Atacama Pacific Gold Corporation
TSX VENTURE : ATM

Atacama Pacific Gold Corporation

June 18, 2013 17:00 ET

Atacama Pacific Completes Phase IV Exploration Campaign On The Cerro Maricunga Oxide Gold Project, Chile

TORONTO, ONTARIO--(Marketwired - June 18, 2013) -

Editors Note: There is a figure associated with this press release.

Atacama Pacific Gold Corporation (TSX VENTURE:ATM) ("Atacama Pacific") is pleased to report the final results from its 27,000-metre Phase IV drill program on the Cerro Maricunga oxide gold project. Highlights from the final set of drill results include:

  • 78 metres grading 0.80 grams per tonne gold ("g/t Au") including 1.17 g/t Au over 22 metres from drill hole CMR-296;

  • 110 metres grading 0.57 g/t Au with 38 metres of 1.09 g/t Au in drill hole CMD-298; and,

  • 184 metres grading 0.43 g/t Au from drill hole CMR-322.

Atacama Pacific's Cerro Maricunga project is located in Chile's Maricunga Mineral Belt approximately 120 kilometres from the city of Copiapo. Table 1 provides a summary of the current results and Figure 1 presents the location of the drill holes.

"The results from the Phase IV infill drilling campaign have confirmed that the Cerro Maricunga property hosts one of the largest oxide gold deposits recently discovered," stated Carl Hansen, President and CEO of Atacama Pacific. "The goal of the Phase IV campaign was to convert existing inferred resources to the measure and indicated category and we are looking forward to providing an updated resource estimate during the third quarter of 2013. With the completion of this program, Atacama Pacific has drilled over 100,000 metres at Cerro Maricunga project over a period of three years. It is anticipated that, going forward, only minor drilling for infill and geotechnical purposes will be required."

Drilling on section 950 NW successfully outlined further gold mineralization in the area between the Crux and Phoenix zones previously interpreted as unmineralized. Three drill holes, CMR-308, CMR-323 and CMR 325, returned significant intervals of +0.2 g/t Au mineralization (see table 1), including 140 metres grading 0.32 g/t Au, following up on mineralization discovered in holes CMR-241 (44 m grading 0.47 g/t Au) and CMR-239 (62 m grading 0.33 g/t Au) drilled on section 900 NW.

Water Exploration Joint Venture

Atacama Pacific recently entered into a 50:50 joint venture agreement with Exeter Resources Corporation to explore for aquifer water within three concessions located approximately seventy kilometres east of Atacama Pacific's Cerro Maricunga deposit. Each company will own a 50% interest in each water tenement and will incur 50% of the costs associated with exploration. Two of the concessions have recently been granted while approval for the third concession is pending. It is anticipated that exploration work will begin during the fourth quarter of 2013.

Table 1 - Summary of Cerro Maricunga Drill Results (≥10 m intervals composited at a 0.2 g/t cut-off)
Hole # Section From To Interval Grade Zone Notes
(metres) (metres) (metres) (g/t Au)
CMD-281 550 22 60 38 0.77 Crux
110 140 30 1.12
CMD-282 2450 0 18 18 0.28 Lynx
48 90 42 0.69
124 142 18 0.28
168 180 12 0.36
244 270 26 0.57
CMD-284B 1950 70 84 14 0.33 Lynx Infill between Lynx & Phoenix zones
104 134 30 0.34
232 258 26 0.29
CMD-287 2000 0 60 60 0.65 Lynx Infill
92 150 58 0.62
170 200 30 0.28
CMC-293 1450 366 378 12 0.22 Phoenix Extends mineralization to bottom of
384 394 10 0.32 proposed pit
412 450 38 0.45
CMR-296 2250 124 202 78 0.80 Lynx Infill
including 144 166 22 1.17
234 256 22 0.23
264 274 10 0.36
CMR-297 550 6 16 10 0.26 Crux Infill, expanded mineralization along
34 46 12 0.26 the SW contact. Also cut by CMR-322
66 220 154 0.46
CMD-298 1650 6 18 12 0.34 Phoenix Depth extension to base of proposed
72 104 32 0.34 pit
274 384 110 0.57
including 334 372 38 1.09
408 456 48 0.29
CMR-300 1000 0 48 48 0.23 Pollux Extension of Pollux to Phoenix
82 128 46 0.40
CMR-301 1100 20 58 38 0.33 Phoenix SE Extension of Phoenix
104 130 26 0.22
CMR-302 1800 76 124 48 0.38 Phoenix
CMR-304 2000 170 200 30 0.37 Lynx
CMR-306 1750 0 14 14 0.54 Phoenix
34 48 14 0.23
156 188 32 0.54
230 298 68 0.35
CMR-308 950 68 118 50 0.36 Pollux SE extension Phoenix (new)
CMR-309 800 4 54 50 0.43 Crux
176 224 48 0.41
258 300 42 0.54
CMR-310 650 4 32 28 0.36 Crux
48 60 12 0.29
68 78 10 0.27
CMR-311 850 66 76 10 0.25 Crux SW contact
96 154 58 0.28
CMR-312 800 108 150 42 0.36 Crux
CMR-322 550 76 90 14 0.45 Crux
128 312 184 0.43 0.18 g/t cut-off
CMR-323 950 22 82 60 0.27 Phoenix SE extension Phoenix (new)
154 204 50 0.23
CMR-325 950 0 140 140 0.32 Phoenix SE extension of Phoenix (new)
166 178 12 0.55
NOTES: Unless otherwise noted, reported gold grades are composited at a 0.2 g/t Au cut-off. All intervals represent down-hole lengths and not true widths. Drill holes prefixed "CMD" are diamond drill holes; holes prefixed "CMR" are RC drill holes. Hole CMC-293, was drilled by both RC and diamond methods.

Santa Teresa Drilling

Atacama Pacific completed three reverse circulation drill holes (1,450 m) targeting a strong chargeability anomaly identified on the Santa Teresa property located adjacent to the northern border of the Cerro Maricunga property. The results from the drilling were not economically significant and, as such, Atacama Pacific has terminated the Santa Teresa option.

National Instrument 43-101

Michael Easdon, a professional geologist registered with the American Institute of Professional Geologists, is the independent qualified person for the current exploration program and has reviewed, approved and verified the content of this press release. Carlos Guzmán, a mining engineer, Fellow of the Australasian Institute of Mining and Metallurgy and a registered member of the Chilean Mining Commission, is the independent qualified person as defined by National Instrument 43-101 for the January 28, 2013 Preliminary Economic Assessment for the Cerro Maricunga project. Mr. Guzmán is a Principal and Project Director with NCL Ingeneiría y Construcción Ltda., Santiago, Chile.

Visit Atacama Pacific's website at www.atacamapacific.com.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to the success of exploration activities generally, mine development prospects, and potential 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, changes in economic parameters and assumptions, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; the results of regulatory and permitting processes; 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; the results of further economic and technical studies, 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.

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.

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