NEW LIFE OF MINE PLAN AT MRC BOOSTS GOLD...

Suite3083-595BurrardStreet,P.O.Box49298,VancouverB.C.CanadaV7X1L3Telephone:(604)689-5564Fax:(604)566.9050

www.atlanticgoldcorporation.com 1

NEWLIFEOFMINEPLANATMRCBOOSTSGOLDPRODUCTIONABOVE200,000OZS

MaintainsindustrylowestquartileAISCovernewLifeofMineatCAD$692/oz.Au(USD$555/oz.Au)

January29,2018

Canadiandollarsunlessotherwisenoted

Vancouver, British Columbia – Atlantic Gold Corporation (TSX-V: AGB) ("Atlantic" or the"Company") is pleased to announce the results of the Phase 2 Life ofMine Expansion Pre-Feasibility Study (the “Study”), led and prepared by Ausenco Engineering Canada Inc.(“Ausenco”), in accordance with National Instrument43-101 (“NI 43-101”) in respect of theCompany’sMooseRiverConsolidatedGoldMine(“MRC”),locatedinNovaScotia,Canada.Highlights

Figure1–MRCConsolidatedOperationsForecastLifeofMineProductionSchedule

http://www.atlanticgoldcorporation.com



• Productionrampingupto+200,000ouncesofgoldproductionperannum,maintainingourindustrylowestquartilecashcostsatanall-insustainingcashcost(“AISC”)ofCAD$692/oz.(USD$555/oz.)

• The Study demonstrates the economic viability of mining the 100% owned Fifteen MileStream (“FMS”) and Cochrane Hill (“CH”) deposits as satellite operations to the Touquoycentralprocessingfacilitywithan initial incrementalafter-taxnetpresentvalue("NPV")of$188millionata5%discountrate.

• TheStudyadoptsthe2015feasibilityoutputforTouquoyandBeaverDamandincorporatesproductioncapitalandoperatingexpendituresforthedevelopmentofFMSandCHdeposits.It is also basedon themaidenProven andProbableMineral Reserves outlined in Table 7below for FMS and CH. The current Phase 3 expansion drilling program (the “Phase 3ExpansionProgram”) isnot completedand therefore theStudyexcludesany results fromthisprogram.

• GiventherobustresultsoftheStudy,theCompanyisproposingthestageddevelopmentofbothFMSandCHincludingthesubmissionoftheEnvironmentalImpactStatementforbothprojectsinH22018.

• A staged approach is proposed for the integration of the FMS and CH deposits into theproduction scheduleof the fully-commissionedprocessing facility atMRC’s Touquoyplantforfinalprocessing.TheconceptofacentralprocessingfacilityatTouquoyformsthebasisoftheCompany’splannedfuturedevelopmentintheregion.Twopre-concentrationplantswillbebuiltinsequencewiththeconcentratefrombothlocationstransportedtotheMRC’sTouquoyplantforfinalprocessingintheexistingcircuit.

• Pre-concentration will be achieved by a processing sequence which includes crushing,grinding, gravity concentration and flotation. The result will be the production of up to160,000 tonnes per annum of concentrate for transportation to the Touquoy facility,maintaining high overall recoveries. The pre-concentration process is a relatively benignone,andofferspotentialenvironmentalpermittingadvantagesaswellassignificantsavingsintransportationcosts.Oneoftheadditionaldriversofthepre-concentrationconceptisthefactthatmetallurgicaltestworkhasdemonstratedhighgoldrecoveriesbygravityprocesses.Expanded crushing and grinding capacity will be required regardless to process ore fromFMSandCH,andthereareclearadvantagesinlocatingthesefacilitiesateachdepositversusatTouquoy.

• Conventional open pit mining methods are proposed with a maiden Proven & ProbableMineralReserveof432,000ouncesforFMSand393,000ouncesforCH(seeTable7below).Wastetooreratioisanindustrylow2.0:1forFMSand2.9:1forCH.

• The expansion capital expenditureswill also be staged, startingwith the development ofFMSfollowedbyCHapproximatelyoneyearlater.Thecapitalexpenditurerequirementsand




financingwill bemanagedwith cashflow fromoperations at Touquoyandadditional debtcapacityfromalargerproductionbase,minimizingtheneedforadditionalequityfinancing.The Company does not intend to undertake any meaningful capital spending ondevelopmentuntil2020attheearliest.

• DrillingisongoingatFMSandCHwiththeaimofsupportingupgradesofsomeorallofthe

InferredMineralResources tohigher confidence categories, andpotentially extending theknownmineralizationlimits.WhenthePhase3ExpansionProgramiscompleted,theresultsare expected to support an updated Mineral Resource estimate for the FMS and CHdeposits.

