Altamira Gold Completes New Trenching Program at Baldo and Matrincha Targets in the Cajueiro Project, Brazil

Vancouver, July 17, 2018 - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF), ("Altamira" or the "Company") is pleased to announce that it has completed the first phase of the 2018 trenching campaign in the Baldo target area within the Cajueiro project located in the north of the Alta Floresta Belt, in the states of Mato Grosso and Para, Brazil. Seven new trenches were excavated in the Baldo and Matrincha target areas covering a total strike length of 1,218 meters. Three of the trenches were excavated to investigate the eastern extensions of both the Baldo 1 and Baldo 2 mineralized structures in the northern part of the Baldo target and a further three were excavated in the southern part of the Baldo target to investigate the source of high-grade gold in grab samples. The final trench was excavated in the adjacent Matrincha target to the south of the Baldo area.

Highlights are as follows:

• Trench TCBL 32 was excavated along the eastern extension of the Baldo 1 structure, some 200 meters east of trench TCBL- 29 which returned 10m @ 1.82 g/t gold and 7m @ 1.79 g/t gold including 1m @ 7.23 g/t gold.

• Trenches TCBL-30 and TCBL-31 were excavated on the eastern extension of the Baldo 2 structure some 200 meters and 400 meters, respectively east of trench TCBL-28, which returned 29m @ 3.03 g/t gold including 7m @ 5.42 g/t gold and 4m @ 8.07 g/t gold.

• Three trenches, TCBL-33, TCBL-34 and TCBL-36 were excavated in the southern part of the Baldo target to investigate grab samples taken previously in the area in 2011-2012, which had returned values of 92.10 g/t Au and 44.45 g/ t Au. The three trenches cover an east-west strike extension of approximately 450 meters where there is no outcrop.

• Trench TCBL-37 was excavated on the western side of the Matrincha target, adjacent to and south of the Baldo target area.

All trenches have now been mapped and sampled and samples have been dispatched to the SGS laboratory in Belo Horizonte for analysis.

Map Showing Trenching progress in the Baldo and Matrincha target areas.

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Cajueiro project map showing the extent of the gold-in-soil anomalies in relation to the areas drilled to date.

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Michael Bennett, President and CEO of Altamira stated, "The recent trenching program carried out in the Baldo and Matrincha targets in the first half of 2018, covers less than ten percent of the area covered by the gold-in-soil anomalies within the Cajueiro project area. We are extremely encouraged by the exploration progress to date where trenching shows that the gold mineralization is controlled by both the east-west and northeast-southwest structural directions."

Gold analysis has been conducted by SGS method FAA505 (fire assay of 50g charge), with higher grade samples checked by FAA525. Copper and molybdenum analysis has been conducted by SGS method ICP40B (multiacid digestion). Analytical quality is monitored by certified references and blanks. Until dispatch, samples are stored in the Company's supervised exploration office. The samples are couriered to the assay laboratory using a commercial contractor. Pulps and rejects are returned to the Company and archived. Channel sampling is conducted using a hand-trenching tool over exposed faces to maintain a consistent sample. Drilling results are reported as down-hole length weighted intersections. Channel sampling is conducted across the strike of the veins and are quoted as true widths.

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 prolific 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 resources of 8.64Mt @ 0.78 g/t Au (for 214,000oz) in the Indicated Resource category and 9.53Mt @ 0.66 g/t Au (for 204,000oz) in the Inferred Resource category and an additional 1.37Mt @ 1.61 g/t Au in oxides (for 79,000oz in saprolite) in the Inferred Resource category (Gustavson Associates, 2016).

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

Guillermo Hughes, 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.

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 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.