Vancouver, British Columbia - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF) ('Altamira' or the 'Company') is pleased to announce that it has received assay results from the first two diamond drill holes completed at the previously untested Maria Bonita target which forms part of the Cajueiro project in Para state, Brazil.

Highlights:

Hole MBA001 returned 50m @ 1 g/t gold from surface in a strongly altered felsic porphyritic intrusive host rock, crosscut by several phases of quartz veining indicative of an underlying porphyry intrusive system. Gold values range from 0.14 to 2.4 g/t gold

The remainder of the hole MBA001 contained consistent gold mineralization returning 71.4m @ 0.3 g/t gold from 50-121.4m. All samples contained gold above the detection limit indicating a very pervasive mineralizing event

MBA002 was drilled 80m to the SSW of MBA001 and intersected 69.5m @ 0.9 g/t gold from surface, including 55m @ 1 g/t gold. Gold values are very consistent ranging from 0.2 - 2.2 g/t. The hole cut a second interval of 25m @ 0.7 g/t gold from 110m depth and ended in mineralization at 135m depth

The gold-in-soil anomaly at Maria Bonita is 800 x 800m in size and open in several directions and is coincident with an aeromagnetic feature which extends up to 1.2km east-west, bounded on three sides by linear features, interpreted as faults

CEO Mike Bennett commented; 'These initial results on the first two diamond drill holes at the previously untested Maria Bonita suggest that we have made a significant new gold discovery at our Cajueiro project located within the Alta Floresta Belt. The intense quartz stockwork veining observed in the first two holes is unlike any other style of mineralization thus far encountered in the Cajueiro area. This style of gold mineralization, together with the size of the gold-in-soil anomaly (800 x 800m), suggest that Maria Bonita may have significant bulk-tonnage potential. We look forward to receiving the results on the other seven reconnaissance drill holes at this exciting new gold discovery, as we work to determine the size of the mineralized system.'

CAJUEIRO PROJECT

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

The porphyritic nature of the host intrusive rock and the intensity of the quartz vein stockworking suggests that Maria Bonita represents a previously unrecognised gold porphyry system. Unlike the mineralized structures at the nearby Cajueiro deposit, gold mineralization is not restricted to narrow structures and is pervasive over broad intervals from surface suggesting that Maria Bonita represents a significant new discovery with bulk tonnage potential.

A total of nine initial reconnaissance diamond drill holes have now been completed at Maria Bonita. Results are pending on seven of these holes. On the basis of the initial two diamond drill holes further drilling will be required in order to determine the size of this new mineralized system. A plan for follow-up drilling will be submitted for Board approval once all of the results on the initial nine reconnaissance diamond-drill holes have been received.

Santa Helena Project

A total of 23 diamond drillholes totalling 3631.9m have been completed at Santa Helena. 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 1st December 2021).

Results from all 23 initial diamond drill holes at Santa Helena are expected by early Q4 2022.

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.

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.

Contact:

Michael Bennett

President & CEO

Tel: 604.676.5660

Toll-Free:1-833-606-6271

E: info@altamiragold.com

WEB: 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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