Table 1 – Initial Incremental Economics of the Phase 2 Expansion Study (FMS and CHDeposits)

ChairmanandCEOStevenDean commented “Weare very excited to issue the resultsof thisstudy representing the initial estimationof thenew lifeofmineplanatMRC for thePhase2expansion. This represents a placeholderwhichwe expectwill be added to as a result of theexpected mineralization extensions from the drill programs at FMS and CH. Stay tuned forfurtherupdatesduringthecourseof2018fromthePhase3drillprogramandplannedupdatedresourceestimates.”Phase2ExpansionDescriptionMRCcommencedoperationswiththefirstgoldpourandinitialproductionfromtheCompany’sTouquoydeposit inOctober2017.ThePhase1LifeofMine in theJuly2015FeasibilityStudy(withaneffectivedateof July2,2015)was forecast toproduceonaverage87,000oz.gold/

Goldprice:US$1,[email protected]/CAD Amount

Pre-taxNPV(5%) $291million

Post-taxNPV(5%) $188million

IncrementalPhase2ExpansionCapitalcost($CAD) $259millionLoMCashOperatingCost($CAD/oz.) $627LoMAISC($CAD/oz.) $692

IncrementalLoMgoldproduction(000'soz.) 746Averageincrementalannualgoldproduction(000'soz.) 124IncrementalLoMwaste/oreratio 2.6:1Incrementalaveragegrade(g/t)Au 1.17




yearoveraminimum8.5yearminelifeatanAISCofC$690/oz.,andincorporatedonly2ofthe4deposits(TouquoyandBeaverDam)intotheLifeofMineplan.ThecentralprocessingfacilityisnowbuiltandisinproductionatTouquoy.ThePhase2expansionstudydemonstratesthepotentialtoaddsignificantlytoPhase1LifeofMineproductionbyincorporatingtheadditionalsatellitedepositsatFMSandCH,bothlocatedwithintruckingdistanceofthecentralprocessingfacilityatTouquoyandreadilyaccessiblebyhighway.StudyThe Study incorporates maiden Mineral Reserve estimates for the FMS and CH deposits.MineralResourceestimates fortheseprojectswere included inatechnical reportreleased inSeptember,2017,entitled“MooseRiverConsolidatedPhase2Project,NovaScotiaCanada,NI43-101TechnicalReport”withaneffectivedateofJuly20,2017.TheCompanyengagedateamofspecializedconsultants,ledbyAusenco,withtheassistanceofMooseMountainTechnicalServices(“MMTS”)inrespectofminedesignandpitoptimizationaswellascompilingtheeconomicresultsfortheStudy.TheCompanyalsoengagedKnightPiesoldLtd.inrespectofthedesignoftheTailingsManagementFacility,Mr.NeilSchofield,aprincipalof FSSI Consultants (Australia) Pty Ltd. (“FSSI”) in respect of the resource modelling, JamesMillardinrespectofenvironmentalandpermittingaspectsoftheCHandFMScomponentsofthe Study and JeffreyParksofGHD Ltd. (“GHD”) in respectof environmental andpermittingaspectsoftheTouquoyandBeaverDamcomponentsoftheoftheStudy.

Table2–InitialPhase1+Phase2Economics

Goldprice:US$1,[email protected]/CAD

Amount

Pre-taxNPV(5%) $612millionPost-taxNPV(5%) $422million

Initialcapitalcost($CAD) $396millionLoMcashoperatingcost($CAD/oz.) $643LoMAISC($CAD/oz.) $692

TotalLoMgoldproduction(000'soz) 1,460Averageannualgoldproduction(000'soz) 162LoMwaste/oreratio 3.0:1Averagegrade(g/t)Au 1.28IRR(post-tax) 35%




1. CapitalCostsinclusiveofMRCPhase1arebasedontheJuly2,2015FeasibilityStudywithnomaterialchangesasidefromupdatingthegoldpriceassumptionasnotedaboveandamendingcashflowdiscountingparametersto2018asthebaseyearversus2015intheFeasibilityStudy.

