Atacama Pacific Gold Corporation: Phase IV Drilling Program Commences at Cerro Maricunga Oxide Gold Project

Atacama Pacific Gold Corporation (TSX VENTURE:ATM) ("Atacama") is pleased to
report the commencement of Phase IV drilling activities on its 100 owned Cerro
Maricunga Oxide Gold Project located in Chile's Maricunga Mineral Belt.


The drilling component of the Phase IV campaign will comprise 20,000 metres with
15,000 metres of infill drilling dedicated to upgrading current inferred
resources to the measures and indicated category and 5,000 metres directed
towards exploration. In addition to drilling, the Phase IV program will include
continued metallurgical test work, with 15 column percolation leach tests
presently underway, along with engineering studies and the collection of
environmental baseline data in support of future permitting. The budget for the
Phase IV program is approximately US$23 million. 


Atacama's Cerro Maricunga preliminary economic assessment ("PEA") is now
scheduled for release in January 2013. The results of the PEA will establish the
benchmark engineering parameters and capital expenditures for a mining and heap
leach processing operation at Cerro Maricunga.


Water Exploration 

Drilling for aquifer water has commenced on a series of contiguous water
exploration concessions covering 267,000 hectares. The concessions are located
approximately 95 kilometres north of Cerro Maricunga. Drilling is focused on a
number of possible aquifers outlined during last season's geophysical survey
program. The water drilling program, which is included in the Phase IV budget,
is planned to be completed during the first quarter 2013 at which time the wells
will be pump tested to determine potential water flow rates.


Technical Report Filed 

In support of the recently announced Cerro Maricunga resource update, Atacama
recently filed a National Instrument 43-101 compliant technical report on
www.sedar.com. The measured and indicated ("M&I") resource at Cerro Maricunga is
presently 2.667 million ounces of gold in 163.9 million tonnes grading 0.51
grams per tonne gold ("g/t Au"), at a 0.3 g/t Au cut-off, with a further 1.810
million ounces of gold in 120.7 million tonnes grading 0.47 g/t Au in the
inferred category. 


National Instrument 43-101 Compliance 

The Cerro Maricunga resource estimate was prepared under Canadian Institute of
Mining, Metallurgy and Petroleum ("CIM") Definition Standards (2005). Dr.
Eduardo Magri, a mining engineer (University of Witwatersrand) and a Fellow of
the Southern African Institute of Mining and Metallurgy with over 30 years of
industry experience, is the independent qualified person, as defined by National
Instrument 43-101, for the resource estimate. Dr. Magri has reviewed and
verified the contents of this press release. NCL Ingeneiria y Construccion Ltda.
undertook to prepare and is responsible for the resource estimate under the
supervision of Dr. Eduardo Magri and Antonio Couble (NCL Associate). 


About Atacama Pacific Gold Corporation 

Atacama Pacific's business is the acquisition, exploration and development of
precious metals resource properties in Chile. Atacama Pacific's principal
mineral property is the Cerro Maricunga oxide-associated, breccia-hosted gold
project, located in Region III, 140 kilometres by road northeast of the city of
Copiapo. Atacama Pacific's goal is to become a producer of gold through the
exploration and development of the Cerro Maricunga Gold Project. Atacama Pacific
also has interests in six other mineral properties within close proximity to the
Cerro Maricunga Gold Project and a seventh property in Chile's Region I. 


FORWARD LOOKING STATEMENTS

This release contains forward-looking statements, including predictions,
projections and forecasts. Forward-looking statements include, but are not
limited to, statements with respect to completion of economic assessments,
exploration results, the success of exploration activities generally, mine
development prospects, and 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, the interpretation and actual results
of current exploration activities; changes in project parameters as plans
continue to be refined; 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; 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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Atacama Pacific Gold Corporation
Carl B. Hansen
President and CEO
416 861 8267
[e-mail]
www.atacamapacific.com