamira Announces Oversubscription of Private Placement

Vancouver, British Columbia--(Newsfile Corp. - May 10, 2019) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF), ("Altamira" or the "Company") announces that, further to its press release dated March 26, 2019, its previously announced private placement has been oversubscribed. The Company now proposes to issue 10,479,400 units ("Units") at a price of $0.10 per Unit 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.

All the securities will be subject to a four-month hold period from the date of closing. The private placement is subject to the approval of the TSX Venture Exchange. Altamira intends to use the net proceeds for its exploration program on the Company's mineral properties in Brazil, and or 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 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 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
Toll-Free: 1-833-606-6271
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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