Altamira Gold Corp. announces commencement of trenching program at Cajueiro Project, Brazil
www.altamiragold.com | TSXV: ALTA
1500 - 409 Granville Street, Vancouver, BC V6C 1T2
TEL +1 604 676 5660
Altamira Gold Corp. announces commencement of trenching program
at Cajueiro Project, Brazil
May 29, 2017 – Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (USA: EQTRF) ,
formerly Equitas Resources Corp. (“Altamira” or the “Company”) is pleased to announce that it
has commenced a program of trenching on several gold- in-soil geochemical anomalies at the
Cajueiro project in advance of drilling. A total of 610m from a planned trenching program of
1200m has already been completed and is aimed at better defining drill targets in advance of the
planned drill program.
The principal objective of the mechanical trenching program at Caju eiro is to identify the source
of the as yet untested gold-in-soil anomalies, most of which are currently unexplained. The
Baldo East area, which is outside the current resource is of particular interest, since grab samples
from exposed structures on surface (20 samples) previously returned values of 3.4 – 118.4g/t
gold (see map – Figure 1 view map on website )
FIGURE 1 - MAP OF CAJUEIRO PROJECT
Thus far, the bulk of the previous drilling at Cajuiero was directed towards the Crente and Baldo
target areas which together comprise the bulk of the existing resource which comprises 8.64Mt
@ 0.77 g/t Au (for 214,000oz) in the Indicated Resource category and 9.53Mt @ 0.66 g/t Au (for
Baldo East
282,000oz) in the Inferred Resource category with an additional 1.37Mt @ 1.78 g/t Au in oxides
(for 78,400oz in saprolite) in the Inferred Resource category.
A total of ten gold-in-soil anomalies have been identified thus f ar at Cajueiro of which four have
only been partially tested. Several previously unrecognised structures have already been mapped
at Crente as a result of the current trenching program ( see Photo – Figure 2 view trench photo on
website) and samples have been sent for gold assay to SGS Geosol in Belo Horizonte.
FIGURE 2 –CURRENT TRENCHING AT CAJUIERO
The Company is also pleased to announce that it has selected a drill contractor to complete the
planned drill program at Cajuiero which is expected to commence using two rigs during early
June 2017.
The Company also announces that it has entered into agre ements to settle a n aggregate amount
of $97,629 in fees owed to certain arm's length and non- arm's length creditors of the Company
(the “Debt Settlement”). A portion of the debt will be settled through the issuance of 175,718
common shares of the Company ( the “Shares”) at a deemed price of $ 0.18 per Share, of which
133,333 shares will be issued to a non-arm’s length creditor.
The issuance of the Shares in connection with the Debt Settlement is subject to the approval of
the TSX Venture Exchange and subject to a four-month hold period.
About Altamira Gold Corp.
The Company is focused on the exploration and development of gold deposits within western
central Brazil. The Company holds 12 projects comprising approximately 200,000 hectares,
within the prol ific Juruena gold belt which historically produced an estimated 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 category 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.
“Alan Carter”
Alan Carter
President & CEO
Tel: 604.676.5660
Everett Makela, P. Geo., 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.
With certain debts owing to management and certain directors of the Company being settled pursuant to
the Debt Settlement, their participation in the Debt Settlement wi ll be considered to be a “related party
transaction” within the meaning of Multilateral Instrument 61- 101 - Protection of Minority Security
Holders in Special Transactions (“MI 61-101”) and Policy 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 shareholder 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 Provider (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 historical are forward -looking statements, including
any statements regarding beliefs, plans, expectations or intentions regarding th e 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.