2. ThisLOMPlanassumesAtlanticexercisesitsrightswithTouquoypartnerMRRItoaccommodateproductionfromFMSandCHatTouquoy.

3. Economicscalculatedonanunleveredbasis.

MinePlanTheminingoperationsareplannedtobetypicalofsimilarsmall-scaleopenpitoperationsinflatterrain. They are conventional drill-blast-load-haul open pit operations with excavators andhaul trucks supported by ancillary equipment. Ore control drilling is planned in advance ofminingactivitiestobetterdelineatethemillfeedmaterialinupcomingbenches.Anorecontrolsystem is planned to provide field control for the loading equipment to selectivelymine oregradematerialseparatelyfromthewaste.Directminingandminemaintenance isplannedasanOwner’sfleet.Miningoperationsarebasedon365operatingdaysperyearwithtwo12hourshiftsperday.ProcessPlantOre treatment at both locations will be essentially the same, with some differences inequipmentsizestosuitorepropertiessuchasorehardness.Theorewillbecrushedinathree-stagecrushingunit,essentiallythesameasthatinstalledatTouquoy.AballmillwillgrindtheoretoaP80ofapproximately240micrometersforFMSand350micrometersforCH.Apartofthe cyclone underflowwill be screened and the undersizewill be treated in two centrifugalgravity separators. The concentrate will be collected in custommade tote containers. It isexpectedthatgoldrecovered ingravityconcentratewillbesignificantandattimesrepresentupto60%oftotalgoldproduction.Thecycloneoverflowwillbetreatedinasplitcircuitwithconventional flotation and hydrofloat separation to produce a concentrate. The concentratewillbecleaned, thickenedand filtered.The tailingswillbepumpedtoaconventional tailingsmanagementfacility.BothconcentrateswillbetruckedtotheTouquoyprocessingfacility,thegravityconcentrateintoteboxes,theflotationconcentrateasabulksolid.Thegravityconcentratewillbetreatedinanew intensive cyanide leach unit and gold recovered from new electrowinning cells. Theflotationconcentratewillbefedintothecyclonefeedpumpoftheexistingcircuitandgoldwillberecoveredintheexistingcarbon-in-leach(“CIL”)circuit.AnextratankwillbeprovidedintheCIL circuit to allow for increased volume throughput but the carbon treatment and goldrecoverycircuithas sufficientexistingcapacity.Theoverall recoveryofgold fromore to finalproductisestimatedtobe92-93%.Pre-ConcentrationFlowsheetforFMSandCHhttp://files.newswire.ca/1485/Moose-River-JAN26.pdf

http://files.newswire.ca/1485/Moose-River-JAN26.pdf




ProductionProfile

ThetablebelowsetsoutgoldproductionfromtheMRCovertheStudyLifeofMine:

Table3–MRCConsolidatedOperationsForecastLifeofMineProductionTable

Figure2–MRCConsolidatedOperationsForecastLifeofMineProductionSchedule

Description-CombinedWaste

(000’stonnes)OreProcessed(000’stonnes)

GoldProduction(000’soz.)

Pre-Production 2,639 - -2018 5,616 1,801 742019 4,897 2,001 962020 6,795 2,000 942021 15,413 3,700 1712022 29,187 5,701 2312023 26,711 6,001 2542024 16,448 6,000 2452025 6,306 6,000 2022026 838 3,746 802027 - 1,457 13

TotalLoMProduction 114,850 38,407 1,460Wastetooreratio 3.0:1




EconomicHighlights

FifteenMileStream

Table4–FMSEconomicHighlights

CochraneHill

Table5–CHEconomicHighlights

Description Unit FMS

MillFeed milliontonnes 10.80HeadGrades Au(g/t) 1.24Goldproduction ounces000's 391Pre-ProductionCapital CDN$millions 123SustainingCapital CDN$millions 25IncrementalPre-TaxNPV CDN$millions 186IRR(pre-tax) % 60.9LoMCashOperatingCost $CAD/oz 567LoMAISC $CAD/oz. 631




MRCPhase2Expansion–SensitivityAnalysisonNPV5

Table6–MRCPhase2Expansion–SensitivityAnalysisonNPV5(basecaseisbolded)

1. BaseCasePricingassumptionfortheStudyisCAD$1,625/oz.Au,calculatedusingaUS$Goldpriceof$1,300ataUSD/CADexchange

rateof0.80.

PermittingandDevelopmentStatusBaseline environmental studies in respect of the proposed FMS and CHmine sites and havebeeninprogressforaboutninemonths.Followingcompletionofanother4monthsofseasonalobservations, resultswillbe incorporated intoenvironmental impactstatements (“EIS”) tobesubmittedtoprovincialandfederalregulators,andtothepublic,forapproval.

