Altamira Gold Adds Second Diamond Drill Rig at Maria Bonita Discovery, Cajueiro Project, Brazil

Vancouver, British Columbia--(Newsfile Corp. - January 16, 2024) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF), ("Altamira" or the "Company") is pleased to provide an update on its ongoing second stage diamond drilling programme at the Maria Bonita gold discovery at its Cajueiro project located in the states of Mato Grosso and Para, Brazil.

Highlights:

• Drilling has re-started at the Maria Bonita project following the year-end break. Drill hole MBA0010 is currently at a depth of 228 metres.

• A second diamond drill rig has been contracted and is currently mobilising to the project site.

• The initial drill programme will consist of approximately 5000 metres in 27 drill holes and is designed to test the lateral and vertical extensions of the intrusive-hosted disseminated gold mineralization intersected in the seven initial reconnaissance holes drilled during 2023.

CEO Mike Bennett commented; "This is a very exciting time for Altamira and its shareholders. We have mobilised a second diamond drill rig to Maria Bonita in order to accelerate definition of the size of the intrusive-hosted mineralization discovered during 2023. Drill hole samples are in the laboratory awaiting assays. Further samples will be despatched on completion of each drill hole."

CAJUEIRO PROJECT

The Maria Bonita target forms part of the Cajueiro project which is located approximately 75km NW of the town of Alta Floresta in the state of Mato Grosso (Figure 1) in central western Brazil. The project is easily accessible by road and has grid power and local water supply. Cajueiro is one of three key projects that Altamira controls in the region, the other two being Apiacas and Santa Helena (Figure1).

The Maria Bonita target is located 7km to the west of the Company's NI 43-101 Mineral Resource at Cajueiro which currently comprises 5.66Mt @ 1.02 g/t gold for a total of 185,000 oz in the Indicated Resource category and 12.66Mt @ 1.26 g/t gold for a total of 515,000oz in the Inferred Resource category.

Initial diamond drilling in 2023 at Maria Bonita revealed consistent gold-mineralised intervals in seven of the nine initial scout diamond drill holes, including 69m @ 1g/t in MBA005, 50m @ 1.1 g/t gold in MBA004, 55m @ 1.0 g/t gold in MBA002, 50m @ 1.0 g/t gold in MBA001 and 45m @ 1.4 g/t gold in MBA003 (Figure 2). Disseminated gold mineralization in the initial discovery holes is hosted within rhyolitic intrusive rocks. Importantly, although there is no outcrop in the discovery area, the mineralization is present from surface over most of the known mineralized zone to date.

Following the year-end break, drilling has now re-commenced and a second diamond drill rig has been added. A total of approximately 3000 metres in 20 drill holes are planned with the objective of defining a maiden resource following completion of this drill program.

Figure 1: Location of the Santa Helena, Apiacas and Cajueiro projects.

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Figure 2: Planned diamond drill holes at Maria Bonita showing drill hole MBA 0010 (in progress). The background shows combined Total Magnetic Intensity (TMI) ground magnetics (50m line spacing). The central, original discovery drill holes (MBA001-7) are highlighted within the core of the magnetic feature. Holes MBA008 & 009, which did not return significant gold, are located to the north-east of the lozenge shaped magnetic feature.

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With two drill rigs in operation, a steady flow of results is expected over the next several months.

Qualified Person

Guillermo Hughes, FAIG and M AusIMM., 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.

About Altamira Gold Corp.

The Company is focused on the exploration and development of gold and copper projects within western central Brazil. The Company holds 6 projects comprising approximately 190,000 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 185,000 oz 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

Toll-Free:1-833-606-6271
info@altamiragold.com
www.altamiragold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The securities described herein have not been registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the U.S. Securities Act and any applicable state securities laws.

Forward-looking Statements

Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the extension of the Warrants. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will", "intends" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including the receipt of all necessary regulatory approvals. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws.

Notes

Gold analysis has been conducted by SGS method FAA505 (fire assay of 50g charge), with higher grade samples checked by FAA525. Analytical quality is monitored by certified references and blanks. Until dispatch, samples are stored under the supervision the Company's exploration office. The samples are couriered to the assay laboratory using a commercial contractor. Pulps are returned to the Company and archived. Drill holes results are quoted as down-hole length weighted intersections.

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