Toronto, Ontario – Atlanta Gold Inc. (TSX: ATG) announces that it has completed the second and final phase of its 2008 surface trenching program at its Atlanta gold property in Idaho. Combined with assay results from the first phase of the trenching program announced in the Company’s news release of October 14, 2008, the second phase of the program extended the surface expression of the mineralized system in the following three areas: Idaho, Monarch and East Extension and identified a number of excellent gold resource targets amenable to low-cost selective shallow open-pit mining which will provide early plant feed.

The 2008 trenching program exposed and identified significant gold-bearing mineralization in 22 out of 25 trenches. All samples taken above the Atlanta Shear Zone had anomalous gold. A total of 131 five-foot samples with significant gold values representing 655 out of 2,180 feet of trenching are listed in the table below. With the exception of Trench 7 ID-03 on the Idaho section of the property, trenches were made perpendicular to the Shear Zone. Sample lengths ranged from 5 to 50 feet.

Twenty-two trenches carried significant gold values. Fourteen in the Monarch area (MN) are within the trend of the Shear Zone. These include two groupings of 7 trenches, each covering a strike length of approximately 700 feet which indicate continuity of good grade values, over mineable widths. Follow up trenching in 2009 will be designed to expand each of these favourable areas. Details of results of all the trenches are being evaluated along with the remainder of the exploration results to assess potential viability. Follow up trenching in 2009 will be designed to expand each of these favourable areas along strike.

In all cases the trenching sampled soil horizon C which is decomposed bedrock. In three trenches, soil horizon A (top layer of soil) was also identified and sampled. In two of the three trenches, very respectable values were encountered and will be followed up. The A horizon for these two trenches showed assays with gold grades ranging from Nil to 0.396 ounces per ton (13.58 grams per tonne) and an average grade of 0.121 opt (4.15 gpt).  Assays for C horizon showed gold grades ranging from 0.001 opt (0.03 gpt) to 1.476 opt (50.61 gpt) with an average grade of 0.313 opt (10.73 gpt).

Significant assays in each trench are tabulated below and those in excess of 0.100 opt (3.43 gpt) Au are shown in bold italics.

#

Trench

Identification (1)

Number

of Samples

Sample Length

Average  Grade

Feet

Meters

opt Au

gpt Au

1

EE-01

2

10.0

3.0

0.030

1.03

2

EE-02

2

10.0

3.0

0.039

1.34

3

EE-03

 

 

 

No Significant Values

4

EE-04

3

15.0

4.6

0.059

2.02

5

ID-01

4

20.0

6.1

0.090

3.09

6

ID-02

3

15.0

4.6

0.214

7.34

7

ID-03

10

50.0

15.2

0.178

6.10

3

15.0

4.6

0.067

2.30

2

10.0

3.0

0.074

2.54

8

MN-01

7

35.0

10.7

0.226

7.75

2

10.0

3.0

0.090

3.09

1

5.0

1.5

0.200

6.86

 9

MN-02

7

35.0

10.7

0.201

6.89

10

50.0

15.2

0.128

4.39

10

MN-03

4

20.0

6.1

0.128

4.39

11

MN-04

5

25.0

7.6

0.086

2.95

12

MN-05

8

40.0

12.2

0.100

3.43

13

MN-06

2

10.0

3.0

0.124

4.25

14

MN-07

10

50.0

15.2

0.096

3.29

15

MN-08

3

15.0

4.6

0.066

2.26

3

15.0

4.6

0.067

2.30

16

MN-09

2

10.0

3.0

0.098

3.36

2

10.0

3.0

0.160

5.49

17

MN-10

5

25.0

7.6

0.058

1.99

4

20.0

6.1

0.069

2.37

18

MN-11

 

 

 

No Significant Values

19

MN-12

4

20.0

6.1

0.105

3.60

2

10.0

3.0

0.500

17.14

20

MN-13

 

 

 

No Significant Values

21

MN-14

5

25.0

7.6

0.100

3.43

2

10.0

3.0

0.184

6.31

22

MN-15

2

10.0

3.0

0.763

26.16

23

MN-16

4

20.0

6.1

0.185

6.34

24

MN-17

3

15.0

4.6

0.206

7.06

1

5.0

1.5

0.255

8.74

25

MN-18

4

20.0

6.1

0.271

9.29

Notes:

(1) EE represents the East Extension, ID represents the Idaho and MN represents the Monarch areas of the property.

(2) Samples consisted mostly of decomposed bedrock that characterizes the Atlanta Shear Zone immediately beneath the overburden.  In some locations the overburden has been disturbed and may not directly correlate with the underlying bedrock.

These results confirm that the overburden contains residual gold, and the decomposed bedrock beneath the overburden is consistent with the mineralization elsewhere in the Atlanta Shear Zone.

Drilling to date has extended the length of the Atlanta Shear Zone by 42% from 8,000 to 11,400 feet (2.4 to 3.5 kilometers) and the zone remains open to the East and West, all on Company-controlled land. The majority of the current resources are located between the surface and the 6,400-foot elevation (a vertical depth of 800 feet from the top of Atlanta Hill). A number of deeper holes indicate that the zone also continues at depth.

