Al­tamira starts Cre­pori drilling, ap­points Ben­nett CEO

Stockwatch Daily - - FRONT PAGE - Mr. Michael Ben­nett re­ports

AL­TAMIRA GOLD Corp. has com­menced di­a­mond drilling at the Cre­pori project in south­ern Para state, Brazil, and has ap­pointed Michael Ben­nett as pres­i­dent and chief ex­ec­u­tive of­fi­cer of the com­pany.

Com­mence­ment of Cre­pori drilling

Drilling has com­menced at the Cre­pori project. His­tor­i­cal 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 his­tor­i­cal gold pro­duc­tion from the placer work­ings is in ex­cess of 500,000 ounces.

The project has never been pre­vi­ously drilled. Re­con­nais­sance work by Al­tamira has iden­ti­fied out­crop­ping high-grade vein min­er­al­iza­tion in at least six dif­fer­ent ar­eas at Cre­pori, in­clud­ing Ze Mil­ton, Raimundo, Ze do Bode, Fi­lao do Boiadeiro, Fi­lao do Par­ente and Fi­lao do Ouro, which will all be tested as part of this first-phase drill pro­gram. The pro­gram is ex­pected to com­prise six or seven holes for a max­i­mum of 1,000 me­tres of drilling. Ear­lier work by Al­tamira re­turned gold val­ues from sur­face sam­ples rang­ing up to 1,023 grams per tonne gold, and re­sults are cur­rently pend­ing on a num­ber of ad­di­tional sur­face sam­ples which will be used to fur­ther re­fine drill tar­gets.

Man­age­ment changes

Michael Ben­nett has as­sumed the 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.

Mr. Ben­nett is both a ge­ol­o­gist and a board mem­ber of Al­tamira. He is also Al­tamira’s largest share­holder, as well as a founder of Alta Floresta Gold Ltd., the pri­vate com­pany that was ac­quired by Al­tamira (formerly Equitas Re­sources Ltd.) in April, 2016.

Mr. Ben­nett said: “I am de­lighted to as­sume the po­si­tion of pres­i­dent and chief ex­ec­u­tive of­fi­cer of Al­tamira Gold. Dur­ing the last few months, we have suc­cess­fully com­pleted a cor­po­rate re­struc­tur­ing, raised $2.9-mil­lion 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 TSX Ven­ture Ex­change has ac­cepted for fil­ing the com­pany’s pro­posal to is­sue 236,111 com­mon shares at a deemed price of 18 cents per share to set­tle out­stand­ing debts to­tal­ing $42,500.

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 will be con­sid­ered to be a re­lated party trans­ac­tion.

We seek Safe Har­bor.

Karen Bax­ter con­densed this news re­lease (karenb@stock­watch.com).

Michael Ben­nett, Alan H C Carter, Christo­pher Har­ris, David Ian Hodge

(ALTA) Shares: 38,622,205

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