VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 8, 2014) - Amarillo Gold Corp. (TSX VENTURE:AGC) ("Amarillo" or the "Company") is pleased to welcome Mr. Scott Eldridge who has just joined the Company as Chief Financial Officer and Corporate Secretary.
Mr. Eldridge is well seasoned in the financial industry focused on the resource sector, he is a co-founder of Euroscandic International Group Inc., a private company offering accounting and investment banking services to natural resource companies. Mr. Eldridge also currently serves as President & CEO of Euroscandic, a position he has held for the last 7 years. During his time in the industry he has been responsible for raising in excess of $500 million in combined equity and debt financing for mining projects varying from exploration to construction financing around the globe. Mr. Eldridge has a B.B.A. from Capilano University, and an M.B.A. from Central European University.
The Company would also like to take this opportunity to thank Mr. Waldemar Opalka our previous CFO for his tireless and constructive efforts in this role, he is moving on to focus more on his telecommunications business in Poland. The board wishes him every success in these endeavors.
Buddy Doyle, President of Amarillo, said, "I am very pleased to welcome Scott to Amarillo. His financial and fund raising experience, which covers all phases of the mining life cycle is a most welcome addition to our company. Over the past 2 years Amarillo has seen a gradual, planned change to its board and management. We have seen Mr. Rostalov Raykov and Mr. David Birkett join the board bringing much mining and financial know how. (see http://www.amarillogold.com/corporate/management for details). We have also seen the departure of Mr. Robert Landis, Mr. Todd Bruce and Mr. Micheal Durose mostly due to natural attrition as they have gone on to focus on their prime business and or other activities. These past directors are all still available to the Company in an advisory role. I think the continued ability of the Company to attract excellent board members and management speaks to its assets. I for one feel privileged."
About Amarillo Gold Corp.
Amarillo Gold Corp. is focused on acquisition, discovery, and definition of gold resources in Brazil. The Company's 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 1,174,900 ounces of measured and indicated gold contained in 20.85 MT at 1.75 g/t Au, and 156,400 ounces of gold inferred from 3.63 MT at 1.38 g/t Au (0.5 g/t cut-off grade) (NI 43-101 compliant resource as independently determined by Australian Exploration Field Services Pty. AEFS). The Mara Rosa Gold Project has received a positive economic assessment from a Pre-feasibility study and is preparing to proceed to a bankable feasibility study. Should this continue to be positive it would be possible to commence mining by 2015.
The Posse Deposit was successfully mined by Western Mining Company (WMC) during the 1990s (mined areas are excluded from the above-stated resource figures), and is located in an area of excellent infrastructure: approximately 35 km NE of Yamana's Chapada open pit Cu-Au operation, some 80 km NE of Yamana's Pilar Au project (in Feasibility), 95 km NW of Votarintim's Niquelandia Ni laterite mine, 105 km from NE of Serra Grande's underground Au mine, and 105 km NNW of Anglo American's Ni laterite project at Barro Alto.
The Lavras do Sul Project is an advanced exploration stage property (190 sq. km.) comprising more than 19 prospects centred on historic gold workings, with encouraging gold mineralization discovered and defined by more than 16,000 metres of drilling. The initial resource estimate at the Butia prospect reported 215,000 ounces of gold indicated from 6.4 MT at 1.05 g/t Au, and 308,000 ounces of gold inferred from 12.9 MT at 0.74 g/t Au using a0.3 g/t cut-off grade in a NI 43-101 compliant resource as independently determined by Atticus Consulting 2010. Lavras do Sul is also located near excellent infrastructure. The Company also has a portfolio of earlier stage projects and all properties under Amarillo's management are located in areas of good infrastructure and mining-friendly communities.
ON BEHALF OF THE BOARD OF DIRECTORS
AMARILLO GOLD CORP.
Buddy Doyle, President
Neither 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.
FORWARD LOOKING STATEMENTS:
This news release contains Forward Looking Statements regarding our intentions and plans. Various factors may prevent or delay our plans, including but not limited to, contractor availability and performance, weather, access, mineral prices and success and failure of the exploration and development carried out at various stages of the program. Permission from the Government and community is also required to proceed with future mining production. Readers should review risk factors applicable to junior mining exploration companies generally to understand the variety of risks that can affect the Company.