Altamira Gold Provides Drilling Update

Vancouver, British Columbia--(Newsfile Corp. - June 16, 2022) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF) ("Altamira" or the "Company") is pleased to provide an exploration update on its 3 main project areas Cajueiro, Apiacas and Santa Helena covering a surface area of 163,000 hectares in the Alta Floresta Gold Belt in Northern Mato Grosso, Brazil.

Highlights

• Results have been returned on all thirteen of the diamond drill holes completed at the Mutum target on the Apiacas project. Nine of the thirteen holes returned significant intervals of low-grade disseminated gold mineralization including 30.5m @ 0.52g/t gold in DDMUT007 and 62m @ 0.32g/t gold in DDMUT013

• The drill results at Mutum define an east-west trending zone of low grade disseminated gold mineralization of over 2km in strike length, which is open both to the west and east

• Drilling is in progress at the Cajueiro project which hosts an Indicated resource of 5.66Mt @ 1.02 g/t gold (185,000oz) and an Inferred resource of 12.66Mt @ 1.26 g/t gold (515,000oz) for total contained gold of 700,000 oz. The Baldo target is being tested initially where previous trenching returned values including 28m @ 3.0 g/t gold and 7m @ 5.5 g/t gold

• Following the completion of six holes at the Baldo target at Cajueiro, the rig will move to the previously untested Maria Bonita target which is a very strong gold-in-soil anomaly with values in excess of 1g/t gold in soils

• A total of 23 diamond drill holes have been completed at the Santa Helena project where porphyry-style alteration has been identified and results are pending

Michael Bennett, President and CEO of Altamira Gold, commented, "The initial drill results at Mutum (Apiacas) have provided significant encouragement regarding the potential for a large disseminated gold system extending over at least 2km strike length. Whilst we wait for drill results from 23 holes at the Santa Helena Project , the rig is currently testing several highly prospective targets at Cajueiro including the previously untested Maria Bonita gold-in-soil anomaly where gold values in soils exceed 1g/t gold. This is an exciting time for Altamira with more work planned at Mutum (Apiacas), drill results pending on Santa Helena, and drilling in progress at Cajueiro."

Figure 1: Regional Map showing the location of the Apiacas, Santa Helena (drill results pending) and Cajueiro projects. Cajueiro which contains an Indicated resource of 5.66Mt @ 1.02 g/t gold (185,000oz) and an Inferred resource of 12.66Mt @ 1.26 g/t gold (515,000oz) for total contained gold of 700,000 oz.

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Apiacas Project- Mutum target

The Mutum target, located within the Apiacas project (Figure 1), measures approximately 6km by 1km and is the site of former major alluvial workings conducted since 1980 by both organised companies, using scalable dredging, plus artisanal garimpeiro operations that continue to the present day. Approximately 1 million ounces of gold is inferred to have been recovered historically from alluvial and eluvial sources at Mutum. To date there has been only minimal hard-rock (primary) extraction in the area. Primary gold mineralization is poorly exposed, particularly in the large areas of former alluvial workings.

To date, drilling has been confined to 4 environmental permits totaling just 250 hectares within the central zone of the former Mutum alluvial workings. Several highly prospective targets have not yet been accessed and await the grant of further environmental permits.

Altamira has completed 13 diamond drillholes at Mutum (Apiacas) totaling 2,056m. This widely spaced drilling has outlined wide zones of hydrothermal alteration and mineralization within the host rock granites and syenogranites. Nine of the 13 holes intersected significant zones of low-grade gold mineralization (See Table 1) including;

The initial drill results at Mutum define an east-west trending zone of low grade disseminated gold mineralization +2km in strike length (Figure 3), which is open both to the west and east.

Magnetic susceptibility logging of core has confirmed that the alteration is associated with destruction of magnetic minerals (most likely magnetite) in the host intrusives. This results in relative magnetic lows which will be used to more accurately map the trend of alteration zones. A drone magnetometer survey is scheduled to commence during mid-June and is expected to map magnetite depletion in altered intrusive rocks and therefore better define likely trends of hydrothermal alteration associated with gold mineralization.

Figure 2: Schematic cross section showing drill hole DDMUT-0007 in Mutum.

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Figure 3: Apiacas project, Mutum target photos of visible gold in the drill core from hole DMUT0013 at 102.3m depth and hole DMUT0007 at 34,80m depth.

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Figure 4: Apiacas project, Mutum target, drill hole locations with significant results.

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Table 1: Apiacas Project, Mutum target drill results.

Drone magnetometer surveys will be used to map magnetite depletion in altered intrusive rocks so as to better define likely trends of hydrothermal alteration associated with gold mineralization.

Elsewhere within the Apiacas district, extensive soil sampling by Altamira totaling 10,642 samples, has defined new targets for trenching and drilling at the Chaveta, João de Barro, Nelson Rocha and Mutum East prospects. The Chaveta target is of particular interest in showing coherent gold and copper values over an area of approximately 13km², indicating a different style of underlying bedrock mineralization to that tested to date at Mutum. These targets will be progressed to drill testing during Q3 2022.

Cajueiro Project

A limited number of diamond drill holes are currently being drilled at Cajueiro (Figure 1) to test potential extensions of the current resource. The Cajueiro gold project currently hosts an Indicated resource of 5.66Mt @ 1.02 g/t gold (185,000oz) and an Inferred resource of 12.66Mt @ 1.26 g/t gold (515,000oz) for total contained gold of 700,000 oz.

Figure 5: Map showing Cajueiro project area and distribution of placer gold workings, gold-in-soil anomalies and area of current resources.

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The majority of the planned holes will be the first drill tests on previously identified trench intercepts as listed in Table 2.

Table 2: Surface trench results at the Cajueiro project from zones which are now being drill tested.

These mineralized zones form part of the existing mineral resource from surface to approximately 50m depth. The current drilling aims to test the continuation of this mineralization at depth and thus, potentially extend the current resource blocks associated with the surface intercepts.

Following the completion of this drill programme, the rig will move to the previously untested Maria Bonita target (Figure 4). Trenching is currently underway at Maria Bonita where previous soil sampling defined an open-ended soil anomaly of 700 by 600m with coherent gold values over 150ppb and peak values in soils of +1g/t Au. The trenching will assist with characterising the style of mineralization and the controlling structures and is expected to aid drillhole orientation.

Figure 6: Gold-in-soil anomaly at Maria Bonita target at Cajueiro showing planned trench locations.

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Santa Helena Project

A total of 23 diamond drillholes totalling 3631.9m have been completed at Santa Helena (Figure 1). Drilling has largely focused on vein-style Au (Cu) occurrences associated with historic garimpo workings. This follows the recent identification of porphyry-style alteration in the three initial diamond drill holes STH-001to STH-003 (see press release 1^st December 2021).

The main copper-in-soil anomaly has been further defined by more detailed soil sampling, confirming a target measuring 1000 by 650m with Cu values in soil up to 448ppm (see Figure 5), and remains untested. An IP survey will shortly commence over the main copper-in-soil anomaly prior to defining targets for drill testing in H2 2022.

Results from all 23 initial diamond drill holes at Santa Helena are pending.

Figure 7: Santa Helena copper-in-soil anomaly with planned IP survey lines.

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Qualified Person

Guillermo Hughes, FAIG and MAusIMM., 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.

Neither the 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.

About Altamira Gold Corp.

The Company is focused on the exploration and development of gold projects within western central Brazil. The Company holds 8 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

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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