Altamira drills 1.38 g/t gold 45 metres at Cajueiro, Brazil

Altamira Gold Corp. [ALTA-TSXV; EQTRF-OTC; T6UP-FSE] reported assay results from two additional diamond drill holes (MBA003 and MBA004) which were recently completed at the Maria Bonita target, which forms part of the 100%-owned Cajueiro project located in Para state, Brazil.

Highlights included drillhole MBA003 that returned 45 metres of 1.4 g/t gold from surface in a strongly altered porphyritic intrusive host rock, crosscut by several phases of quartz veining.

Drillhole MBA004 intersected 50 metres of 1.1 g/t gold from surface in a similar lithology to that of MBA003. Drillholes MBA003 and MBA004 returned results similar to the first two drillholes (MBA001 and MBA002) at Maria Bonita which previously returned 50 metres of 1 g/t gold and 55 metres of 1g/t gold respectively. Gold values in both of the new holes are also very consistent with peak values of 2.7 and 2.1 g/t gold for holes MBA003 and MBA004 respectively.

The Maria Bonita soil anomaly is 800 x 800 metres (open) in size and has not been previously drill tested. All four initial drillholes have now returned thick intervals in the order of 50 metres from surface with average gold grades of approximately 1 g/t.

CEO Mike Bennett commented: “These new results from holes 3 and 4 at Maria Bonita confirm the significant gold grades encountered in the first two drill holes, and support our belief that Maria Bonita represents a significant discovery for the Company. The quartz stockwork style of gold mineralization in porphyritic rocks, together with the size of the gold-in-soil anomaly (800 x 800m), is indicative of a significant mineralized system which is open in all directions. Given the consistency and continuity of mineralization found in the first four holes, we have commissioned preliminary metallurgical characterisation tests on mineralized core samples. The results of an additional five initial drill holes which were recently completed at Maria Bonita are awaited.”

The Cajueiro project is located approximately 75 km NW of the town of Alta Floresta in the state of Mato Grosso 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.

The Cajueiro project has current NI 43-101 resources of 5.66Mt of 1.02 g/t gold for a total of 185,000 oz in the Indicated Resource category and 12.66Mt of 1.26 g/t gold for a total of 515,000 oz in the Inferred Resource category.

Several strong, but as yet, untested gold-in-soil anomalies occur within a short radius of the Cajueiro resource area and include Maria Bonita, Sossego and Novo Sonho. Maria Bonita is the strongest of these peripheral gold-in-soil anomalies and is open to the west, with the current footprint of the geochemical anomaly covering an area comparable in size to the entire Cajueiro mineral resource area.

In view of the excellent drill results thus far, the company has sent samples for metallurgical test work.

Altamira announces that it has granted 250,000 stock options to a consultant of the company. The stock options are exercisable for a term of 5 years at an exercise price of C$0.18 per common share under the terms of the Company’s Stock Option Plan.

Altamira Gold has 8 projects comprising approximately 190,000 hectares, within the prolific Juruena gold belt which historically produced an estimated 7 to 10Moz of placer gold.

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