Altamira Gold Corp. announces commencement of drilling at Crepori project, Brazil, and management changes
www.altamiragold.com | TSXV: ALTA
1500 - 409 Granville Street, Vancouver, BC V6C 1T2
TEL +1 604 676 5660
Altamira Gold Corp. announces commencement of drilling
at Crepori project, Brazil, and management changes
September 14, 2017 – Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (USA: EQTRF),
(“Altamira” or the “Company”) is pleased to announce the co mmencement of diamond drilling
at the Crepori project in southe rn 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 l east six different areas at Crepori including Ze
Milton, Raimundo, Ze do Bode, Filão do Boiadeir o, Filão do Parente and Filão do Ouro which
will all be tested as part of this first phase dr ill program and is expected to comprise 6-7 holes
totaling a maximum of 1000m. Ea rlier work by Altamira return ed 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.
Management Changes
The Company also wishes to announce that Mike Bennett has assumed th e 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 an d a Board member of Altamira. He is also Altamira’s largest
shareholder, as well as a founder of Alta Flor esta Gold Ltd., the private company that was
acquired by Altamira (formerly Equitas Resources Ltd) in April 2016 (s ee press release dated
27th April 2016).
Mike was most recently Genera l Manager for Meridian Mining Ltd., 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 Nort e gold deposit in Bolivia (now mined out), the
Coringa gold deposit in Brazil (currently bein g developed by An field Gold) and the Cajueiro
deposit, which is Altamira’s ke y 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 (Pre sident & 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 restructurin g, 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”.
Other
The Company also announces that the TSX Ve nture 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 13 th 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 projec ts comprising approximately 200,000 hectares,
within the prolific Juruena gold belt which hist orically produced an es timated 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 cate gory 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.
“Michael Bennett”
Michael Bennett
President & CEO
Tel: 604.676.5660
Guillermo Hughes, P. Geo., a consultant to the Com pany 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 Se ttlement will be considered to be a “related party
transaction” within the meaning of Multilateral Inst rument 61-101 - Protection of Minority Security
Holders in Special Transactions (“MI 61-101”) and Poli cy 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 sharehold er 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 Pr ovider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Statements in this document which are not purely hi storical are forward-looking statements, including
any statements regarding beliefs, plans , expectations or intentions regardi ng the future. It is important to
note that actual outcomes and the Company’s actual resu lts 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.