Atlantic Gold Reports Resource Drilling Results From the Cochrane Hill Gold Deposit and Completion of Phase One Drilling

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 2, 2017) -

Highlights Include: 11m @ 3.41 g/t From 144m, 27m @ 3.34 g/t From 102m
30m @ 2.61 From 139m and 21m @ 2.99 g/t From 86m
Step-Out Holes: 5m @ 2.80 g/t From 38m and 6m @ 4.04 g/t From 108m

Atlantic Gold Corporation (TSX VENTURE:AGB) ("Atlantic" or the "Company") is pleased to report assay results received from an additional forty-one holes of the resource definition diamond drilling program being undertaken at its Cochrane Hill Gold Project in Nova Scotia, Canada and completion of phase one of the drill program. With 12,888 m in 89 holes having been drilled to the end of 2016 and all assay results received for the first phase of the program the second phase will commence in February 2017. The second phase drilling will focus on infilling the 400m gap between the completed step out drill holes and the previous drilling and extending the mineralization further west from 2775E. The objective of this diamond drilling program is to bring the resources at the Company's Cochrane Hill deposit to measured and indicated status and thereby adding to the existing life of mine plan at MRC.

Drilling Results:

These additional results continue to define a fairly discrete, tabular, 70° north-dipping zone of continuous disseminated mineralization having a true width of approximately 25m. New assay results from holes CH-16-111 (5m @ 2.80g/t from 38m) and CH-16-117 (6m @ 4.04g/t from 108m and 3m @ 8.03g/t from 170m) on previously reported step-out section (2775E) 400m west of most of the previously reported drilling enhance this shallower-than-expected position and direct potential for western extension. Mineralization also remains open at depth, notwithstanding economic parameters yet to be appropriately applied at the completion of this drilling campaign, and to a modest extent to the east from shallow intersections.

The accompanying cross section and drill progress plan can be viewed here:
http://media3.marketwire.com/docs/Cochrane_Hill_Drill_Plan_Map_and_Sections.pdf

Results subsequent to those previously released are tabulated below. Previous results can be found here: Dec 6, 2016, Jan 3, 2017, and Jan 25, 2017.

