Atacama Pacific Gold Corporation Completes $28,875,000 Initial Public Offering

Toronto, Nov. 10, 2010 - Atacama Pacific Gold Corporation (TSXV: ATM) (“Atacama Pacific“ or the “Company“) is pleased to announce the closing of its initial public offering (the “Offering“) of 10,500,000 common shares at a price of $2.75 per common share for gross proceeds of $28,875,000. The net proceeds of the Offering will be primarily used for exploration activities on the Company's 100%-owned Cerro Maricunga Project. Atacama Pacific's shares will commence trading on the TSX Venture Exchange on November 12, 2010.

Atacama Pacific has granted the underwriting syndicate an over-allotment option, which is exercisable for a period of 30 days following the closing of the Offering. If exercised, up to an additional 1,575,000 common shares at a price of $2.75 per common share may be issued. If the over-allotment option is exercised in full, the gross proceeds of the Offering would increase to $33,206,250.

The Offering was underwritten by a syndicate of underwriters led by Canaccord Genuity Corp. and included GMP Securities L.P. and RBC Dominion Securities Inc.

“We are enthusiastic as Atacama Pacific enters a new phase in the Company's development and are appreciative of the immense support that we have received during the IPO process,“ stated Carl B. Hansen, President and CEO of Atacama Pacific. “Our team is committed to capitalizing on our accumulated experience to maximize the value of Atacama Pacific's exploration portfolio to the benefit of our shareholders.“

Subsequent to the closing of the Offering, Atacama Pacific will have 36,944,233 common shares issued and outstanding, prior to the exercise of the over-allotment option. Additional details on the Company are presented in the final prospectus available on SEDAR (www.sedar.com).


About Atacama Pacific Gold Corporation

Atacama Pacific's principal business is the acquisition, exploration and development of precious metals resource properties in Chile. The Company's principal mineral property is the Cerro Maricunga oxide-hosted gold project, located in Region III, 140 kilometres by road northeast of the city of Copiapo. The Company's goal is to become a producer of gold through the exploration and development of the Cerro Maricunga Project. Atacama Pacific also owns four other mineral properties within close proximity to the Cerro Maricunga Project and a fifth property in Chile's Region I.

The securities referred to in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of these securities within the United States.


FORWARD LOOKING STATEMENTS

This release contains forward-looking statements, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to, statements with respect to completion of economic assessments, exploration results, the success of exploration activities generally, mine development prospects, and future gold production Often, but not always, forward-looking statements can be identified by the use of words such as “plans“, “planning“, “expects“ or “does not expect“, “continues“, “scheduled“, “estimates“, “forecasts“, “intends“, “potential“, “anticipates“, “does not anticipate“, or “belief“, or describes a “goal“, or variation of such words and phrases or state that certain actions, events or results “may“, “could“, “would“, “might“ or “will“ be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the results of due diligence activities, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in Atacama Pacific's publicly filed documents. Although Atacama Pacific has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES



For more information, please contact

Atacama Pacific Gold Corporation
Carl B. Hansen, President and CEO
416 953 0258
chansen@atacamapacific.com
www.atacamapacific.com