News

November 21, 2006

Amarillo to Commence Drilling at Lavras do Sul; Executes Formal Option Agreement with Rio Tinto

Amarillo Gold Corp. (TSX VENTURE:AGC)("Amarillo") is pleased to announce that the diamond drill rig contracted for the Phase 1 exploration program at its Lavras do Sul Gold Project in the south of Brazil has arrived on-site and that drilling is expected to commence within the next 24 hours.

The Company also reports the execution of a formal option agreement over the 9,000 hectare property with Rio Tinto Desenvolvimentos Minerais Ltda. (Rio Tinto), and with the underlying titleholders, Cia. Brasileira de Cobre ("CBC") and Maria Vidal de Souza & Family. The option agreement has the same terms as the letter of intent which was the subject of the news release September 26th, 2007.

November 16, 2006

Amarillo Drilling Detects New Mineralization at Mara Rosa Project Includes 25 m of Gold @ 2.1 g/t

Amarillo Gold Corp. (TSX VENTURE:AGC) ("Amarillo") is pleased to provide the drill assays from the final 6 holes of its 28 drill hole program at the Mara Rosa Project. All drill holes intersected significant gold mineralization however the Company is particularly encouraged by the results from holes SPET1-27 and SPET1-28 which intercepted thick intervals of gold mineralization in a previously untested zone between the North and South Posse deposits:

- Drill hole SPET1-27 intercepted 25m @ 2.09 g/t Au, including 12 m @ 3.28 g/t Au

- Drill hole SPET1-28 intercepted 42m @ 1.45 g/t Au including 9 m @ 3.24 g/t Au

November 1, 2006

Amarillo Reports on Successful Warrant Exercise

Amarillo Gold Corporation (TSX VENTURE:AGC) ("Amarillo" or the "Company") wishes to advise that it recently completed a warrants exercise, which closed on the 23rd of October 2006. In total 3,535,000 warrants were converted to shares, almost all of which were at a price of $0.40, raising in total $1.38 million in funds. These funds will be applied, primarily to our active Brazilian projects, Mara Rosa and Lavras do Sul.

October 30, 2006

Exploration Commences on Newly Acquired Land in the Mara Rosa Area, Goias State Brazil

Amarillo Gold Corporation's (TSX VENTURE:AGC) ("Amarillo" or the "Company") wishes to advise that it has been granted priority rights over 16,000 hectares of exploration tenements which will augment the Company's existing landholdings in the area surrounding its key Mara Rosa Project. The Company's land holding in this area now totals more than 60,000 hectares.

The new land consists of two areas named, Rio do Ouro and West Amaralina respectively.