Hole id		Northing		Easting		Dip		Az.		Depth (m)		Significant Intervals (≥0.5g/t Au and up to 3m internal dilution)
												From (m)		To (m)		Width (m)		Grade (g/t Au)
CH-16-084		3400		3120		-45		171		134		78		87		9		1.31
and												103		108		5		1.24
and												120		123		3		6.45**
CH-16-092		3450		3031		-45		171		31		3		4		1		6.34
and												12		17		5		0.71
CH-16-094		3125		3130		-70		171		212		91		95		4		1.54**
and												99		103		4		1.36**
and												126		130		4		1.12
and												134		153		19		1.47
and												173		180		7		1.99
CH-16-095		3025		3080		-60		171		98		51		75		24		0.79
and												82		84		2		4.22
CH-16-096		3125		3110		-70		171		182		101		131		30		0.82
and												142		145		3		2.06
CH-16-097		3025		3130		-75		171		221		139		141		2		1.84
and												159		160		1		3.27
and												172		177		5		3.12**
CH-16-098		3125		3110		-60		171		160		48		49		1		3.75**
and												84		104		20		1.24
and												121		126		5		1.75
and												130		131		1		5.49**
CH-16-099		3025		3130		-60		171		170		80		81		1		3.00
and												107		114		7		0.78
and												120		136		16		0.99
CH-16-100		3125		3070		-60		171		101		34		36		2		2.56
and												43		60		17		1.89
CH-16-101		3050		3090		-60		171		91*		63		69		6		3.26
and												76		90		14		1.57
CH-16-102		3100		3140		-70		171		212		144		155		11		3.41
(incl.												151		152		1		28.4
and												159		170		11		0.73
and												175		190		15		1.31
and												194		195		1		24.8**
CH-16-103		3075		3140		-70		171		212		116		124		8		0.70
and												149		156		7		1.72
and												163		176		13		2.54
(incl.												163		164		1		22.4)
and												180		181		1		302
and												191		198		7		1.56**
CH-16-104		3100		3110		-60		171		149		86		107		21		2.99
(incl.												91		92		1		49.0)
and												111		118		7		1.19
and												129		132		3		1.50**
CH-16-105		3075		3140		-60		171		182		99		101		2		3.34
and												118		151		33		1.76
and												155		166		11		2.49**
(incl.												165		166		1		20.5**
CH-16-106		3100		3070		-58		171		98		27		41		14		1.62
and												52		58		6		0.79
CH-16-107		3075		3100		-60		171		143		51		52		1		25.9
and												75		80		5		1.26
and												84		100		16		8.8
(incl.												98		99		1		122.5)
and												111		114		3		28.2
(incl.												113		114		1		72.9)
CH-16-108		3000		3140		-70		171		203		134		142		8		2.77
and												149		152		3		5.19
and												178		183		5		0.57
CH-16-109		3050		3180		-60		171		245		127		128		1		7.94
and												172		179		7		0.68
and												183		204		21		0.85
CH-16-110		2975		3200		-60		171		251		216		218		2		29.6
(incl.												216		217		1		58.6)
CH-16-111		2775		3070		-60		171		95		38		43		5		2.80
CH-16-113		2975		3180		-60		171		233		181		191		10		1.18
and												196		205		9		3.40
CH-16-116		2975		3160		-60		171		212		136		146		10		1.16
and												169		170		1		3.79
CH-16-117		2775		3150		-60		171		200		108		114		6		4.04
and												120		121		1		9.41
and												170		173		3		8.03**
(incl.												171		172		1		22.8**)
CH-16-118		2975		3140		-60		171		182		82		83		1		17.6**
and												131		134		3		2.24
and												145		156		11		0.55
CH-16-119		3050		3160		-60		171		212		126		128		2		1.65**
and												147		166		19		0.71
and												172		185		13		2.41
CH-16-120		2975		3120		-60		171		161		74		75		1		4.69**
and												88		104		16		0.43
and												112		117		5		0.92
CH-16-121		3048		3135		-60		171		191		118		149		31		1.64
CH-16-122		3050		3110		-60		171		152		30		31		1		15.45**
and												41		42		1		4.10**
and												86		124		38		1.74
CH-16-123		3475		3090		-45		171		110		55		73		18		1.20**
CH-16-124		3000		3100		-60		171		131								NSA
CH-16-125		3325		3052		-45		171		56		10		23		13		1.63**
												37		38		1		3.26**
												42		43		1		13.25
CH-16-126		3248		3160		-60		171		215		126		127		1		201
and												139		169		30		2.61
(incl.												168		169		1		26.5)
CH-16-127		3000		3120		-60		171		161		89		95		6		0.63
and												105		107		2		3.47
CH-16-128		3075		3120		-60		171		164		68		79		11		0.91
and												91		97		6		1.36
and												102		129		27		3.34
(incl.												114		115		1		27.6)
and												134		135		1		67.8
and												145		148		3		1.40**
CH-16-129		3177		3170		-60		171		242		154		164		10		2.02
and												169		179		10		1.36
and												188		189		1		4.75
and												208		209		1		3.10
CH-16-130		3100		3125		-60		171		161		110		112		2		2.24
and												118		126		8		0.81
and												134		138		4		30.4
(incl.												134		135		1		111.5)
CH-16-131		3125		3090		-60		171		140		60		84		24		1.65
and												94		98		4		2.78
and												103		110		7		9.78
(incl.												108		109		1		29.5)
(incl. also												109		110		1		27.0)
CH-16-132		3175		3130		-60		171		185		92		99		7		0.84
and												104		132		28		1.48
and												147		150		3		2.34
and												158		159		1		4.39**
CH-16-133		3150		3097		-60		171		131		57		61		4		0.80
and												65		90		25		1.35
and												107		109		2		1.70
CH-16-134		3150		3116		-60		171		161		87		110		23		1.26
and												133		143		10		0.90**
CH-16-135		3150		3055		-60		171		86		13		41		28		2.45
(incl.												31		32		1		27.7)
and												61		62		1		3.02
CH-16-136		3150		3035		-60		171		50		1.65		14		12.35		1.02
												36		37		1		4.01
										12,888
*Hole abandoned in underground workings
**Wholly or partly includes 50g fire assay on pulverised whole-sample (to be screen fire assayed).
NSA: No significant assays.