Asa first step in theapprovalprocess, thecompanywill file theProjectDescriptionwith theCanadianEnvironmentalAssessmentAgency(“CEAA”)oncetheNI43-101compliantTechnicalReport associatedwith theStudy is completed. The companyplanson filing theEIS forboth

Description Unit CHMillFeed milliontonnes 11.20HeadGrades Au(g/t) 1.10Goldproduction ounces000's 355Pre-ProductionCapital CDN$millions 136SustainingCapital CDN$millions 23IncrementalPre-TaxNPV CDN$millions 105IRR(pre-tax) % 32.9LoMCashOperatingCost $CAD/oz 694LoMAISC $CAD/oz. 759

Description $1,400 $1,500 $1,625 $1,700 $1,800 $1,900 $2,000Pre-TaxNPV5 171,335 224,830 291,700 331,822 385,318 438,814 492,309

Description $1,400 $1,500 $1,625 $1,700 $1,800 $1,900 $2,000Post-TaxNPV5 104,169 141,646 188,662 216,533 253,690 290,847 328,004

$CADGoldPrice

$CADGoldPrice




FMS and CH later in 2018. The 365 day review period starts after the EIS submission isconsideredcompliantwithFederalguidelinesforEnvironmentalAssessment(“EA”).AboriginalconsultationisintegratedintotheEAprocess.

OncetheEnvironmentalrelatedapprovalsareinplace,anIndustrialApprovalandthegrantofaMineralLeasewillbesoughtfromNovaScotiaEnvironmentandtheNovaScotiaDepartmentofNaturalResources,respectively.

MineralReserveEstimatesMineralReservesfromtheMRCConsolidatedOperations,withaneffectivedateofJanuary24,2018,havebeendevelopedbyMMTSandareclassifiedusing the2014Canadian InstituteofMining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources andMineral Reserves. The Mineral Reserves are based on an engineered open pit mine plandevelopedforeachoftheincludedfourdeposits.

Table7–SummaryofMRCMineralReserves




TheMineralReserveestimatesforTouquoyandBeaverDamhaveaneffectivedateofJuly2,2015;

1. MineralReservesareminedtonnesandgrade,thereferencepointinthemillfeedattheprimarycrusher;

2. MineralReservesarereportedatacut-offgradeof0.40g/tAu,whichassumesUS$1,300/oz.Auatacurrencyexchangerateof0.90C$perUS$;99.9%payablegold;$4.20/oz.offsitecosts(refiningandtransport),anda2%royalty.Thecutoff-gradecoversprocessingcostsof$9.73/tatTouquoyand$13.51/tatBeaverDam,andgeneralandadministrative(G&A)costsof$1.71/t,andusesvariablemetallurgicalrecoveries;

3. Miningrecoveryof98.4%andexternalminingdilutionof1.6%at0.28g/tAugradeisappliedinadditiontothemodelledin-blockdilution.Miningrecoveryisreducedto40%formaterialbetween0.40g/tand0.50g/tAucut-offgrades;

4. TheindependentQualifiedPersonfortheestimateisMr.MarcSchulte,P.Eng.

TheMineralReserveestimatesforFMSandCHhaveaneffectivedateofJanuary24,2018:

1. MineralReservesareminedtonnesandgrade,thereferencepointinthemillfeedattheprimarycrusher;

2. MineralReservesarereportedatacut-offgradeof0.30g/tAu,whichassumesUS$1,250/oz.Auatacurrencyexchangerateof0.78C$perUS$;99.0%payablegold;$5.00/oz.offsitecosts(refiningandtransport),anda2%royalty.Thecutoff-gradecoversprocessingcostsof$8.45/tforFMSoreand$9.05/tforCHore,andgeneralandadministrative(G&A)costsof$3.50/t,andusesa92%metallurgicalrecovery;

3. Miningrecoveryof98.4%andexternalminingdilutionof1.6%at0.20g/tAugradeisappliedinadditiontothemodelledin-blockdilution;

4. TheindependentQualifiedPersonfortheestimateisMr.MarcSchulte,P.Eng.

Tonnage(Mt)

Grade(g/t)

Goldoz's('000's)

FifteenMileStreamProvenReserves 2.89 1.24 116ProbableReserves 7.91 1.24 316TotalProvenandProbableReserves 10.80 1.24 432

CochraneHillProvenReserves 6.46 1.15 239ProbableReserves 4.70 1.02 154TotalProvenandProbableReserves 11.16 1.10 393

MooseRiverConsolidated,Phase2ProvenReserves 9.36 1.18 355ProbableReserves 12.60 1.16 470

TotalProvenandProbableReserves 21.96 1.17 825

TouquoyandBeaverDamProvenReserves 6.65 1.45 310ProbableReserves 9.80 1.43 450TotalProvenandProbableReserves 16.45 1.44 760

TotalMooseRiverConsolidatedProvenReserves 16.01 1.29 665ProbableReserves 22.40 1.28 920TotalProvenandProbableReserves 38.41 1.28 1,585




