Toronto, Ontario – Atlanta Gold Inc. (TSXV: ATG; OTCQX: ATLDF) announces that it has completed an initial tranche of its previously announced $750,000 private placement offering of Units (see news release of November 5, 2012) for gross proceeds of $606,000. The Company issued 12,120,000 Units at a price of $0.05 per Unit, with each Unit consisting of one common share and one common share purchase warrant. Each warrant is exercisable for a period of 24 months from closing of the offering and will entitle the holder to purchase one additional common share at $0.10 for the initial 12 months from closing and at $0.15 per share thereafter. The Company has the right to accelerate the expiry date of the warrants if the closing price of the Company’s common shares on the TSX Venture Exchange exceeds $0.20 for 20 consecutive days on which the Company’s shares trade. Net proceeds from the offering will be used to reduce indebtedness and for general working capital purposes.

The Company paid cash finder’s fees of $25,280 and issued 505,600 compensation options in connection with the initial closing. Each compensation option entitles the holder to purchase one common share of the Company at a price of $0.10 per share for one year.
All securities issued on closing of the initial tranche will be subject to a four-month statutory hold period, which will expire March 10, 2013.
Insiders of the Company acquired 1,700,000 Units, representing 14.0% of the Units issued.
The Company anticipates that it will complete the balance of the offering within 30 days.

About the Company

Atlanta Gold Inc. holds through its 100% owned subsidiary, Atlanta Gold Corporation, leases, options or ownership interests in its Atlanta properties which comprise approximately 2,159 acres (8.74 square kilometers) located 90 air kilometers east of Boise, in Elmore County, Idaho. A long history of mining makes Atlanta very suitable for development of new mining projects. The Company is focused on advancing its core asset, Atlanta, towards mine development and production.

Forward-Looking Information
This news release contains forward-looking information and forward-looking statements (collectively “forward-looking statements”) within the meaning of applicable securities laws with respect to the completion of the balance of the private placement offering and the use of proceeds from the offering. Such are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments, as well as other factors which it believes to be reasonable and relevant. These assumptions include those concerning the continued availability of adequate financing, no significant decline in existing general business and economic conditions, and the level and volatility of the gold price. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking statements and accordingly, readers should not place undue reliance on those statements. Risks and uncertainties that may cause actual results to vary include the Company’s limited financial resources, the potential imposition of additional or varied sanctions against the Company’s subsidiary by the Court in the U.S. Clean Water Act proceedings, changes in general economic conditions or conditions in the financial market, changes in resource prices and fluctuations in currency exchange rates, the speculative nature of mineral exploration, development and mining, as well as other risks and uncertainties which are more fully described in the Company’s annual and quarterly Management Discussion and Analysis and in other Company filings made with securities regulatory authorities, which are available at Readers are cautioned that the foregoing lists of risks, uncertainties and assumptions are not exhaustive. The forward-looking statements are made as of the date hereof. The Company undertakes no obligation to update publicly or revise any forward-looking statements contained herein whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

For further information contact:

Atlanta Gold Inc.:
Wm. Ernest Simmons
President and CEO
Telephone: (208)-424-3343
Fax: 208-338-6513

Email: [email protected]

Atlanta Gold Inc.
Bill Baird
Vice President and CFO
Telephone: (416) 777-0013
Fax: (416) 777-0014

E-mail: [email protected]

CHF Investor Relations
Juliet Heading
Senior Account Manager
Telephone: (416) 868-1079 ext 239
Fax: (416) 868-6198
E-mail: [email protected]