Altiplano Announces Expansion Initiated with Rise in Copper-Gold Tonnes Extracted, Grade and Revenue Increased

Edmonton, Alberta--(Newsfile Corp. - June 16, 2020) - Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to report strong results from the ongoing bulk sampling program from the historic Farellon Copper-Gold (Cu-Au) mine located near La Serena, Chile.

Farellon is a high-grade Iron-Oxide-Copper-Gold system with a 5,000 t/m license and permit. Altiplano has been conducting and ongoing underground bulk sampling program where the company has extracted approximately 1.7 m pounds of copper with an average grade achieved of 1.78%. Cost reductions and grade control at Farellon have generate 6 quarters of positive cash flow. Altiplano began an approximately 100 m decline extension in March to access new mineralized copper-gold zones at the 382 m which was completed in late April.

During May 2020, the Company extracted 3,440 tonnes of mineralized Cu/Au material at Farellon and processed 2,405 tonnes at an average grade of 2.46 % Cu receiving US$205,000 in sales. These numbers compare to the April output of 2,362 tonnes extracted and 2,257 tonnes processed and sold generating US$109,463 in revenue. The April copper grade is reported at 1.69%, lower than the global average of 1.78% copper (since October 2018), as the Company focused on expanding the Hugo decline while recovering lower grade material in stopes above. May's higher grade is a reflection of improved grades observed at the 382 m level. To date, the Hugo decline extension totals 476 m, including 98 m of expansion that began in March 2020 to reach the 382 m level.

CEO Alastair McIntyre commented, "We are pleased to see increasing revenue from improved grade and increased output efficiencies at Farellon during the month of May. Operations have benefited from equipment upgrades and access to new mineralized zones at the 382 m level where we are seeing copper grades in excess of 3% in the NW - SE trending drifts. These grades are correlating with our earlier drill program where intercepts assayed 3.55% copper over 14.4 m." In addition, the Company reports that new expansion is currently underway to access the 389 m drift level. This additional level will provide the opportunity to extract material from four working faces thus increasing the bulk sample capacity and adding additional controls on dilution. McIntyre further comments, "Altiplano's goal at Farellon is to create a sustainable operation capable of generating cashflows supportive of expansion, further development and profitability. Our work to date, supported by improving grades and increasing revenue, is working to achieve this goal."

COVID-19 Update: Altiplano continues to follow the COVID-19 guidance issued by the Federal and Provincial Governments of Canada and Chile to ensure the health and safety of our employees, contractors, visitors and the local community, remains a top priority. Mine site safety and hygiene protocols (such as: disinfection points for hand washing and supply of face masks) are in place to keep employees and stakeholders safe and to limit any community or site spread.

Figure 1: Jumbo accessing 382 m level

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About Altiplano

Altiplano Metals Inc. (TSXV: APN) is a mineral exploration company focused on evaluating and acquiring projects with significant potential for advancement from discovery through to production, in Canada and abroad. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value. Additional information concerning Altiplano can be found on its website at www.apnmetals.com.

Altiplano is part of the Metals Group portfolio of companies. Metals Group is an award-winning team of professionals who stand for technical excellence, painstaking project selection, uncompromising corporate governance and a unique ability to pan through the rubble to discover and develop golden opportunities. www.metalsgroup.com

ON BEHALF OF THE BOARD

/s/ "John Williamson"
Chairman

For further information, please contact:
Jeremy Yaseniuk, Director
jeremyy@apnmetals.com
Tel: (604) 773-1467

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.

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.

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