Atacama Pacific Reports Cerro Maricunga Phase IV Drill Results

TORONTO, ONTARIO--(Marketwired - April 12, 2013) -

Editors Note: There is an image associated with this release.

Atacama Pacific Gold Corporation (TSX VENTURE:ATM) ("Atacama Pacific") is pleased to report further Phase IV drill results, including 114 metres grading 0.93 grams per tonne gold ("g/t Au") with a higher grade interval of 1.75 g/t Au over 30 metres, from its 100% owned Cerro Maricunga oxide gold project located in Chile's Maricunga Mineral Belt. Table 1, attached, summarizes the current drill results and figure 1 presents the location of the drill holes.

Diamond drill hole CMD-262, cored into the centre of the Lynx Zone cut four intervals of oxide mineralization including 24 metres grading 0.28 g/t Au, 46 metres grading 0.32 g/t Au and 80 metres grading 0.53 g/t Au followed by 0.93 g/t Au over 114 metres which expanded the dimensions of the higher grade area on section 2350 previously intersected by CMR-124 (60 m @ 0.91 g/t Au).

Reverse circulation drill holes CMR-271 (3 intervals including 78 m @ 0.42 g/t Au - section 950) and CMR-294 (100 m @ 0.33 g/t Au - section 1050 Au) returned significant intervals of +0.3 g/t Au mineralization in an area located between the Crux and Phoenix Zones previously modelled as barren. These holes follow up on two drill holes (CMR-239 and CMR-241 released January 17, 2013) located on section 900 which, when taken together, outline a new area of east-west trending oxide gold over a strike length of approximately 150 metres and widths of over 100 metres.

The drilling component of the Phase IV campaign has now been completed and mapping, surface channel sampling and metallurgical sampling will continue through early May. Originally planned for 20,000 metres of drilling, the identification of additional infill targets within the Cerro Maricunga deposit necessitated increasing the program to a total of 27,200 metres. In addition to infill drilling, condemnation holes were drilled in the leach pad and plant area and a sixth water monitoring well was also completed.

The goal of the Phase IV drilling program is to convert inferred category resources, located within the US$1,400 pit shell outlined in Atacama Pacific's recently released preliminary economic assessment (released January 28, 2013), to the measured and indicated categories. Overall, the current results of the Phase IV campaign have confirmed the interpretation of the resource model with the exception of the Pollux Zone where the mineralization is orientated in an east-west direction compared to the general northwest trend of the main deposit. Changes in the Pollux Zone interpretation are not expected to have a significant impact on the Cerro Maricunga resource estimate.

Final drill results should be available by June 2013 with an updated resource estimate planned for the third quarter of 2013 after which Atacama Pacific will commence feasibility work.

Metallurgical Update

As part of the continuing development of the project, a further 14 column and 34 bottle roll tests have been completed at Kappes, Cassidy and Associates' extractive metallurgical laboratory in Reno, Nevada. The test work focused on low to average grade mineralization from the three main gold zones typically crushed to 19 millimetres. The final results from the testing are anticipated this month.

Santa Teresa Drilling

Atacama Pacific recently completed three reverse circulation drill holes (1,450 m) targeting a strong chargeability anomaly identified from a recently completed induced polarization survey. The Santa Teresa property is located within the northwest corner of the Cerro Maricunga property, 8 kilometres northwest of the Cerro Maricunga deposit. All three drill holes intersected intervals of disseminated pyrite and fragments of quartz veining were noted in the reverse circulation chips. The chargeability anomalies are associated with magnetic highs and overlie a series of trenches which have returned anomalous gold grades.

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 ("NI 43-101") for the Preliminary Economic Assessment for the Cerro Maricunga project. Mr. Guzmán is a Principal and Project Director with NCL Ingeneiría y Construcción Ltda., Santiago, Chile.

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.

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-262		2350		56		80		24		0.28		Lynx		Core of Lynx
				104		150		46		0.32
				182		262		80		0.53
				276		390		114		0.93
including				280		310		30		1.75
CMD-266		600		174		192		18		0.54		Crux		SW contact area
				246		292		46		0.40
CMR-270		600		132		146		14		0.33		Crux		Target barren area within Crux
CMR-271		950		54		64		10		0.60		Pollux		New, between Crux and Phoenix
				90		134		44		0.30
				152		230		78		0.42				Ends in mineralization @ 230m
CMD-272		950		32		68		36		0.36		Phoenix		SW contact, Phoenix/Pollux transition
				226		248		22		0.23
CMR-273		950		54		128		74		0.41		Phoenix		Phoenix/Pollux transition
CMR-274		550		0		26		26		0.34		Crux		Core of Crux zone
				80		190		110		0.52
				224		238		14		0.23
CMD-275		950		174		184		10		0.25		Pollux
CMR-276		850		16		26		10		0.26		Pollux		Southern contact
CMR-277		850		0		24		24		0.33		Pollux		Core area, dike? cut at ~100m
				76		88		12		0.26
CMR-279		900		158		230		72		0.40		Pollux		Centre of Pollux
CMR-280		950		0		16		16		0.34		Pollux		Centre of Pollux
				40		60		20		0.28
CMR-283		850		0		80		80		0.57		Crux		NE contact area
				96		130		34		0.28
CMR-285		600		54		84		30		0.33		Crux		NE contact area
				96		116		20		0.24
CMR-286		1200		10		54		44		0.32		Phoenix
				90		100		10		0.31
				114		160		46		0.35
CMR-288		300		2		54		52		0.45		Crux		NE contact area
CMR-290		1150		0		20		20		0.30		Phoenix
				36		48		12		0.28
				88		124		36		0.33
				140		250		110		0.55
CMR-291		900		0		58		58		0.41		Pollux		SW contact area
CMR-294		1050		20		120		100		0.33		Phoenix		Previously considered barren
CMR-297		550		6		16		10		0.26		Crux		SW contact area
				34		46		12		0.26
				66		220		154		0.46
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.

To view the map associated with this release, please visit the following link: http://www.marketwire.com/library/20130411-AtacamaMap.jpg.