Private Placement Completed

Amarillo Gold Corp. ( “Amarillo”) is pleased to announce the closing of a private placement announced on November 4, 2003 and amended by news release dated November 12, 2003. The Company has issued 3,300,000 units at a price of $0.10 per unit. Each unit shall consist of one common share without par value in the capital stock of the Company and one non-transferable share purchase warrant, each warrant entitling the holder thereof to purchase an additional common share in the capital stock of the Company for a one year period at a price of $0.20 per share. The shares and shares issued on the exercise of any warrants will be subject to a hold period that will expire on January 15, 2005. In the event that the proposed amendments to MI 45-102 are made effective as of March 30, 2004, the shares and shares issued on the exercise of any warrants will be subject to an amended hold period that will expire May 15, 2004.