Share Price: 0.37 · Gold (USD): $1213.50
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Amarillo Gold Corp. (TSX-V: AGC) (“Amarillo”) is pleased to announce that it has commenced an update of the 2011 Pre-Feasibility Study (PFS) on the Posse deposit at its Mara Rosa Project in central Brazil.

The PFS update will be done NI 43-101 in accordance to NI 43-101 guidelines and based on the recent resource estimate (News Release July 21, 2016). SRK Consulting (“SRK”) has been selected to carry out the study, using their Belo Horizonte based team. ONIX Engineering & Consulting also base in the Belo Horizonte area have been retained to provide cost estimations on the equipment and plant.

Amarillo Gold Corp. (TSX-V: AGC) (“Amarillo” or the “Company”) announced today the closing of the brokered private placement (the “Private Placement”), further to its press releases dated October 24, 2016, and subsequent increase dated December 2, 2016, for gross proceeds of $3.3 million by issuance of 10,312,500 shares of the Company stock at a price of $0.32 per share.

Amarillo Gold Corp. (TSX-V: AGC) (“Amarillo” or the “Company”) is pleased to announce that, further to its press release dated October 24, 2016, its private placement for gross proceeds of $2 million by issuance of 6,250,000 shares of the Company stock at a price of $0.32 per share has been oversubscribed. Amarillo is pleased by the interest shown for the private placement and has agreed to increase the issuance to 10,312,500 shares for gross proceeds of $3.3 million.

Amarillo Gold Corp. (TSX-V: AGC) (“Amarillo” or the “Company”) is pleased to announce it has appointed Pollitt & Co. Inc. (the “Agent”) to act as agent, on a best-efforts basis, for a private placement (the “Private Placement”) to raise gross proceeds of up to $2 million by issuing 6,250,000 common shares of the Company at a price of $0.32 per share.

Amarillo Gold Corp. (TSX-V: AGC) (“Amarillo”) is pleased to announce that the 43-101 technical report to support the new resource model for the Posse deposit, Mara Rosa project, Goias, Brazil has been received. The report is now available for review on SEDAR and our website. Keith Whitehouse, the principal of Australian Exploration Field Services Ltd, (“AEFS”) calculated the new resource estimate at a 0.5 g/t cutoff as listed below in Table 1. It varies slightly (12,500 more ounces into the measured category), from the resource stated in the late July news release. Whilst completing the report, the author, double checked the calculations and made minor adjustments.

A positive Preliminary Feasibility Study (“PFS”, Jan 2012), was based on the 2011 resource. This gave reasonable expectations the deposit could be economically mined using an open pit based on a $US1100 per ounce gold price. Since this time, the resource has improved (reported here), as has the gold price. Exchange rates are more favorable, and the company has recently obtained the LP (Preliminary License, the conditional acceptance of the project by the state environmental authority, see NR dated May 9th).

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