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Amarillo Closes $10 Million Brokered Private Placement
Published : May 04, 2011
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 4, 2011) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

Amarillo Gold Corp. (News - Market indicators) ("Amarillo" or the "Company") is pleased that the previously announced (see April 13th News Release) $10 million brokered private placement financing (the "Private Placement"), led by sole agent PI Financial Corp. (the "Agent"),has been closed. Closing today is the second and final tranche of 1,121,667 units priced at $1.50 per unit (the "Unit") for gross proceeds of $1,682,501. The Company issued a total of 6,700,934 units at $1.50 per unit, for total gross proceeds of $10,051,401.

Each Unit of the Company consists of one common share and one half common share purchase warrant (a "Warrant"), each whole Warrant exercisable to acquire one additional common share at a price of $2.00 per common share, for a period of 18 months after the closing date of the Private Placement.

The net proceeds from the Private Placement will be used for the further exploration and development of the Company's Mara Rosa and Lavras do Sul projects in Brazil, and for general corporate purposes.

All securities issued in connection with the Private Placement will be subject to a minimum four month hold period.

The Company thanks those that participated in the Private Placement. The sole agent, PI financial Corp., was paid a 6% fee for their portion of the raise and received a broker warrant equalling 6% of these shares. PI Financial also received a 2% fee for processing the remainder of the proceeds which were part of a Presidents List.

About Amarillo: Amarillo Gold Corp. is focused on the 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 623,000 ounces of gold indicated from 11.9 MT at 1.62 g/t Au, and 451,000 ounces of gold inferred from 10.1 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 is in the Pre-feasibility stage.

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, 105 km NE of Serra Grande's underground Au mine, 105 km NNW of Anglo American's Ni laterite project (in construction), 95 km NW of Votarintim's Niquelandia Ni laterite mine, and some 60 km NE of Yamana's Pilar Au project (in Feasibility).Grid power to the site was established during WMC's open pit mining operation, and the Serra da Mesa (450 MW) hydro-electric dam lies 35 km to the east.

The Lavras do Sul Project is an advanced exploration stage property (190 sq. km.) comprised of more than 19 prospects centered 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 ((0.3 g/t cut-off grade)(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

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.

Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company.

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.

Amarillo Gold Corp.
Buddy Doyle
President
1-604-689-1799
1-604-689-8199 (FAX)
www.amarillogold.com

Amarillo Gold Corp.

EXPLORATEUR
CODE : AGC.V
ISIN : CA02301T1084
Suivi et investissement
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Amarillo Gold est une société d’exploration minière d'or basée au Canada.

Amarillo Gold détient divers projets d'exploration au Bresil.

Ses principaux projets en exploration sont MARA ROSA, SAN ANTONIO, OUROLANDIA et LAVRAS DO SUL au Bresil.

Amarillo Gold est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 32,5 millions CA$ (25,7 millions US$, 22,8 millions €).

La valeur de son action a atteint son plus haut niveau récent le 24 décembre 2010 à 1,90 CA$, et son plus bas niveau récent le 24 décembre 2015 à 0,04 CA$.

Amarillo Gold possède 80 250 000 actions en circulation.

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Rapports annuels de Amarillo Gold Corp.
2007 Annual Report
Financements de Amarillo Gold Corp.
14/04/2011ANNOUNCES $10 MILLION PRIVATE PLACEMENT
Attributions d'options de Amarillo Gold Corp.
18/07/2011Shareholders Approve Rights Plan; Company Grants Options
Projets de Amarillo Gold Corp.
29/04/2013(Mara Rosa)Mara Rosa Project: New Geotechnical Study Allows for Steeper...
11/10/2012(Mara Rosa)Receives Further Positive Metallurgical Results at the Mara ...
13/09/2011(Mara Rosa)Upgrades Mara Rosa Resource to Measured + Indicated 1.17 Mil...
29/06/2011(Mara Rosa)Reports Final 12 Definition Drill Holes at Mara Rosa Gold Pr...
08/04/2011(Mara Rosa)Completes Definition Drilling at Mara Rosa Gold Project
01/02/2011(Mara Rosa)Drills 35.7 m (True Width) of 2.67 g/t Au in First Results f...
28/05/2007Releases Drilling and Assaying Update from its Lavras do Sul...
Communiqués de Presse de Amarillo Gold Corp.
18/01/2016Public Hearing for the Environmental Permitting of the Posse...
18/01/2016Public Hearing for the Environmental Permitting of the Posse...
14/07/2015Amarillo Appoints Araõ Portugal to Expedite Permitting
14/07/2015Amarillo Appoints Arao Portugal to Expedite Permitting
08/10/2014Amarillo Gold Welcomes New Chief Financial Officer
18/08/2014Amarillo Gold Announces Gold-linked Credit Facility
15/07/2014Amarillo Gold Signs a Protocol With the State of Goias and t...
19/02/2013Drills 19 Metres at 2.47 g/t Au at Saddle Zone in Proposed P...
12/09/2012Closes Non-Brokered Private Placement for $4.1 Million in Pr...
19/09/2011Dale Mah comments on Amarillo Gold Corp. in Gold Report Inte...
09/09/2011Upcoming Conferences
17/06/2011Implements Shareholder Rights Plan
26/05/2011Follow Up (Mackie Research)
24/05/2011Receives Pre-Feasibility Metallurgical Report, Defining Gold...
04/05/2011Closes $10 Million Brokered Private Placement
29/04/2011Closes First Tranche of Brokered Private Placement for $8.4 ...
11/04/2011Buddy Doyle Leads Amarillo Gold - Northern Miner
03/03/2011Drills 17 Metres of 3.17 G/T Au in 2nd Round of Results From...
20/08/2008drills 88 m @ 1.83 g/t Au at Butiá, and 162m @ 0.70 g/t Au a...
17/04/2007Assay Results From Marifil'S Amarillo Norte Gold Property --...
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