UPDATED MRC PRODUCTION SCHEDULE

MINERAL RESERVES INCREASE BY 401,000 OUNCES OR 27%

MINE LIFE INCREASES TO 10+ YEARS

TOTAL MINERAL RESERVES OF 1.9 MILLION OUNCES

COMPOUND ANNUAL GROWTH RATE OF PRODUCTION OF 21%

COCHRANE HILL PIT OPEN AT DEPTH AND TO THE EAST

FURTHER MINE LIFE POTENTIAL AT 149 AND OTHER REGIONAL TARGETS

March 25, 2019

Vancouver, British Columbia - Atlantic Gold Corporation (TSX-V: AGB) ("Atlantic" or the "Company") is pleased to announce an updated mineral reserve statement and life of mine production plan for its Moose River Consolidated ("MRC") Mine. Following successful drilling campaigns at the Touquoy, Fifteen Mile Stream and Cochrane Hill deposits and the updated resource statements issued on March 13, 2019, Proven and Probable Mineral Reserves have increased to approximately 1.9 million ounces.

"Today's update marks another milestone in the continuation of growing our Reserve base at MRC and represents a work in progress. Testing the extension of the high grade shoots at Cochrane Hill, establishing Mineral Resources at the 149 deposit, and potentially extending the strike to the east, will be priorities for 2019. We also remain very excited about leveraging the value of the potential discovery of multiple additional deposits from our ongoing Corridor Regional Exploration Program." said Maryse Bélanger, President and COO.

Highlights

  • • Proven and Probable Mineral Reserves increased by 401,000 ounces Au or 27% of the depleted Reserve base (as at December 31, 2018) as a result of additions to Mineral Reserves at the Touquoy, Fifteen Mile Stream and Cochrane Hill deposits which are now included in the Life of Mine (LoM) production schedule below;

  • • Mine life at the Moose River Consolidated Mine now exceeds 10 years;

  • • Total Mineral Reserves for all deposits are now approximately 1.9 million ounces Au;

  • • Compound annual growth in production at MRC is 21%;

  • • An increased percentage of Reserves are now in the highest confidence Proven category as a result of the infill drilling program;

  • • At Cochrane Hill, Mineral Reserves include only a small portion of the newly defined easterly plunging higher grade shoots. These recently identified zones require further testing through a proposed extension drilling program in 2019;

  • • Further planned drilling as part of the Corridor Regional Exploration Program including at the 149 deposit and other targets along the 45 km strike length of the Corridor also have potential to add to the MRC mine life.

Table 1: Current Mineral Reserve Statement

Touquoy

Proven Reserves

Probable Reserves

Existing Stockpile Reserves

Total Proven and Probable Reserves

Beaver Dam

Proven Reserves

Probable Reserves

Total Proven and Probable Reserves

MRC Phase 1 (Touquoy and Beaver Dam)

Proven Reserves

7.17

Probable Reserves

10.23

Existing Stockpile Reserves

2.41

Total Proven and Probable Reserves

19.81

Fifteen Mile Stream

Proven Reserves

5.58

Probable Reserves

11.18

Total Proven and Probable Reserves

16.76

Cochrane Hill

Proven Reserves

10.25

Probable Reserves

5.13

Total Proven and Probable Reserves

15.38

MRC, Phase 2 Expansion (Fifteen Mile Stream and Cochrane Hill)

Tonnes

Diluted Gold

Mined Gold

(Mt)

Grade (g/t)

oz's ('000's)

3.36

1.10

119

7.14

1.28

295

2.41

0.57

44

12.91

1.10

458

3.81

1.54

188

3.09

1.43

142

6.90

1.49

330

1.33

307

1.33

437

0.57

44

1.24

788

1.09

196

1.06

380

1.07

576

1.08

355

0.96

158

1.04

513

550

539

1,089

857

975

44

1,877

Proven Reserves Probable Reserves

15.83 1.08

16.32 1.03

Total Proven and Probable Reserves

32.14

1.05

Total Moose River Consolidated Proven Reserves

Probable Reserves Existing Stockpile Reserves

22.99 1.16

26.55 1.14

2.41 0.57

Total Proven and Probable Reserves

51.95

1.12

Telephone: (604) 689-5564 Fax: (604) 566.9050www.atlanticgoldcorporation.com

3

Notes for the Mineral Reserve Estimates;

  • 1. The Mineral Reserve Estimates were prepared by Marc Schulte, P.Eng. (who is also the independent Qualified Person for these Mineral Reserve Estimates), in accordance to the 2014 Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards for Mineral Resources and Mineral Reserves, with an effective date of March 13, 2019.