The current resource estimate for Cochrane Hill is tabulated below:

	Category		Tonnes (millions)		Grade (g/t) Au		Contained Au (oz.)
COCHRANE HILL
	Indicated Resource		4.5		1.8		251,000
	Inferred Resource		5.6		1.6		298,000
Resources that are not reserves do not have demonstrated economic viability

The Mineral Resource estimate for Cochrane Hill is quoted at a cut-off grade of 0.5g/t. It has an effective date of August 1, 2014 and was prepared as part of a technical report in accordance with NI 43-101 by Mr. Neil Schofield, a principal of FSSI (Australia) Pty Ltd, released on August 14, 2014 on SEDAR.

Elsewhere, at the Company's Fifteen Mile Stream Gold Project, 62 holes for 5600m have now been completed. The Plenty prospect, which is located 300m south of Fifteen Mile Stream recently released results from eight holes for 944m please see the news release here. High grade intercepts hosted in both the argillites and quartz veins were reported at the Plenty prospect and additional drilling is scheduled to fully assess the potential to establish a mineral resource at Plenty.

Results and updates from these drilling programs will be reported progressively.

Technical Disclosure

All core drilled is assayed. All assays are conducted on 1m whole-sampled pulverized samples of sawn, half NQ core and, where mineralization is expected, assayed by total sample screen fire assay with 2x fines fire assays, and insertion of standards and blind blanks. In the hangingwall and footwall of expected mineralization samples are assayed by 50g charge fire assay with any mineralized samples (generally >0.5g/t), and adjacent samples as appropriate, returned for screen fire assay. Sample preparation and assaying is conducted at the Sudbury and Vancouver laboratories of ALS Canada Ltd, an entity having no other relationship with the Company. Core recovery is estimated for each metre and averages >98%. Standards and blanks assay results are acceptable.

True width of the mineralization is approximately 80% of the down-hole width.

The individual drill hole assay results underlying the mineralized intersections listed in the table above have been verified by detailed checking against the original assays sheets. The lengths and average grades of each intersection have also been checked against the drill hole assay logs.

Wally Bucknell, Director of Exploration to the Company and a Qualified Person as defined by National Instrument 43-101 ("NI 43-101") has reviewed and approved the contents of this news release.

Further updates will be provided in due course.

On behalf of the Board of Directors,

Steven Dean, Chairman and Chief Executive Officer

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.

Forward-Looking Statements:

This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements and information are not historical facts, are made as of the date of this press release, and include, but are not limited to, statements regarding discussions of future plans, guidance, projections, objectives, estimates and forecasts and statements as to management's expectations with respect to, among other things, the activities contemplated in this news release and the timing and receipt of requisite regulatory, and shareholder approvals in respect thereof. Forward-looking statements in this news release include, without limitation, statements related to proposed exploration and development programs, grade and tonnage of material and resource estimates. These forward looking statements involve numerous risks and uncertainties and actual results may vary. Important factors that may cause actual results to vary include without limitation, the timing and receipt of certain approvals, changes in commodity and power prices, changes in interest and currency exchange rates, risks inherent in exploration estimates and results, timing and success, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), changes in development or mining plans due to changes in logistical, technical or other factors, unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications, cost escalation, unavailability of materials, equipment and third party contractors, delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), political risk, social unrest, and changes in general economic conditions or conditions in the financial markets. In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, the assumptions that: (1) market fundamentals will result in sustained gold demand and prices; (2) the receipt of any necessary approvals and consents in connection with the development of any properties; (3) the availability of financing on suitable terms for the development, construction and continued operation of any mineral properties; and (4) sustained commodity prices such that any properties put into operation remain economically viable. Information concerning mineral reserve and mineral resource estimates also may be considered forward-looking statements, as such information constitutes a prediction of what mineralization might be found to be present if and when a project is actually developed. Certain of the risks and assumptions are described in more detail in the Company's audited financial statements and MD&A for the year ended December 31, 2015 and for the quarter ended September 30, 2016 on the SEDAR website at www.sedar.com. The actual results or performance by the Company could differ materially from those expressed in, or implied by, any forward-looking statements relating to those matters. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Except as required by law, the Company is under no obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.