September 14, 2017 – Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (USA: EQTRF), (“Altamira” or the “Company”) is pleased to announce the commencement of diamond drilling at the Crepori project in southern Para state, Brazil, and the appointment of Michael Bennett as President & CEO of the Company.
Commencement of Crepori drilling
Drilling has commenced at the Crepori project in southern Para state. Historic placer gold workings at Crepori are extensive and cover an area of several square kilometres making it one of the largest placer gold camps in the northern Brazil. Estimated historic gold production from the placer workings is in excess of 0.5Moz.
The project has never been previously drilled. Reconnaissance work by Altamira has identified outcropping high grade vein mineralization in at least six different areas at Crepori including Ze Milton, Raimundo, Ze do Bode, Filão do Boiadeiro, Filão do Parente and Filão do Ouro which will all be tested as part of this first phase drill program and is expected to comprise 6-7 holes totaling a maximum of 1000m. Earlier work by Altamira returned gold values from surface samples ranging up to 1023g/t gold and results are currently pending on a number of additional surface samples which will be used to further refine drill targets.
The Company also wishes to announce that Mike Bennett has assumed the position of President and CEO of the Company replacing Alan Carter, who will move to the position of Chairman of the Company and will remain a director.
Mike Bennett is both a geologist and a Board member of Altamira. He is also Altamira’s largest shareholder, as well as a founder of Alta Floresta Gold Ltd., the private company that was acquired by Altamira (formerly Equitas Resources Ltd) in April 2016 (see press release dated 27th April 2016).
Mike was most recently General Manager for Meridian Mining Ltd. in Brazil, and brings over 30 years mining experience (including 12 years in Brazil) to the role of President and CEO. He is directly responsible for the discovery of the Puquio Norte gold deposit in Bolivia (now mined out), the Coringa gold deposit in Brazil (currently being developed by Anfield Gold) and the Cajueiro deposit, which is Altamira’s key asset. Mike has worked as a Vice President Exploration, Country Manager and Chief Geologist for several different companies and has also held senior government roles in South America as mayor of Porongo, Bolivia, President of the Municipal Association of Bolivia and President of the Chamber of Mines in Santa Cruz.
Commenting on these changes, Michael Bennett (President & CEO) said “I am delighted to assume the position of President and CEO of Altamira Gold. During the last few months we have successfully completed a corporate restructuring, raised $2.9M through several non-brokered private placements, discovered two new zones on our key Cajueiro project and have commenced drilling on our Crepori project. These developments, together with our track record of discovery in South America, as well as our local expertise, puts Altamira in a class all by itself in Brazil, and with drills turning, the Company is very well placed to create significant value for shareholders”.
The Company also announces that the TSX Venture Exchange has accepted for filing the Company’s proposal to issue 236,111 common shares (“Shares”) at a deemed price of $0.18 per Share to settle outstanding debts totaling $42,500.
The securities issued pursuant to the shares for debt settlement will be subject to a four month plus one day hold period expiring on 13th January 2018 in accordance with the policies of the TSX Venture Exchange and applicable securities law.
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 compliant resources of 8.64Mt @ 0.77 g/t Au (for 214,000oz) in the Indicated Resource category and 9.53Mt @ 0.66 g/t Au (for 282,000oz) in the Inferred Resource category and an additional 1.37Mt @ 1.78 g/t Au in oxides (for 78,400oz in saprolite) in the Inferred Resource category.
On Behalf of the Board of Directors,
ALTAMIRA GOLD CORP.
President & CEO
Guillermo Hughes, P. Geo., 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.
With certain debts owing to management and certain directors of the Company being settled pursuant to the Debt Settlement, their participation in the Debt Settlement will be considered to be a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and Policy 5.9 – Protection of Minority Security Holders in Special Transactions of the TSX Venture Exchange. The Company is relying on an exemption available from the formal valuation and minority shareholder approval requirements under Section 5.5(a) and 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.
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.
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.