Kelowna, British Columbia – TheNewswire -  June 10, 2021 - SOUTH ATLANTIC GOLD INC. (TSXV:SAO) (OTC:JLRRF) (“South Atlantic” or the “Company”) is pleased to announce that it’s 75 percent (“%”) earn-in on the  Pedra Branca Project, located 280 kilometers (“km”) southwest of Fortaleza, Ceará State, Brazil has been completed. An audit of the US$1 million in exploration expenditures by South Atlantic from its Phase 1 exploration program has been completed and Jaguar has accepted the results which completes the earn-in requirements for the 75% interest.  

Douglas Meirelles, CEO stated, “The 75% earn-in we just completed represents the first significant hurdle at Pedra Branca. We anticipate publishing the National Instrument (“NI”) 43-101-compliant technical report with a maiden resource in the next few weeks. The publication of the maiden resource report will also allow the company to earn-in 100% of the Pedra Branca project and will also highlight the Phase II exploration program at Pedra Branca.”

Upcoming Catalysts

The Phase 2 Exploration Program details are outlined in the “Technical Report, Geology, Mineralization and Exploration of the Pedra Branca Gold Project, Ceará State, Northeastern Brazil” dated August 21, 2020. The details of the Phase 2 program include further RC drilling, higher density, and deeper diamond drilling, updating geological and structural models, an additional updated resource estimation, and further community engagement.

The company will complete the required government processes to transfer the Pedra Branca asset to South Atlantic Gold’s subsidiary in Brazil.

About South Atlantic Gold

South Atlantic Gold is an exploration company engaged in acquiring and advancing mineral properties located in the Americas. The Company’s principal BC asset is the wholly-owned 4,056-hectare Big Kidd property, located near Aspen Grove, BC. Our Brazilian flagship asset is our option to acquire the Pedra Branca project, located 280 km southwest of Fortaleza, Ceara State, Brazil. South Atlantic Gold is focused on creating value for its shareholders by engaging in the development and acquisition of high-quality mineral assets located in stable and mining friendly jurisdictions. South Atlantic Gold’s is based in Kelowna, British Columbia, and is listed on the TSX-V under the symbol “SAO.

ON BEHALF OF THE BOARD

Douglas Meirelles, President and CEO

For more information regarding this news release, please contact:

Anne Hite, Vice President, Investor Relations

T: 250-762-5777

Email: ir@southatlanticgold.com

Cautionary Note Regarding Forward-Looking Information

This news release contains statements that constitute "forward-looking Information", as such term is used in applicable Canadian securities laws.  Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.

Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. There can be no assurance that the Fundamental Acquisition will be completed as proposed or at all.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company’s public disclosure documents filed on the SEDAR website at www.sedar.com.

 THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

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.