  • 2. The Mineral Reserve estimates are a subset of the February 15, 2019 Mineral Resource estimates (see news release dated March 13, 2019).

  • 3. Touquoy Proven Mineral Reserves include existing stockpiled ore of 2.41 Mt at 0.57 g/t gold grade. This material is not included in, and is additional to, the Mineral Resource estimate.

  • 4. The Mineral Reserves are based on an engineering and technical information developed at a Pre-Feasibility level for each of the included four deposits.

  • 5. Mineral Reserves are mined tonnes and grade, the reference point is the mill feed at the primary crusher.

  • 6. Mineral Reserves are reported at a cut-off grade of 0.30 g/t Au for Touquoy, Fifteen Mile Stream and Cochrane Hill, and 0.5 g/t Au for Beaver Dam.

  • 7 Cut-off grade assumes US$1,300/oz. Au at a currency exchange rate of 0.77 C$ per US$; 99.9% payable gold; $5.00/oz. offsite costs (refining and transport), a 2% royalty; and uses a 92% metallurgical recovery. The cut off-grade covers processing costs of $11.00/t at Touquoy, $8.22/t at Fifteen Mile Stream, $8.64/t at Cochrane Hill, and $18.00/t at Beaver Dam and general and administrative (G&A) costs of $2.50/t.

  • 8. Mining recovery of 98.4% and external mining dilution of 1.6% at 0.20 g/t Au grade is applied in addition to the modelled in-block dilution.

  • 9. As Touquoy is an ongoing operation, a surveyed topographic surface dated December 31, 2018 is used as the basis for the Mineral Reserves.

  • 10. Factors that may affect the estimates include: metal price assumptions, changes in interpretations of mineralization geometry and continuity of mineralization zones, changes to kriging assumptions, metallurgical recovery assumptions, operating cost assumptions, confidence in the modifying factors, including assumptions that surface rights to allow mining infrastructure to be constructed will be forthcoming, delays or other issues in reaching agreements with local or regulatory authorities and stakeholders, and changes in land tenure requirements or in permitting requirement. Any other known legal, political, environmental, or other risks that could materially affect the potential development of the Mineral Reserves are detailed below in the section entitled "Forward-Looking Statements".

  • 11. Estimates have been rounded and may result in summation differences.

Table 2 - MRC Consolidated Operations Forecast Life of Mine Production Table

TOTAL MINE PRODUCTION - MRC

Year

LOM

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

TOTAL Ore Milled

ktonnes

51,954

2,240

2,240

2,315

4,115

5,330

6,000

6,000

6,000

6,000

4,844

4,000

2,869

AU

g/t

1.12

1.42

1.51

1.29

1.40

1.44

1.41

1.31

1.10

0.92

0.74

0.54

0.42

Mill Feed Gold

koz.

1,877

103

109

96

186

247

272

252

213

178

116

69

38

PRODUCED GOLD

koz.

