VANCOUVER, BRITISH COLUMBIA — (Marketwired – July 14, 2015) – Amarillo Gold Corp. (TSX VENTURE:AGC) (“Amarillo” or “the Company”) is pleased to announce that Arão Portugal has joined the Company’s senior management as Director of Strategy (non-board, Brazil based), effective March 2015. In his new role, Mr. Portugal will be responsible for government and community liaison, with particular focus on expediting the environmental permitting of our Mara Rosa project.
“We are very pleased that Arão has joined us and we are confident that he will be instrumental in advancing our Mara Rosa project and development plans,” said Buddy Doyle, Chief Executive Officer. “His extensive experience in startups and external affairs will be a significant addition to our management efforts.”
Mr. Portugal has 35 years of diverse mining and mineral processing experience in Brazil, South America and Central America.
Mr. Portugal most recently held the position of Co-Country Manager and Vice President at Yamana Gold Inc. Mr. Portugal also served as Vice President of Administration and Human Resources at Yamana Gold Inc. He joined Mineração Fazenda Brasileiro and Yamana Desenvolvimento Mineral S/A, subsidiaries of Yamana, in July 2003 as General Manager and Administrative Director.
Prior to his time at Yamana, he spent twenty five years working for Brazilian mining Company, Vale, where he gained invaluable experience as Maintenance, Raw material, Commercial, Logistics administration, institutional management and Supply Chain. Mr. Portugal holds a Business Administration, postgraduate studies in international Business in Vitoria, Espirito Santo Brazil, and Master Certification in MBA Supply Chain Management in São Paulo.
Buddy Doyle, President and CEO of Amarillo further commented: “Arão Portugal is the right person at the right time. The permitting process has been taking longer than we expected. In part due to new environmental permitting rules, implemented in Goias in 2012. Our Mara Rosa project is the first mining application to be processed under this new act and has been a learning curve for our staff and consultants. Mr. Portugal’s fresh approach and open communicative style has already seen progress. I fully expect to be granted the LP (License Preliminary) for this project prior year-end.”
About Amarillo Gold Corp.
Amarillo Gold Corp. is focused on acquisition, discovery, and definition of gold resources in Brazil. The Company’s principal projects are the Mara Rosa Project in the state of Goias, and the Lavras do Sul Project in the state of Rio Grande do Sul. The Posse Deposit at Mara Rosa contains 1,174,900 ounces of measured and indicated gold contained in 20.85 MT at 1.75 g/t Au, and 156,400 ounces of gold inferred from 3.63 MT at 1.38 g/t Au (0.5 g/t cut-off grade) (NI 43-101 compliant resource as independently determined by Australian Exploration Field Services Pty. AEFS). The Mara Rosa Gold Project has received a positive economic assessment from a Pre-feasibility study and is preparing to proceed to a bankable feasibility study.
The Posse Deposit was successfully mined by Western Mining Company (WMC) during the 1990s (mined areas are excluded from the above-stated resource figures), and is located in an area of excellent infrastructure: approximately 35 km NE of Yamana’s Chapada open pit Cu-Au operation, some 80 km NE of Yamana’s Pilar Au project (in Feasibility), 95 km NW of Votarintim’s Niquelandia Ni laterite mine, 105 km from NE of Serra Grande’s underground Au mine, and 105 km NNW of Anglo American’s Ni laterite project at Barro Alto.
The Lavras do Sul Project is an advanced exploration stage property (190 sq. km.) comprising more than 19 prospects centered on historic gold workings, with encouraging gold mineralization discovered and defined by more than 16,000 metres of drilling. The initial resource estimate at the Butia prospect reported 215,000 ounces of gold indicated from 6.4 MT at 1.05 g/t Au, and 308,000 ounces of gold inferred from 12.9 MT at 0.74 g/t Au using a 0.3 g/t cut-off grade in a NI 43-101 compliant resource as independently determined by Atticus Consulting 2010. Lavras do Sul is also located near excellent infrastructure. The Company also has a portfolio of earlier stage projects and all properties under Amarillo’s management are located in areas of good infrastructure and mining-friendly communities.
ON BEHALF OF THE BOARD OF DIRECTORS
AMARILLO GOLD CORP.
Buddy Doyle, President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS:
This news release contains Forward Looking Statements regarding our intentions and plans. Forward looking statements in this news release include that we will receive the LP, and that our projects have potential for commercialization. Various factors may prevent or delay our plans, including but not limited to, contractor availability and performance, weather, access, mineral prices and success and failure of the exploration and development carried out at various stages of the program. Permission from the Government and community is also required to proceed with future mining production. We may not be able to fulfill our obligations under the proposed gold loan and we may be unable to raise sufficient financing to carry out our plans. Readers should review risk factors applicable to junior mining exploration companies generally to understand the variety of risks that can affect the Company. The Company undertakes no obligation to update publicly or otherwise revise any forward looking statements whether as a result of new information or future events or otherwise, except as may be required by law.