Vancouver, British Columbia--(Newsfile Corp. - September 19, 2018) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF), ("Altamira" or the "Company") is pleased to announce that it has signed a binding agreement with TerraX Minerals Inc ("TerraX") regarding the sale of Altamira's 100% interests in the Tom and Sickle claims located in the Northwest Territories of northern Canada.
As part of the agreement, TerraX will pay Altamira a total of $25,000 cash and 250,000 shares of TerraX. Altamira will retain a 2% NSR royalty. The agreement is subject to the approval of the TSX-V exchange and is expected to close by the end of September.
The Tom and Sickle projects are located north of Yellowknife and adjacent to and within TerraX's Yellowknife City Gold project. The Sickle project is completely enclosed by ground controlled by TerraX and has had limited previous drilling. The Tom project was a small historic producing gold mine.
Commenting on the agreement, Mike Bennett, President & CEO stated "We are very pleased to have divested these projects to TerraX which adjoin their Yellowknife City gold project. Altamira's focus is on our Brazilian projects in the Alta Floresta gold and copper belt. We are excited to become shareholders of TerraX and wish them the very best of luck in their quest for a significant gold deposit in the NWT."
TerraX Minerals President & CEO David Suda comments, "We are pleased with the amicable acquisition of the Tom and Sickle claims and look forward to integrating these properties into our land package and to having Altamira Gold as shareholders."
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 compliant 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.
On Behalf of the Board of Directors,
ALTAMIRA GOLD CORP.
President & CEO
Neither 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.
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.