1,736

97

103

91

174

231

254

234

195

161

103

59

32

TOTAL Ore Mined

ktonnes

49,540

2,927

2,435

3,374

6,031

7,191

8,292

7,324

5,946

4,271

1,338

411

-

AU

g/t

1.15

1.22

1.42

1.15

1.10

1.21

1.17

1.14

1.07

1.03

1.10

1.17

-

TOTAL Stockpile Retrieval to Mill

ktonnes

15,207

30

-

75

300

50

-

650

1,158

2,706

3,744

3,624

2,869

AU

g/t

0.55

0.63

-

1.30

1.15

0.69

-

0.67

0.63

0.59

0.59

0.46

0.42

TOTAL Waste Mined

ktonnes

150,508

3,859

4,365

11,454

26,247

31,920

28,879

23,637

15,207

4,310

580

51

-

TOUQUOY

Ore Milled from Touquoy

ktonnes

12,914

2,240

2,240

2,240

1,979

352

-

343

1,000

1,674

845

-

-

AU

g/t

1.10

1.42

1.51

1.29

1.17

1.11

-

0.62

0.62

0.53

0.42

-

-

Process Recovery

%

93.1

95.0

95.0

95.0

94.5

94.5

-

89.0

89.0

89.0

89.0

-

-

Ore Mined from Touquoy

ktonnes

10,500

2,927

2,435

2,492

2,280

365

-

-

-

-

-

-

-

AU

g/t

1.23

1.22

1.42

1.20

1.08

1.08

-

-

-

-

-

-

-

Stockpile Retrieval to Mill from Touquoy

ktonnes

3,892

30

-

-

-

-

-

343

1,000

1,674

845

-

-

AU

g/t

0.54

0.63

-

-

-

-

-

0.62

0.62

0.53

0.42

-

-

Waste Mined from Touquoy

ktonnes

17,343

3,859

4,365

5,172

3,605

342

-

-

-

-

-

-

-

BEAVER DAM

Ore Milled from Beaver Dam

ktonnes

6,897

-

-

-

236

1,678

2,000

1,657

1,000

326

-

-

-

AU

g/t

1.49

-

-

-

1.74

1.60

1.52

1.42

1.32

1.38

-

-

-

Process Recovery

%

95.0

-

-

-

95.0

95.0

95.0

95.0

95.0

95.0

-

-

-

Ore Mined from Beaver Dam

ktonnes

6,897

-

-

-

236

1,685

2,000

1,650

1,000

326

-

-

-

AU

g/t

1.49

-

-

-

1.74

1.59

1.52

1.42

1.32

1.38

-

-

-

Stockpile Retrieval to Mill from Beaver Dam

ktonnes

7

-

-

-

-

-

-

7

-

-

-

-

-

AU

g/t

0.62

-

-

-

-

-

-

0.62

-

-

-

-

-

Waste Mined from Beaver Dam

ktonnes

40,384

-

-

165

9,194

13,348

9,934

5,865

1,754

124

-

-

-

FIFTEEN MILE STREAM

Ore Milled from Fifteen Mile Stream

ktonnes

16,764

-

-

75

1,900

2,000

2,000

2,000

2,000

2,000

2,000

2,000

789

AU

g/t

1.07

-

-

1.30

1.60

1.50

1.40

1.38

1.04

0.84

0.65

0.41

0.41

Process Recovery

%

88.3

-

-

91.3

93.1

92.5

92.0

91.9

89.4

87.3

84.4

79.2

79.2

Ore Mined from Fifteen Mile Stream

ktonnes

16,764

-

-

883

3,448

2,874

3,446

2,743

2,144

1,226

-

-

-

AU

g/t

1.07

-

-

1.00

1.08

1.20

1.04

1.12

0.97

0.90

-

-

-

Stockpile Retrieval to Mill from Fifteen Mile Stream

ktonnes

6,554

-

-

75

300

-

-

300

158

932

2,000

2,000

789

AU

g/t

0.59

-

-

1.30

1.15

-

-

0.72

0.70

0.70

0.65

0.41

0.41

Waste Mined from Fifteen Mile Stream

ktonnes

39,384

-

-

6,117

7,214

6,968

4,641

6,557

7,030

856

-

-

-

COCHRANE HILL

Ore Milled from Cochrane Hill

ktonnes

15,380

-

-

-

-

1,300

2,000

2,000

2,000

2,000

2,000

2,000

2,080

AU

g/t

1.04

-

-

-

-

1.24

1.30

1.25

1.30

1.25

0.97

0.66

0.42

Process Recovery

%

91.4

-

-

-

-

92.7

93.0

92.7

92.9

92.8

91.6

89.6

86.6

Ore Mined from Cochrane Hill

ktonnes

15,380

-

-

-

67

2,266

2,846

2,931

2,802

2,720

1,338

411

-

AU

g/t

1.04

-

-

-

0.65

0.96

1.07

1.01

1.05

1.04

1.10

1.17

-

Stockpile Retrieval to Mill from Cochrane Hill

ktonnes

4,754

-

-

-

-

50

-

-

-

100

900

1,624

2,080

AU

g/t

0.50

-

-

-

-

0.69

-

-

-

0.64

0.63

0.53

0.42

Waste Mined from Cochrane Hill

ktonnes

53,397

-

-

-

6,233

11,262

14,304

11,214

6,423

3,330

580

51

-

Suite 3083 - 595 Burrard Street, P.O. Box 49298, Vancouver B.C. Canada V7X 1L3

Telephone: (604) 689-5564 Fax: (604) 566.9050

www.atlanticgoldcorporation.com

5

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Atlantic Gold Corporation published this content on 25 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 25 March 2019 12:19:04 UTC