As reported in the Company’s Management Discussion and Analysis for the third quarter of 2008, based on a compilation of geological and geochemical data to June 30, 2007, the Company has outlined approximately 390,200 Measured and Indicated ounces or 436,500 equivalent ounces (including silver resources as a gold equivalent) as follows:

 

GOLD

SILVER

Total
Equivalent
Ounces
of Gold
(000's)

Area

Cut-Off

Grade

(opt)

Gold

Grade

(opt)

Tons

(000’s)

Ounces

of Gold

(000’s)

Historical Ratio

of Silver

to Gold Ounces


Ounces
of Silver
(000's)

Price Factor (2)
Silver Price /
Gold Price

Equivalent
Ounces of Gold
(000's)

MINI-PIT RESOURCE:

 

 

 

 

 

 

 

 

 

East and West Monarch (1)

0.05

0.103

510.9

52.6

8.754

     460.7

73.7

6.3

58.9

Idaho (1)

0.05

0.060

82.3

4.9

8.754

43.2

73.7

0.6

5.5

TOTAL MINI PIT RESOURCE

 

 

593.2

57.5

 

503.9

 

6.9

64.4

UNDERGROUND RESOURCE:

 

 

 

 

 

 

 

 

 

Monarch and Idaho (1)

0.10

0.169

1,367.0

231.0

8.754

 2,022.4

73.7

27.4

258.5

East Extension

0.10

0.356

285.5

101.6

8.754

     889.7

73.7

12.1

113.7

TOTAL UNDERGROUND RESOURCE

 

 

1,652.5

332.6

 

2,912.1

 

39.5

372.1

TOTAL RESOURCE

0.174 (3)

2,245.7

390.2

 

 3,416.0

 

46.4

436.5

(1)    Based on a compilation of the same input data used for the 2007 Technical Report which is Canadian National Instrument 43-101 compliant

(2)  Price Factor, using closing prices as of the close of business on November 3, 2008 on New York Globex is 73.70 (US$722.00 per ounce of gold   / US$9.79 per ounce of silver)

(3)  Average grade of gold per ton = 0.174 ounces per ton (390,200 ounces / 2,245,700 tons)

Note:

The average grade of gold equivalent (including silver resources as a gold equivalent) per ton = 0.194 ounces per ton (436,600 ounces / 2,245,700 tons)

Since the above estimate does not reflect assay results from 23,000 feet of drilling and the 2008 surface trenching program, it will be updated by the second quarter of 2009 to reflect such results. Going forward, the Company’s exploration objective is to identify and add an additional 200,000 ounces of gold to the updated resource estimate by the end of 2009.

In 2009 the Company intends to continue a second phase of 10,250 feet of infill drilling in the East Extension area which is east of the Monarch area. Confirmation holes will also be drilled in the West Monarch and East Idaho Mini Pits in 2009. The Company is encouraged by the 2008 surface trenching results and will continue with a trenching program in 2009.

A table showing the 2008 surface trenching results to date along with a drawing showing locations of trenches as well as additional information on Atlanta will be available on the Company's website at http://www.atgoldinc.com.

As previously announced, the Company has changed its mining strategy from bulk mining and cyanide heap leaching, to a combined shallow open-pit and underground operation with an on-site milling facility with no cyanide circuit. This new mining strategy will produce both a gravity concentrate and a precious metal rich sulphide concentrate to be custom smelted. It will also reduce the environmental footprint by 95% and increase expected metal recovery rates from 63% to 90%.

Qualified Person

The Atlanta drill program is managed and supervised by William (Bill) L. Josey the Company’s Chief Geologist and designated “Qualified Person” under NI 43-101. Mr. Josey is a registered professional geologist in the State of Arizona. Information of a technical nature in this news release regarding Atlanta has been reviewed by Mr. Josey.

Quality Control and Assurance

Trench samples were handled and assayed in accordance with NI 43-101 standards.  Assaying was done by Chris Christopherson, Inc., an Umpire laboratory for major mining companies, which is based in Kellogg, Idaho, and American Assay Laboratories, Inc. (“AAL”), in Sparks, Nevada.  AAL is a well known international lab that has operated in Nevada for more than 20 years.

About the Company

Atlanta Gold Inc. (TSX: ATG) holds through its 100% owned subsidiary, Atlanta Gold Corporation, a 100% interest in the Atlanta property which comprises approximately 2,197 acres and is located 65 miles 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 and on acquiring, exploring and developing other attractive gold projects.

Forward-Looking Information

This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements. We use words such as "may", "intend", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology to identify forward looking information and statements, including with respect to our intent to complete the offering, the intended use of proceeds therefrom and the stock exchange listing of the Company's common shares. Such are based upon assumptions, estimates, 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. Forward looking information and statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward looking information and statements and accordingly, readers should not place undue reliance on those statements. Risks and uncertainties that may cause actual results to vary include, but are not limited to, the Company's limited financial resources and the availability of financing alternatives; the speculative nature of mineral exploration, development and mining (including with respect to size, grade and recoverability of mineral reserves and resources); operational and technical difficulties; risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards; government action or delays in the receipt of governmental approvals, permits and licenses; changes in resource prices and fluctuations in currency exchange rates; contests to the title of Company property and changes in general economic conditions or conditions in the financial markets; as well as other risks and uncertainties which are more fully described in the Company's annual information form on Form 20-F, annual and quarterly Management's Discussion and Analysis and in other Company filings with securities and regulatory authorities which are available at www.sedar.com.

Readers are cautioned that the foregoing lists of risks, uncertainties and other factors are not exhaustive. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information or statements contained herein or in any other documents filed with securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

For further information:

Atlanta Gold Inc.:
Bill Baird
President and CEO
Telephone: (416) 777-0013
Fax: (416) 777-0014
E-mail: info@atgold.com