Atacama Pacific Announces Further Results from Cerro Maricunga Drilling Including 144 Metres Grading 1.02 g/t Gold

TORONTO, ONTARIO--(Marketwire - March 9, 2012) - Atacama Pacific Gold Corporation (TSX VENTURE:ATM) ("Atacama Pacific") is pleased to report further drill results the ongoing Phase III drill program at its Cerro Maricunga Gold Project, located 140 kilometres northeast of Copiapo, Chile. Drill assay highlights include:

• 1.02 grams per tonne gold ("g/t Au") over 144 metres (CMD-104) from the Crux Zone
  • including 34 metres at 2.11 g/t Au; and,
• 0.74 g/t Au over 278 metres (CMD-111) from the Lynx Zone
  • including 46 metres at 1.29 g/t Au.

A summary of the drill results is presented in Table 1.

Initial Phase III drilling has focused on increasing the size of the Crux Zone which represents the southern centre of gold mineralization along the 2.5 kilometre northwesterly trending Cerro Maricunga oxide gold deposit. The Crux Zone was not fully outlined during the Phase II drill program. A higher grade core zone of gold mineralization measuring approximately 300 metres by 200 metres and extending to depth has been identified at the Crux Zone. This higher grade zone was cut by CMD-104 (1.02 g/t Au over 144 metres) following up on previous results from CMR-098 (1.54 g/t Au over 96 m) and CMD-001 (1.53 g/t Au over 92 m).

In addition to outlining a higher grade core zone, the current drilling at the Crux Zone has pushed the northeast contact of the Zone outwards a further 100 metres for a total width in excess of 450 metres. The mineralization remains partially open to the northeast and is open to depth.

At the southern end of the Phoenix Zone, on section 1150, drill hole CMR-110 cut a broad zone of lower grade mineralization, 116 m grading 0.36 g/t Au starting from surface, which was previously unknown. This was followed by further zones of 0.2 to 0.3 g/t Au down hole including 50 metres grading 0.26 g/t Au. This intercept represent a new zone of low grade gold immediately adjacent and parallel to the main mineralized trend.

"The drill results are largely as anticipated with positive surprises at the Crux Zone such as the widening of the zone as well as the identification of a higher grade core of gold mineralization", said Carl Hansen, President and CEO of Atacama Pacific. "Drilling continues to progress well with over 27,000 metres from the budgeted 42,000-metre Phase III campaign completed to date. The engineering scoping study is also progressing with a late Q2 delivery date anticipated."

Table 1 - Summary of Cerro Maricunga Drill Assay Results
Hole #	Section		From		To		Interval		Grade*	Zone		Notes
			(metres)		(metres)		(metres)		(g/t Au)
CMD-093	1400		50		72		22		0.37	Crux
			166		186		20		0.66
			288		302		14		0.42
			416		430		14		0.40
CMD-096	1500		20		38		18		0.50	Phoenix
			64		108		44		0.71
			254		274		20		0.51
			306		318		12		0.40
CMD-099	1550		266		366		100		0.41	Phoenix		at a 0.2 g/t cut-off grade
	including		318		366		48		0.57
			380		394		14		0.57
			412		422		10		0.57
			436		460		24		0.57
CMD-104	400		24		44		20		0.53	Crux
			120		342		222		0.78			at a 0.2 g/t cut-off grade
	including		122		266		144		1.02
	including		124		158		34		2.11
	and		166		192		26		1.24
CMR-106	450		48		142		94		0.71	Crux
	including		80		96		16		1.63
CMR-107	500		0		18		18		0.41	Crux
			180		210		30		0.37
			222		236		14		0.34
CMR-109	500		32		52		20		0.40	Crux
			96		108		12		0.41
			166		188		22		0.41
			314		326		12		0.38
CMR-110	1150		0		116		116		0.36	Phoenix		at a 0.2 g/t cut-off grade
	including		0		14		14		0.67
	and		60		88		28		0.51
CMD-111	2200		112		424		312		0.69	Lynx		at a 0.2 g/t cut-off grade
	including		140		418		278		0.74
	including		238		284		46		1.29
	and		298		332		34		1.38
CMR-112	700		no significant results							Crux
CMR-113	550		no significant results							Crux
CMR-114	450		12		50		38		0.46	Crux
CMR-115	550		28		130		102		0.61	Crux
			144		164		20		0.54
CMR-116	450		64		182		118		0.39	Crux		at a 0.2 g/t cut-off grade
	including		90		104		14		0.39
	and		116		146		30		0.73
			292		304		12		0.35
			326		344		18		0.54
CMR-118	650		12		36		24		0.40	Crux
CMR-120	1750		6		24		18		0.41	Phoenix
			82		92		10		0.34
			158		216		58		0.59
			264		290		26		0.39
CMR-124	2350		0		28		28		0.49	Lynx		near northern end of zone
			52		72		20		0.39
			204		216		12		0.57
			230		248		18		0.83
			284		344		60		0.91
	including		302		336		34		1.27
CMR-125	1350		88		198		110		0.30	Phoenix		at a 0.2 g/t cut-off grade
	including		98		146		48		0.39
CMR-129	550		0		154		154		0.59	Crux
	including		48		66		18		1.04
Notes: Drill holes prefixed "CMD" are diamond drill holes; holes prefixed "CMR" are RC drill holes. All intervals represent down-hole lengths and not true widths. Unless otherwise noted, reported gold grades are composited at a 0.3 g/t Au cut-off.

Renmark Financial

Atacama Pacific has retained the services of Renmark Financial Communications Inc. ("Renmark") to assist in its marketing initiatives. Renmark is an established firm providing marketing services to the Canadian publically-listed companies. In consideration of the services to be provided, the Company has agreed to a contractual arrangement at a monthly retainer of $7,000. Renmark does not have any interest, directly or indirectly, in Atacama Pacific Gold Corporation or its securities, or any right or intent to acquire such an interest.

About Atacama Pacific Gold Corporation

Atacama Pacific's principal business is the acquisition, exploration and development of precious metals resource properties in Chile. Atacama Pacific's primary mineral property is the Cerro Maricunga oxide-associated, breccia-hosted gold project. Atacama Pacific's goal is to become a producer of gold through the exploration and development of the Cerro Maricunga Gold 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 Cerro Maricunga resource estimate stands at 1.62 million ounces of gold (92.8 million tonnes grading 0.54 g/t Au) in the indicated category with a further 1.95 million ounces (116.7 million tonnes grading 0.52 g/t Au) in the inferred category. The resource estimate was based upon a cut-off grade of 0.3 g/t Au.

National Instrument 43-101 Compliance

The Cerro Maricunga resource estimate was prepared under Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards (2005). Michael Easdon is the independent qualified person, as defined by National Instrument 43-101 ("NI 43-101"), for the resource estimate. SRK Consulting (Chile) S.A undertook to prepare and is responsible for the resource estimate. Joled Nur, Geostatistical Engineer for SRK Consulting (Chile) and a member of the Australasian Institute of Mining and Metallurgy, is the qualified person who prepared the resource estimate. For further details on the resource estimate, please review Atacama Pacific's August 24, 2011 press release. Mr. Easdon, an independent qualified person as defined by NI 43-101, has reviewed and verified the contents of this press release.

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.