Altamira Gold Sells Crepori Project to Private Gold Producer for C$500,000 and Retains 4% NSR

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[{"type":"text","content":"Altamira Gold Sells Crepori Project to Private Gold Producer for C$500,000 and Retains 4% NSRVancouver, British Columbia--(Newsfile Corp. - June 9, 2020) - Altamira Gold Corp.'s (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF) (\"Altamira\" or the \"Company\") is pleased to announce that it has sold the Crepori gold project located in the state of Para, Brazil which comprises two claim blocks, to Mineracao do Para Ltda. (\"MAP\"), a small-scale Brazilian gold producer. The Company has retained a 4% net smelter return royalty (\"NSR\") as part of the agreement.Highlights:The Crepori gold project is Altamira Gold's only project in the Tapajos Belt of Para state, where two exploration claim blocks cover a total surface area of 6,789 hectares (Figure 1). The project is located approximately 5 kilometers north of MAP's small hard-rock gold mining operation which currently produces an estimated 4,200 ounces of gold per year The Company will receive C$250,000 cash for the sale of each claim which cover the Crepori project (for a total of C$500,000). Payment will be made 30 days after the transfer of the claims has been published by the Agencia Nacional de Mineracao (ANM)In addition, a 4% NSR will be paid to the Company by MAP following the commencement of gold production from either or both of the two claim blocksMike Bennett, President & CEO commented, \"This agreement is an important step in our transition from an exploration company to a junior gold producer and will add to future revenues, further reducing our need to raise capital through dilutive private placements. The proximity of MAP's existing mining operation to the Crepori project will enable ore from the project area to be processed in the same plant. This deal is part of a recent strategic review of Altamira's assets, where we have decided to focus all of the companies exploration and mining efforts on the projects within the Alta Floresta Belt in northern Mato Grosso particularly the advancement of our Cajueiro project to production in late 2021.\"Crepori Gold ProjectThe Crepori project is situated in the Tapajos Gold Province approximately 100km SW of the operating underground Palito and Sao Chico gold mines. An estimated 500,000oz of placer gold was recovered from drainages in the area during the Tapajos gold rush from 1978 to 1995 and small-scale historical hard-rock mi...

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