TSX-V: SAO

Kelowna, British Columbia, June 11, 2021 – SOUTH ATLANTIC GOLD INC. (TSX-V: SAO) (“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

Qualified Person

The scientific and technical information that forms the basis for parts of this press release was reviewed and approved by Marcelo Antonio Batelochi (P.Geo.), MAUSIMM (CP), the Company’s Exploration Manager who is a Qualified Person “(QP”) as defined by National Instrument 43-101.

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.

Annex 1

New Results Table.

Hole Id	From	To	Au g/t	X Coord	Y Coord	Z Coord	Target
PBRC093	31	32	0.562	379,843.273	9,393,169.887	589.509	Mirador
PBRC093	32	33	0.538	379,842.734	9,393,170.083	590.328	Mirador
PBRC094	25	26	0.656	379,821.525	9,393,171.895	584.383	Mirador
PBRC094	26	27	0.446	379,820.986	9,393,172.092	585.203	Mirador
PBRC095	29	30	0.582	379,841.358	9,393,119.851	587.388	Mirador
PBRC095	30	31	0.097	379,840.819	9,393,120.047	588.207	Mirador
PBRC095	31	32	0.043	379,840.280	9,393,120.244	589.026	Mirador
PBRC095	32	33	1.191	379,839.741	9,393,120.440	589.845	Mirador
PBRC096	5	6	4.3	379,819.627	9,393,120.627	567.791	Mirador
PBRC096	11	12	0.525	379,816.393	9,393,121.804	572.706	Mirador
PBRC096	12	13	0.683	379,815.854	9,393,122.000	573.525	Mirador
PBRC096	13	14	0.753	379,815.315	9,393,122.196	574.345	Mirador
PBRC096	14	15	0.503	379,814.776	9,393,122.393	575.164	Mirador
PBRC096	15	16	0.567	379,814.237	9,393,122.589	575.983	Mirador
PBRC096	16	17	0.625	379,813.698	9,393,122.785	576.802	Mirador
PBRC099	7	8	4.721	379,759.473	9,392,972.092	560.298	Mirador
PBRC099	8	9	0.754	379,758.934	9,392,972.288	561.117	Mirador
PBRC099	9	10	0.244	379,758.395	9,392,972.485	561.936	Mirador
PBRC100	1	2	0.413	379,807.612	9,393,027.793	559.123	Mirador
PBRC100	2	3	0.677	379,807.073	9,393,027.989	559.942	Mirador
PBRC100	7	8	0.31	379,804.378	9,393,028.970	564.038	Mirador
PBRC100	8	9	0.842	379,803.839	9,393,029.166	564.857	Mirador
PBRC100	9	10	0.26	379,803.300	9,393,029.363	565.676	Mirador
PBRC100	10	11	1.007	379,802.761	9,393,029.559	566.495	Mirador
PBRC100	11	12	0.374	379,802.222	9,393,029.755	567.314	Mirador
PBRC106	20	21	3.876	378,870.376	9,392,767.198	557.629	Mirador
PBRC106	21	22	1.421	378,869.936	9,392,767.567	558.448	Mirador
PBRC106	22	23	0.748	378,869.497	9,392,767.935	559.267	Mirador
PBRC106	23	24	0.73	378,869.057	9,392,768.304	560.086	Mirador
PBRC106	37	38	0.501	378,862.906	9,392,773.466	571.554	Mirador
PBRC106	38	39	0.114	378,862.467	9,392,773.834	572.373	Mirador
PBRC106	39	40	0.145	378,862.027	9,392,774.203	573.193	Mirador
PBRC106	40	41	3.047	378,861.588	9,392,774.572	574.012	Mirador
PBRC106	41	42	0.749	378,861.149	9,392,774.941	574.831	Mirador
PBRC106	42	43	1.728	378,860.709	9,392,775.309	575.650	Mirador
PBRC106	43	44	0.147	378,860.270	9,392,775.678	576.469	Mirador
PBRC106	44	45	0.646	378,859.830	9,392,776.047	577.288	Mirador
PBRC107	25	26	0.41	378,827.253	9,392,739.248	562.564	Mirador
PBRC107	26	27	0.592	378,826.813	9,392,739.616	563.384	Mirador
PBRC107	43	44	0.893	378,819.344	9,392,745.884	577.309	Mirador
PBRC107	44	45	0.078	378,818.904	9,392,746.253	578.128	Mirador
PBRC107	45	46	0.728	378,818.465	9,392,746.621	578.947	Mirador
PBRC108	17	18	3.347	378,761.596	9,392,729.794	559.419	Mirador
PBRC108	18	19	8.983	378,761.156	9,392,730.163	560.238	Mirador
PBRC108	25	26	5.939	378,758.081	9,392,732.744	565.972	Mirador
PBRC108	26	27	0.013	378,757.641	9,392,733.112	566.792	Mirador
PBRC108	27	28	0.141	378,757.202	9,392,733.481	567.611	Mirador
PBRC108	28	29	0.005	378,756.763	9,392,733.850	568.430	Mirador
PBRC108	29	30	0.005	378,756.323	9,392,734.218	569.249	Mirador
PBRC108	30	31	3.033	378,755.884	9,392,734.587	570.068	Mirador
PBRC114	7	8	0.844	379,086.185	9,392,986.143	557.102	Mirador
PBRC114	8	9	0.883	379,085.745	9,392,986.512	557.921	Mirador