VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 19, 2011) -

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Aguila American Resources Ltd. ("Aguila" or the "Company") (News - Market indicators) is pleased to announce that it has closed its financings previously announced on April 19, 2011 by way of TSX Venture Exchange short form offering document (the "SFOD Offering"), brokered private placement (the "Brokered Private Placement") with Canaccord Genuity Corp. ("Canaccord Genuity" or the "Agent") and non-brokered private placement. The Brokered Private Placement was over-subscribed and Canaccord exercised its over-allotment option in full. The Company raised aggregate gross proceeds of $5,379,750 under the financings.

Pursuant to the SFOD Offering, the Company issued an aggregate of 4,440,000 units (the "Units") at a price of $0.45 per Unit for gross proceeds of $1,998,000. Each Unit consisted of one common share of the Company and one-half of one transferable common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to subscribe for one additional common share at a price of $0.65 until May 19, 2013.

Pursuant to the Brokered Private Placement, and upon exercise of the over-allotment option granted to Canaccord, the Company issued an aggregate of 3,840,000 Units having the same terms as the SFOD Offering for gross proceeds of $1,728,000.

On closing of the SFOD Offering and Brokered Private Placement, the Company paid to the Agent a cash fee equal to 8% of the gross proceeds raised through the SFOD Offering and the Brokered Private Placement and issued to the Agent warrants (the "Agent's Warrants") equal to 8% of the Units issued pursuant to the SFOD Offering and the Brokered Private Placement. Each Agent's Warrant is exercisable into one common share at a price of $0.65 per common share until May 19, 2013. The Company also paid to the Agent a corporate finance fee of 125,000 Units (the "Corporate Finance Units"). Each Corporate Finance Unit has the same terms as the Units sold under the SFOD Offering and the Brokered Private Placement.

All securities issued in connection with the Brokered Private Placement, 41,200 Units issued pursuant to the SFOD Offering and all securities issued to the Agent are subject to a hold period in Canada expiring on September 20, 2011.

The Company has also completed a non-brokered private placement (the "Non-Brokered Private Placement"), which was over-subscribed, and raised gross proceeds of $1,653,750 by the issuance of up to 3,675,000 Units having the same terms as the Units issued under the SFOD Offering and Brokered Private Placement. The Company paid a finder's fee to arm's length parties equal to 8% of the gross proceeds raised through the Non-Brokered Private Placement and issued to the finders warrants (the "Finder's Warrants") equal to 8% of the Units issued pursuant to the Non-Brokered Private Placement. Each Finder's Warrant is exercisable into one common share at a price of $0.65 per common share until May 19, 2013. All securities issued in connection with the Non-Brokered Private Placement are subject to a hold period in Canada expiring on September 20, 2011.

The funds raised from the issuance of the Units will be used to fund on-going work programs on the Company's properties and for general working capital purposes.

The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

On behalf of the Board of Directors,

John Huguet, President & CEO

Aguila American Resources Ltd.

About Aguila

Aguila American Resources Ltd. is a publicly traded, natural resource development company involved in the exploration and development of mineral properties. Exploration plans are set to focus on the Angostura Gold Prospect in Southern Peru. This prospective gold exploration property is located approximately 430 kilometres southeast of Lima and 180 kilometres southwest of the city of Cuzco in the Department of Apurimac. Angostura covers approximately 3,800 hectares and is comprised of eight exploration concessions.

About Prime

Prime was founded in Vancouver, British Columbia Canada and specializes in serving micro to small cap companies that are publicly traded on the Toronto Venture Stock Exchange. Prime Communications specializes in elevating market awareness of our clients and their offerings within the global investment community. In doing so, Prime Communications Inc. endeavors to develop, sustain and heighten new market awareness and shareholder value through a strategic mix of brand marketing, corporate communications and investor relations services.