Any known legal, political, environmental, or other risks that could materially affect thepotential development of the Mineral Reserves are detailed below in the section entitled“Forward-LookingStatements”.WithinthedesignedpitsatFMSandCH,InferredMineralResourcesareassumedtobewaste.This Inferredmaterial totals 2.03million tonnesat1.18g/tAu containing77,000ouncesAu.ThePhase3ExpansionProgramisdesignedtotightenthedrillspacingintheseareascurrentlyclassified as Inferred so as to meet the drill spacing requirements for consideration forconfidencecategoryupgrades.TheMineral Resource estimates for Touquoy, Beaver Dam (MRC Phase 1) are presented inTable8,andforFMSandCH(MRCPhase2Expansion)inTable9.

Table8–SummaryofMRCPhase1MineralResources

1. TouquoyMineralResourceshaveaneffectivedateof1August,2014. TheQualifiedPerson for theestimate isMr.NeilSchofield,

MAIG,anemployeeofFSSIConsultants(Australia)PtyLtd.

2. Touquoy Mineral Resources are reported at a base case cut-off grade of 0.5 g/t Au. The cut-off grade includes the followingconsiderations:assumptionofopenpitminingmethods;goldpriceofUS$1,300/oz;94%metallurgicalrecovery;pitbenchfaceanglesthat range from 40–65º; mining costs of $13.40/t; processing costs of $11.94/t, and general and administrative (G&A) costs of$1.71/t.

3. BeaverDamMineralResourceshaveaneffectivedateof16April,2015.TheQualifiedPersonfortheestimateisMr.NeilSchofield,MAIG,anemployeeofFSSIConsultants(Australia)PtyLtd.

4. BeaverDamMineralResourcesare reportedatabase case cut-off gradeof0.5g/tAu. The cut-offgrade includes the followingconsiderations: assumption of open pit mining methods; gold price of US$1,300/oz.; exchange rate of C$1: US$0.90; 95%metallurgical recovery; pit bench face angles that range from 40–70º;mining costs of $2.90/t, and a $0.015/t bench increment;processcostsof$13.51/t;andgeneralandadministrative(G&A)costsof$1.71.

5. Mineral Resources are reported inclusive of those Mineral Resources that have been converted to Mineral Reserves. MineralResourcesthatarenotMineralReservesdonothavedemonstratedeconomicviability

6. Estimateshavebeenrounded,andmayresultinsummationdifferences.

ConfidenceCategory

Tonnage Grade ContainedGold Tonnage Grade ContainedGold

(Mt) (g/tAu) (Auozx1,000) (Mt) (g/tAu) (Auozx1,000)Measured 2.75 1.47 130 4.07 1.55 202

Indicated 7.34 1.48 349 5.20 1.34 224Total M easured and Indicated 10.09 1.48 479 9.27 1.43 426

Inferred 1.58 1.52 77 1.84 1.37 81

Touquoy BeaverDam




Table9–SummaryofMRCPhase2ExpansionMineralResources

1. MineralResourceshaveaneffectivedateof20 July,2017. TheQualifiedPerson for theestimate isMrNeil Schofield,MAIG,an

employeeofFSSIConsultants(Australia)PtyLtd.

2. MineralResourcesarereportedatabasecasecut-offgradeof0.35g/tAu.Thecut-offgradeincludesthefollowingconsiderations:gold price of US$1,300/oz.; exchange rate of 0.80 US$:C$; mining cost of C$3.25/t; process costs (including general andadministrative(G&A)cost)ofC$11.73/t;processrecoveryof95%;andover-allpitslopeangleof45º.

3. Estimateshavebeenrounded,andmayresultinsummationdifferences.

4. Mineral Resources are reported inclusive of those Mineral Resources that have been converted to Mineral Reserves. MineralResourcesthatarenotMineralReservesdonothavedemonstratedeconomicviabilityandthereisnocertaintytheresultsoftheStudywillberealized.

The balance of inferred resources at FMS and CH are the subject of the current Phase 3ExpansionProgramandwillbeupdatedduringthecourseof2018.OperatingCostsMineoperatingcostsforFMSandCHhavebeenestimatedfromthecurrentTouquoyPitunitcosts. Processing,miningandconcentratehaulage formthebasisof theoperatingcostsandalsoincorporatecostdatafromtheprocessingfacilitiescurrentlyoperatingatTouquoy.

