Vancouver - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF), ('Altamira' or the 'Company') is pleased to provide an update regarding drilling at the central part of the Mutum target area in the Apiacas Project area, which historically produced an estimated 1 million ounces of placer gold.

The project is located within the Alta Floresta Gold Belt in Northern Mato Grosso, Brazil.

Highlights

Initial diamond drilling at the Mutum target has intersected several zones of disseminated sulphide mineralization associated with shear zones within altered granitic rocks. Thus far, five diamond drill holes totaling 1,003 metres have been completed within the area initially permitted for drilling within the central part of the Mutum target, Apiacas Project

All holes have been drilled to investigate both the chargeability anomalies identified in the IP survey completed in August 2021 and the depth extension of the surface gold mineralization seen in channel samples and artisanal workings which include 12m @ 2.00 g/t gold

An application has been submitted to the local environmental authority, SEMA, to expand the area presently permitted for drilling. The expanded permit area will enable Altamira to both extend the drilling over a further 1.3 kilometers of east-west strike length within the target area and to access priority drill targets in areas where interpreted mineralized structures intersect

Soil sampling over three new areas covering a total of 8,000 hectares, both to the west and the east of the Mutum target has been completed. A total of 3,724 soil samples have been collected over three areas to date and results are expected shortly

Soil sampling, trenching and geological mapping are also being accelerated at the Santa Helena Project to define drill targets with the objective of commencing drilling during Q1 2022

Michael Bennett, President and CEO of Altamira Gold commented 'The initial diamond drill holes at Mutum have intersected broad zones of disseminated sulphide mineralization and we look forward to receiving the geochemical results. At the same time, the environmental applications that are in process will more than double the available area for drill testing to the west. While diamond drilling continues to test the Mutum target, three new target areas within the Apiacas Project have been mapped and soil sampled and will progress to trenching and drilling in the near future. We are also advancing drill targets at the Santa Helena project.'

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

Tel: 604.676.5660

Email: 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.

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