Alta Gold Co. Announces Bankruptcy Court Decisions.

LAS VEGAS--(BUSINESS WIRE)--Sept. 9, 1999--

Alta Gold Co. (OTC BB:ALTAQ) Thursday announced that the United States Bankruptcy Court has taken the company's motion to dismiss its Chapter 11 bankruptcy proceeding off calendar, pending the final resolution of the proposed sale of an interest in Olinghouse.

In other matters that came before the Bankruptcy Court, the company's request for an extension of the period during which the company had the exclusive right to file a plan of reorganization was denied and a sales agent was appointed to assist in raising additional capital through the sale of various assets.

The Bankruptcy Court's denial to extend the exclusivity period creates an opportunity for any creditor or their party in interest to file its own plan of reorganization. The appointment of a sales agent provides for an additional venue paralleling the company's own efforts to consummate a sale of a portion of Olinghouse.

The company believes that the only source of additional capital which may be available to the company, given the company's current financial condition, is from the sale of an interest in Olinghouse. Although the company continues in its efforts to finalize the sale of a portion of Olinghouse, it cannot be presently determined if or when such sale may take place.

In the event that the company does not consummate a sale within a very short period of time, the company's ability to remain a debtor-in-possession or to continue its limited operations is in doubt. No assurance can be given that any sale will be consummated in a timely manner, or that the company will be able to continue its limited operations.

This news release contains statements that may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as management's expectations regarding its ability to emerge successfully from Chapter 11 bankruptcy proceedings, to remain a debtor-in-possession, to consummate the sale of an interest in Olinghouse, or to continue its limited business operations. Such forward-looking statements are inherently uncertain, and the actual results may differ from management's expectations. Further information on potential factors which could affect the financial condition and results of operations of Alta are included in the filings of Alta with the Securities and Exchange Commission, including, but not limited to, Alta's annual report on form 10-K for the fiscal year ended Dec. 31, 1998, and its quarterly reports on form 10-Q for the quarters ended March 31, 1999, and June 30, 1999.