Table10–MRCPhase1+Phase2OperatingCostSummary

ConfidenceCategory

Tonnage Grade ContainedGold Tonnage Grade ContainedGold

(Mt) (g/tAu) (Auozx1,000) (Mt) (g/tAu) (Auozx1,000)Measured 2.71 1.33 116 6.17 1.22 242

Indicated 7.88 1.33 336 4.49 1.08 156Total M easured and Indicated 10.59 1.33 452 10.66 1.16 398

Inferred 6.64 1.12 240 1.63 1.32 69

CochraneHillFifteenMileStream

Operatingcosts

Item Unit Touquoy BeaverDam

FMS CH

Mining(pertonnemilled) C$/t 10.1 17.1 9.4 10.8Processing C$/t 8.9 15.3 7.9 8.3General&administrative(G&A) C$/t 1.9 2.2 1.9 1.9

TotalCost C$/t 20.9 34.6 19.2 20.9

Overallaverageannualcosts C$M/a 41.8 69.2 39.1 43.4LoMCashOperatingCost C$/oz 567 694LoMAISC C$/oz 631 759

MRCPhase2Expansion

MRCPhase1

626690




CapitalCostsTheestimatedpre-productioncapitalcost forFMS is$123millionand forCH is$136million.Pre-productioncosts includecontingency,owner’scosts,EPCcosts,newmineequipmentandinfrastructure. Estimates incorporate current data from the recently constructed processingfacilitiesatTouquoy.ThemodificationsrequiredatTouquoytotreatthegravityandflotationconcentratesfromFMSandCHareestimatedat$4.3millionandthisamountisincludedintheestimatedcapitalcostsforFMS.IncrementalsustainingcapitalexpendituresfortheMRCPhase2Expansionareestimatedat$48.2million.

Table11–InitialCapitalCostsofMRC

NextStepsPhase3ExpansionProgramTheCompanyisnearingthecompletionofitsPhase3ExpansionProgramatFMSandCH.TheobjectivesofthePhase3ExpansionProgramareto:

• Tightendrillspacingwithinthedesignedpitlimits;• identifyadditionalmineralizationimmediatelyperipheraltotheestimatedMineral

ResourcesatFMSandCH;

MRCPhase1

InitialCapitalTouquoy+BeaverDam($millions)

FMS($millions)

CH($millions)

Mine 17 16 27ProcessPlants 51 52 56On-siteinfrastructure 23 13 11Off-siteinfrastructure 2 6 6SubtotalDirectCosts 93 87 100

Indirects 15 16 15Owners 16 7 7Contingency 13 13 14SubtotalIndirectCosts 44 36 36

ProjectTotal 137 123 136

MRCPhase2Expansion




• potentiallysupportupgradeofsomeorallofthepreviously-estimatedInferredMineralResourcestohigher-confidencecategoriesatCHandatFMS–particularlyattheHudsonandPlentyzones;and

• seekadditionalmineralizationthatmaybecontainedwithinthe350mgapbetweenthePlentyandEgerton-MacLeanzonesatFMS.

Atotalof28,000min228diamonddrillholesofaplannedprogramof35,000min315holes,hasbeendrilledtodate.Upuntiltheendof2017,atotalof185holesfor21,000mhadbeendrilled at FMS, with the first drilling for 2018 having just re-commenced. At Cochrane Hill,6,900min44holeshavebeendrilledanddrillingherehasnowlargelybeencompleted.ResultsfromthePhase3ExpansionProgramreleasedtodatecanbefoundundertheCompany’spressreleases datedDecember 20, 2017, January 17, 2018, and January 24, 2018. MineralizationidentifiedfromtheresultsofthisPhase3ExpansionProgramwillbeusedtosupportanupdateoftheMineralResourceestimatesforFMSandCH.TheCompanycurrentlyplanstohavetheupdatedestimatescompletedduringH22018..

http://files.newswire.ca/1485/Drill-plan-mapsJAN26.pdfOverthecomingmonths,theCompanywillbefocusedon:

• completingthePhase3ExpansionProgram• completing the updated study that will incorporate the results from the Phase 3

ExpansionProgram• advancingenvironmentalpermittingatBeaverDam,CHandFMS.

TechnicalDisclosure

Internal data verification programs have included review of QA/QC data, re-sampling andsample reanalysis programs, and database verification for issues such as overlapping sampleintervals, duplicate sample numbers, or lack of information for certain intervals. Validationchecks are performed on data used to support estimation, and comprise checks on surveys,collarco-ordinates,lithologydata,andassaydata.

AreviewoftheTouquoydatabasewasconductedin2007byexternalconsultants,HellmanandSchofield.

