Vancouver, British Columbia--(Newsfile Corp. - November 29, 2023) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF) ("Altamira" or the "Company"), is pleased to provide an update on its ongoing exploration program at the Maria Bonita intrusive-hosted gold discovery which forms part of the Cajueiro gold project in the states of Mato Grosso and Para, northern Brazil.

Highlights:

• Following the successful recent raising of C$6M, the company has concluded a ground magnetic survey together with additional soil sampling over the Maria Bonita discovery prior to the commencement of a second round of diamond drilling

• A well-defined ground magnetic low anomaly has been identified measuring 500m N-S by 1000m E-W and is coincident with a very strong 300ppb gold soil anomaly. Prior drilling has shown a pronounced relationship between disseminated gold mineralization and hydrothermal alteration associated with magnetite destruction in the intrusive host rocks. All seven mineralized drillholes to date are located within the magnetic low

• The company plans to commence a second stage of diamond drilling to extend the known intrusive-hosted and disseminated gold mineralization in the near future

CEO Mike Bennett commented; "Our ongoing exploration work at the Maria Bonita discovery has focused on gaining a better understanding of the structural controls on gold mineralization, ahead of a second round of diamond drilling. These recent ground magnetic results define a larger and more accurately defined magnetic low anomaly than previously outlined and confirm the prospectivity, in particular to the south, east and west of the intrusive hosted and disseminated gold mineralization encountered in seven of the nine holes in the initial scout drilling programme. The next round of diamond drilling, which will commence shortly, will be very exciting as we work to determine the size of the Maria Bonita mineralized system".

CAJUEIRO PROJECT

The Maria Bonita target lies within the Cajueiro project, located approximately 75km north-west of the town of Alta Floresta in the state of Mato Grosso in central western Brazil. Maria Bonita is located 7km north-west of the Cajueiro resource, within Para state. It is easily accessible by both paved highway and local well-maintained unsurfaced roads. Cajueiro forms one of three key projects that Altamira controls in the region, the others being Apiacas and Santa Helena (Figure 1).

The Cajueiro project has current 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 515,000 oz in the Inferred Resource category.

Figure 1: Location of the Altamira project areas in Mato Grosso and Para states.

The Maria Bonita discovery is located 7km to the northwest of the central resource area within the Cajueiro Project. This discovery was originally defined by regional soil sampling in an area with no outcrop and no prior hard rock artisanal mining activity. Scout drilling conducted in 2022 in the central part of an open-ended 800m by 800m gold-in-soil anomaly, resulted in the discovery of well-developed disseminated gold mineralization within quartz stockwork vein systems hosted in porphyritic rhyolite intrusive rocks.

Nine initial scout diamond drill holes have been completed at Mara Bonita, with the results of this work released previously (see press releases dated September 7, 2022, November 16, 2022, and January 18, 2023). Of the seven holes completed in the centre of the soil anomaly, five holes returned thick intervals of consistent gold mineralization (~50m downhole) in saprolite and include 69m @ 1g/t gold in MBA005, 50m @ 1.1 g/t gold in MBA004, 55m @ 1.0 g/t gold in MBA002, 50m @ 1.0 g/t gold in MBA001 and 45m @ 1.4 g/t gold in MBA003 (Table 1, Figure 2).

Table 1: Gold mineralization in the scout diamond drilling programme.

Figure 2: Ground magnetics (Total Magnetic Intensity) on 50m spaced north-south lines with surrounding aeromagnetics on 100m spaced north-south lines. Magnetic values are low (blue) to high (red). Gold-in-soil values are shown contoured in parts per billion.

The magnetic low defined by the ground magnetic survey is a lozenge-shaped feature defined by ESE and ENE bounding structures and may represent a dilational structural zone between pronounced regional scale, east-west shears marked by mafic intrusive dykes. The anomalous magnetic zone has dimensions of 1000m east-west by 500m north-south. Weak positive magnetic structures are defined within the overall magnetic low, however these have not been transected in the first round of scout drilling. All seven holes that recorded consistent gold mineralization to date are within the footprint of the magnetic low feature.

A second stage diamond drill programme is expected to commence shortly and will test the lateral and vertical extents of the mineralized intrusive body and further augur drilling is aimed at defining the limits to the mineralized system in the bedrock which remains open to the north, south, east and west.

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 and copper projects within western central Brazil. The Company holds 6 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.

On Behalf of the Board of Directors,

ALTAMIRA GOLD CORP.

"Michael Bennett"

Michael Bennett
President & CEO

Tel: 604.676.5660
Toll-Free:1-833-606-6271
info@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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