News

May 23, 2008

AMARILLO SIGNS PROPERTY AGREEMENT WITH IAMGOLD ON ADJOINING LAVRAS DO SUL EXPLORATION PERMITS

Vancouver, B.C., May 23, 2008- Amarillo Gold Corp. (TSX-V AGC) (“Amarillo” or the “Company”) has signed a Heads of Agreement with IAMGOLD Corporation (TSX:IMG and NYSE:IAG) (“IAMGOLD” ), whereby Amarillo has the right to acquire a 70-per-cent interest in eight licence areas which have a cumulative net area of approximate 7,000 hectares (the “Property”) and which are contiguous with the Company's current Lavras do Sul project (19,000 hectares) in the southern Brazil state of Rio Grande do Sul.

May 14, 2008

Amarillo drills 206m @ 2.16 g/t Au on Butiá step-out section, Lavras do Sul

Vancouver, B.C., May 14, 2008 – Amarillo Gold Corp. (TSX-V: AGC) (“Amarillo” or the “Company”), is pleased to report on gold assay results from the first 4 holes of a 5 hole step-out section being drilled on its Butiá prospect at its Lavras do Sul project in southern Brazil. Extensive intersections of higher grade gold mineralization were reported in all holes.

Highlights include:

Drill hole LDH-122 included 206 metres averaging 2.16 grams per tonne (g/t) Au from 73 metres and 29 metres @ 4.92 g/t Au from 107m.
Drill hole LDH-123 intersected 227 metres averaging 1.84 g/t Au from 80 to 307 metres, including 22 metres @ 8.26 g/t Au from 147m.
Drill hole LDH-124 intersected 26.5 metres averaging 2.50 g/t Au from 36.5 to 63 metres.
Drill hole LDH-125 intersected 54 metres averaging 1.36 g/t Au from 37 to 91 metres.

April 9, 2008

Amarillo provides update on Mara Rosa Exploration drill testing commences, Goias State Brazil

Vancouver, B.C., April 9, 2008, – Amarillo Gold Corp. (TSX-V: AGC) (“Amarillo” or the “Company”) has commenced exploration drilling on its Mara Rosa project in Goias state, Brazil. The drill will initially target two prospects developed over 2007. One is called Lambari the other is named Grid A.

The Lambari prospect lies 3km to the east of the Posse Deposit. Interest in the area was first derived from anomalous gold results (700 ppb Au) in BLEG (bulk leach extractable gold) sampling in the streams and from the occurrence of several garimpo’s that were worked up to the early 1990’s. Subsequently the company has completed geological mapping and took 2,200 soil samples covering a grid of 20 sq. km. This work highlighted four linear trends 50 to 150m wide up to 1.5km long of anomalous gold in the soils. Five trenches where completed in to the soil anomalies and cumulatively they measured 1.4 kilometers long. Thirty-six auger holes where completed near the João Lemos garimpo. The trenching revealed grab values of up to 7.0 g/t with channel samples carrying 12m of 0.78 g/t Au with 3.3m of 2.2 g/t Au hosted in a quartz sericite schist with qtz veins stringers. The quartz sercite schists are part of a metavolcanic, sedimentary package that dips steeply (55 degrees to 80 degrees) to the west, striking ENE. The drilling will test for down dip mineralization beneath these trenches and soil anomalies.

March 25, 2008

Amarillo provides update on the Cerrito prospect

Lavras do Sul, Brazil. Known mineralization expanded, definition drilling continues.

Vancouver, B.C., March 25, 2008 – Amarillo Gold Corp. (TSX-V: AGC) (“Amarillo” or the “Company”) has had a drill dedicated to exploration at its Cerrito prospect since August 2007. The Cerrito prospect is the most developed of the four known gold mineralized prospects at the Lavras do Sul project, situated in the state of Rio Grande do Sul. A total of 24 drill holes have been completed at Cerrito for a cumulative total of 2,439 metres. Assays have been returned for the first 16 of these holes. Assays for the first five holes, LDH-04 through 08, have been reported previously, but are restated here for reference. The results for drill holes 4 and 5 are re-assays, after the standards submitted in the original batch were determined to be non-compliant. The assays for all the other holes are new.