IntheopinionoftheQP,sufficientverificationcheckshavebeenundertakenonthedatabasestoprovideconfidencethatthedatabasesarereasonablyerrorfreeandmaybeusedtosupportMineralResourceestimation.

http://files.newswire.ca/1485/Drill-plan-mapsJAN26.pdf




ReportFiling

A technical report prepared in accordance with National Instrument 43-101 – Standards ofDisclosureforMineralProjects inrespectoftheStudywillbefiledonSEDARwww.sedar.comand the Company’s websitewww.atlanticgoldcorporation.comwithin 45 days of the date ofthisnewsrelease.

QualifiedPersons

Each of the qualified persons below has reviewed and approved the technical informationcontainedintheStudyandinthispressreleaseintheirareaofexpertiseandareindependentoftheCompanyasidefromJamesMillard.

TheQualifiedPersonsthatwillpreparethetechnicalreportontheStudyinclude:PaulStaples,P.Eng. (Ausenco), Marc Schulte P.Eng., (MMTS), Tracey Meintjes, P.Eng. (MMTS), DanielFontaine P.Eng. (Knight Piesold Ltd), Neil Schofield, MAIG (FSSI), James Millard, P.Geo (theCompany)andJeffParksP.Geo(GHD).

Mr. Wally Bucknell, F.AusIMM, Director of Exploration for the Company has reviewed andapprovedthescientificandtechnicalinformationinthisnewsreleasethatisnotderivedfromtheStudy.

ConferenceCallDetails

Atlantic Gold Corporation is hosting a live Q&A conference call on Tuesday, January 30th at10:00 amEastern time (7:00 amPacific time)with theAtlantic executive team. Participantsmayjointhecallbydialing:

ParticipantDial-inNumbers:

Local-Toronto (+1)4167648688Local-Vancouver (+1)7783837413TollFree-NorthAmerica(+1)8883900546

Additional International Dial-in Numbers: UK: 08006522435, Switzerland: 0800312635,Germany:08007240293,HongKong:800962712

Please provide the company name (Atlantic Gold Corporation) to the operator. A recordedplaybackof thecallwillbeavailableonehourafterthecall’scompletionuntilFebruary28th,2018bydialing:

TollFree-NorthAmerica (+1)8883900541



Entertheplaybackpasscode:517484#,anMP3recordingwillalsobeavailableontheAtlanticwebsite.

APhase2LifeofMineExpansionStudy“TeachIn”foranalystsandinstitutionalinvestorswillbeheldonTuesday,January30thfrom11:30am–1:30pminTorontoattheShangri-laHotel,188UniversityAve, intheKingRoom(level3). InattendancefromAtlanticGoldwillbeChairmanand CEO Steven Dean, COO Maryse Bélanger, CFO Chris Batalha, and IR Manager SeanThompson.

Furtherupdateswillbeprovidedinduecourse.

OnbehalfoftheBoardofDirectors,

StevenDeanChairmanandChiefExecutiveOfficer

ForfurtherinformationaboutAtlantic,pleasecontact:

MaryseBélanger(COO)+1604689-5564SeanThompson(ManagerInvestorRelations)TollFree:1877689-5599AlternativePerformanceMeasuresReferenceismadeinthisnewsreleasetocashoperatingcostsandall-insustainingcosts.Suchcostsarealternativeperformancemeasures.Thesecostscomplywiththeguidelinessetoutin the Company’s news release dated January 19, 2018 under “Non-IFRS PerformanceMeasures”withtheexceptionthattheall-insustainingcostsexcludeestimates forCorporateG&Aandnon-cashaccretionandamortizationofanyreclamationliabilities.AboutAtlantic

Atlanticisawell-financed,growth-orientedgolddevelopmentgroupwithalongtermstrategyto build amid-tier gold production company focused onmanageable, executable projects inmining-friendlyjurisdictions.

Atlantic ownsCanada’s newest openpit goldmineMooseRiver Consolidated inNova ScotiawithfirstgoldpourandinitialproductionachievedinOctober2017.

Phase1LifeofMineproductionguidancefor2018isbetween82,000-90,000oz.goldatAll-In-Sustaining-Costs (AISC) between $CAD675/oz.-$735/oz. (US$540-588/oz.) as stated in theCompany’snewsrelease(January19,2018).



ThePhase2LifeofMineExpansionwillhavegoldproductionrampingupto+200,000ouncesper annum while maintaining the company’s industry lowest quartile cash costs at all-insustaining cash cost (AISC) of CAD$692/oz. Au (USD$555/oz. Au) as stated in the Company’snewsrelease(January29,2018).

