AM Gold and Capella Announce Termination of Letter of Intent
Published : February 24, 2011

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Keywords :   Canada | Chile | Copper | Gold | Lead | Market | Peru |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 24, 2011) - AM Gold Inc. ("AM Gold") - (TSX VENTURE:AMG)(FRANKFURT:AMX) and Capella Resources Ltd. - ("Capella") (News - Market indicators) announce that the letter of intent between Capella and AM Gold (the "letter of Intent") has been terminated by mutual agreement of the parties. For further information on the letter of Intent see the joint news releases of Capella and AM Gold dated January 18, 2011 and February 4, 2011.

About AM Gold Inc.

AM Gold Inc. is a publicly held resource company based in Vancouver, Canada. The Company is listed on the TSX Venture Exchange under the symbol "AMG" and is quoted on the Frankfurt Exchange under the symbol "AMX". The Company is focused on creating shareholder value through the development of the Company's flagship gold and gold-copper projects in the Yukon and Peru while building a portfolio of quality pipeline projects in North and South America. The Company's Red Mountain gold property is located in central Yukon Territory approximately 55 kilometres northwest of the community of Mayo in the Tintina Gold Belt. AM Gold holds an 80% interest in Red Mountain with an option to acquire 100% ownership of the 52 contiguous claims that constitute the property and cover approximately 1,168 hectares. AM Gold's Pinaya gold-copper project is located approximately 775 kilometres southeast of the city of Lima, Peru in the Tintaya Gold Belt. The Company maintains 100% ownership of 35 mining concessions covering the 19,200 hectare Pinaya land position. AM Gold's corporate offices are located Suite 305 – 369 Terminal Avenue, Vancouver, British Columbia, V6A 4C4 (phone: 604-646-0067).

About Capella Resources Ltd.

Capella Resources Ltd. is a publicly traded, junior exploration and mineral development company with a strong portfolio of precious and base metal projects in Chile, USA and Atlantic Canada. Capella has a 100% interest in the Lajitas and Nevada gold-copper properties located in the Maricunga Gold and Copper District and approximately 700 kilometres northwest of Santiago, Chile. The properties comprise ten exploration claims and six exploitation claims totalling a cumulative 3,500 hectares in area. Capella holds a 100% interest in the Tinton Gold Project located 15 kilometres west-northwest of the famous and historic Homestake Mine in the Black Hills at Lead, South Dakota. The Tinton property consists of 1,270 hectares contained in 157 unpatented mining claims. The Company also holds 2,834 mineral exploration claims covering an aggregate land area of over 50,879 hectares in Atlantic Canada (Nova Scotia, New Brunswick and Newfoundland and Labrador). Capella's head office is located at 108F Trider Crescent, Dartmouth, Nova Scotia, B3B 1R6 (phone: 902-468-8280).

On behalf of the Board of AM Gold Inc.

Mark Lawson, CFO  

On behalf of the Board of Capella Resources Ltd.

Richard Bachman, President and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact

AM Gold Inc.
Murray Caruth
1-604-646-0067
mcaruth@amgold.ca
www.amgold.ca
or
Capella Resources Ltd.
Mike McCleave
902-468-8280 or Toll Free: 1-877-342-7474
www.capellaresources.com
Data and Statistics for these countries : Canada | Chile | Peru | All
Gold and Silver Prices for these countries : Canada | Chile | Peru | All

Capella Resources Ltd.

PRODUCER
CODE : KPS.V
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Capella Res. is a silver and gold exploration company based in Canada.

Capella Res. holds various exploration projects in Chile.

Its main asset in production is MARICUNGA in Chile and its main exploration properties are TINTON, NEVADA and LAJITAS in Chile and HARVEY in Canada.

Capella Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 2.5 millions as of today (US$ 2.5 millions, € 1.9 millions).

Its stock quote reached its lowest recent point on September 12, 2003 at CA$ 0.01, and its highest recent level on September 08, 2006 at CA$ 9.90.

Capella Res. has 81 975 000 shares outstanding.

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Project news of Capella Resources Ltd.
6/22/2010(Nevada)Reports on Trench Sampling
5/11/2010(Lajitas)Updates Drill Results
1/29/2010(Lajitas)Intersects 318 Meters of Gold at .68 g/t on its Lajitas Proj...
Corporate news of Capella Resources Ltd.
7/20/2011Announces Memorandum of Understanding
6/22/2011Identifies New Copper-Gold Porphyry Targets on its Peru Prop...
6/9/2011(Lajitas)Discovers Two New Mineralization Zones at Lajitas
6/1/2011Announces Airborne Geophysical Survey at El Rojo and Habaner...
3/16/2011Announces Royalty Reduction Agreements
2/24/2011AM Gold and Capella Announce Termination of Letter of Intent
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