Amarillo Closes $6 Million Non-Brokered Private Placement

- July 21st, 2010

Amarillo Gold Corp. (TSX VENTURE:AGC) announced that it has completed its non-brokered private placement financing of 8,000,999 shares of the Company at a price of $0.75 per share for aggregate proceeds of $6.0 million.

Amarillo Gold Corp. (TSX VENTURE:AGC) announced that it has completed its non-brokered private placement financing of 8,000,999 shares of the Company at a price of $0.75 per share for aggregate proceeds of $6.0 million.

The news is quoted saying:

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 Goiás 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.

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