Thecompany’splannedfuturedevelopmentoftheregionwillbebasedonacentralprocessingfacilityconceptwithstaged integrationof satellitedeposits into theproductionscheduleandstaged capital expenditures for expansion opportunities managed with cashflow fromoperationsatTouquoyandadditionaldebtcapacityasalongtermlowcostgoldproducer.

A Phase 3 expansion is expected to come from success of its expected extensions ofmineralization and definition drilling program at its FMS and CH deposits, and a regionalprogram commencing in March 2018 systematically drilling 80kms of prospective structuretargetingtheAtlanticmodelfordisseminatedstylegolddepositsamenabletoopenpitmining.

Atlantic is committed to thehighest standardsofenvironmentalandsocial responsibilityandcontinuallyinvestsinpeopleandtechnologytomanagerisks,maximizeoutcomesandreturnstoallstakeholders.

NeithertheTSXVentureExchangenoritsRegulationServicesProvider(asthattermisdefinedinthepoliciesoftheTSXVentureExchange)acceptsresponsibilityfortheadequacyoraccuracyofthisrelease.

Forward-LookingStatements:

This release contains certain “forward looking statements” and certain “forward-lookinginformation” as defined under applicable Canadian and U.S. securities laws. Forward-lookingstatementsand informationcangenerallybe identifiedby theuseof forward-looking terminologysuchas“may”,“will”,“expect”,“intend”,“estimate”,“anticipate”,“believe”,“continue”,“plans”orsimilarterminology.Forward-lookingstatementsandinformationarenothistoricalfacts,aremadeas of the date of this press release, and include, but are not limited to, statements regardingdiscussions of future plans, guidance, projections, objectives, estimates and forecasts andstatements as to management's expectations with respect to, among other things, the activitiescontemplated in this news release and the timing and receipt of requisite regulatory, andshareholderapprovals inrespectthereof.Forward-lookingstatements inthisnewsrelease include,without limitation, statements related toproposedexplorationanddevelopmentprograms,gradeand tonnage of material and resource estimates. These forward looking statements involvenumerous risks and uncertainties and actual resultsmay vary. Important factors thatmay causeactualresultstovaryincludewithoutlimitation,thetimingandreceiptofcertainapprovals,changesincommodityandpowerprices,changes in interestandcurrencyexchangerates,risks inherent inexplorationestimatesandresults,timingandsuccess,variationstothegeologicalandmetallurgicalassumptions (includingwith respect to the size, grade and recoverability ofmineral reserves and



mineralresources),changesindevelopmentorminingplansduetochangesinlogistical,technicalorother factors, unanticipated operational difficulties (including failure of plant, equipment orprocessestooperate inaccordancewithspecifications,costescalation,unavailabilityofmaterials,equipment and third party contractors, delays in the receipt of government approvals, industrialdisturbances or other job action, and unanticipated events related to health, safety andenvironmentalmatters),politicalrisk,socialunrest,andchangesingeneraleconomicconditionsorconditionsinthefinancialmarkets.Inmakingtheforward-lookingstatementsinthispressrelease,the Company has applied several material assumptions, including without limitation, theassumptionsthat:(1)marketfundamentalswillresultinsustainedgolddemandandprices;(2)thereceiptofanynecessaryapprovalsandconsentsinconnectionwiththefuturedevelopmentofanyproperties;(3)theavailabilityoffinancingonsuitabletermsforthedevelopment,constructionandcontinuedoperationof anymineral properties; and (4) sustained commodityprices such thatanyproperties put into operation remain economically viable. Information concerningmineral reserveand mineral resource estimates also may be considered forward-looking statements, as suchinformation constitutes a prediction of whatmineralizationmight be found to be present if andwhenaprojectisactuallydevelopedand/orisinproduction.CertainoftherisksandassumptionsaredescribedinmoredetailintheCompany'sauditedfinancialstatementsandMD&AfortheyearendedDecember31,2016andforthequarterendedSeptember30,2017ontheSEDARwebsiteatwww.sedar.com. The actual results or performance by the Company could differmaterially fromthose expressed in, or implied by, any forward-looking statements relating to those matters.Accordingly,noassurancescanbegiventhatanyoftheeventsanticipatedbytheforward-lookingstatementswilltranspireoroccur,orifanyofthemdoso,whatimpacttheywillhaveontheresultsof operations or financial condition of the Company. Except as required by law, the Company isundernoobligation,andexpresslydisclaimanyobligation,toupdate,alterorotherwisereviseanyforward-lookingstatement,whetherwrittenororal,thatmaybemadefromtimetotime,whetheras a result of new information, future events or otherwise, except as may be required underapplicablesecuritieslaws.

NEW LIFE OF MINE PLAN AT MRC BOOSTS GOLD...

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