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Mining Rights in Brazil

Mara Rosa

The Mara Rosa Project is Amarillo's prime asset. In 2011 Amarillo Gold commissioned Coffey Mining Pty. to conduct a Pre-feasibility Study (PFS) on the Posse deposit contained within the Mara Rosa project area. An integral part of this PFS was an updated, independent, NI 43-101 compliant gold resource calculation which was undertaken by Keith Whitehouse, a principal of Australian Exploration Field Services Pty Ltd. (AEFS), based in Bendigo, Australia. The table below summarizes the results:

  Tonnes Average Grade (Au) Ounces (Au)
Meaured + Indicated 20,856,000 1.75 g/T 1,174,900
Inferred 630,000 1.34 g/T 156,400
Total 21,486,000 1.37 g/T 1,331,300
Indicated & Inferred Mineral Resource at Posse Deposit
Source: CICC

Amarillo is currently moving this project toward a Feasibility study. Given the current price of gold the Company’s management anticipates that this study will show robust economics and provide a compelling argument to commission a mine.  The deposit site boasts excellent infrastructure; accessible by road and near a major highway, nearby labour sources (5 km to town of Mara Rosa), and with grid power to site established during the previous open-pit mining operation. Mara Rosa also holds upside exploration potential to find a Posse deposit look-alike through step-out drilling along strike and down plunge from the deposit along the same structure.

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Lavras do Sul

The Lavras do Sul project is the "second quiver" in our list of projects. There are 19 separate areas of old workings in a 100 square kilometre area, hosted in a granitic intrusive complex and the surrounding volcanics. Amarillo has been systematically drill testing these old workings and met with drilling success. Four of the five zones tested gave over 100g*m results in the drill core. If the other areas of old workings continue to reward us like this the area will be a major new gold resource.

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The Ourolandia property is comprised of some 56,000 hectares and is located approximately 100km west of the national capital, Brasilia. The property was staked on attractive regional geology, historic alluvial operations, and BLEG sampling. It is owned 100% by Amarillo.

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Santo Antonio

Santo Antonio consists of eight exploration permits totalling 15,000 hectares. It is located in the northern part of Goias state in central Brazil, approximately 300km NW of the national capital, Brasilia. The property lies within a northeast trending belt of Meso-proterozoic metamorphosed sedimentary rocks from the Araí Group.  The Araí groups is a number of artisanal gold workings on the property that are being investigated.

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