AGC Amarillo Gold Corporation

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES. 


Amarillo Gold Corp. (TSX VENTURE:AGC) ("Amarillo" or the "Company") is pleased
to announce that it has completed its non-brokered private placement financing
(the "Private Placement") of 8,000,999 shares of the Company at a price of $0.75
(seventy-five cents) per share for aggregate proceeds of $6.0 million (all
currency references are in Canadian dollars).


The proceeds will be directed towards further exploration and definition of our
Brazilian gold projects. 


The Company thanks those that participated in the Private Placement.

A finder's fee will be paid regarding a portion of this transaction.

The securities offered have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration or an applicable exemption from registration
requirements.


ABOUT AMARILLO:

Amarillo Gold Corp. is a company focused on the discovery, acquisition,
definition and development of gold resources in Brazil. Its principal projects
are the Mara Rosa project in the state of Goias and the Lavras do Sul project in
the state of Rio Grande do Sul. The Posse Deposit at Mara Rosa contains 623,000
ounces indicated from 11.9M Tonnes @ 1.62 g/t Au and 451,000 ounces inferred
from 10.1M Tonnes @ 1.38 g/t Au at a 0.5 g/t Au cut-off grade, as defined in a
43-101 compliant resource independently prepared by Australian Exploration Field
Services. The project is in the economic evaluation stage. The Posse deposit was
mined by WMC during the 1990's (mined areas are excluded from the above resource
figures) and is located in an area of excellent infrastructure. It is located
some 35 km NE of Yamana's Chapada open pit Cu-Au operation, 105 km NE of Serra
Grande's underground Au mine, 105 km NNW of Anglo American's nickel laterite
project (in construction), 95 km NW of Votarintim's Niquelandia nickel laterite
mine and approximately 60 kms NE of Yamana's Pilar Au project (in feasibility).
Grid power to the site was established during the previous open pit mining
operation and the Serra da Mesa hydro-electric dam lies 35 km to the east. 


The Lavras do Sul project is in the advanced exploration stage with over 16,000m
of drilling with encouraging gold mineralization being discovered and defined,
also in an area of excellent infrastructure. The Company also has a portfolio of
earlier stage projects. All properties under Amarillo's management are located
in areas of good infrastructure and robust community support. 


ON BEHALF OF THE BOARD OF DIRECTORS

AMARILLO GOLD CORP.

Per: Buddy Doyle, President

Amarillo Gold (TSXV:AGC)
Historical Stock Chart
From Jun 2024 to Jul 2024

Amarillo Gold (TSXV:AGC)
Historical Stock Chart
From Jul 2023 to Jul 2024