Amarillo Gold Corp. (TSX-V: AGC) (“Amarillo” or the “Company”), announces the granting of Incentive Stock Options to purchase up to 175,000 common shares of Amarillo to Todd Bruce, the Company’s newest director.
The exercise price of these options has been set at $0.80 and the options expire 2 years after the date of grant. Mr. Bruce, a former CEO of IAMgold and Crystallex International Corporation, joined the board in February this year and was recently confirmed as a board member at the Annual General Meeting. Since joining the Company Mr. Bruce has been an active participant in setting Company policy.
Amarillo Gold Corp. is a company focused on the discovery, acquisition, definition and development of gold resources in Brazil. Its principal projects are the Mara Rosa project in the state of Goiás and the Lavras do Sul project in the state of Rio Grande do Sul. The Posse Deposit at Mara Rosa contains 623,000 ounces indicated from 11.9M Tonnes @ 1.62 g/t Au and 451,000 ounces inferred from 10.1M Tonnes @ 1.38 g/t Au at a 0.5 g/t Au cut-off grade, as defined in a 43-101 compliant resource independently prepared by Australian Exploration Field Services. The project is in the economic evaluation stage. The Posse deposit was mined by WMC during the 1990’s (mined areas are excluded from the above resource figures) and is located in an area of excellent infrastructure. It is located some 35 km NE of Yamana’s Chapada open pit Cu-Au operation, 105 km NE of Serra Grande’s underground Au mine, 105 km NNW of Anglo American’s nickel laterite project (in construction), 95 km NW of Votarintim’s Niquelandia nickel laterite mine and approximately 60 kms NE of Yamana’s Pilar Au project (in feasibility). Grid power to the site was established during the previous open pit mining operation and the Serra da Mesa hydro-electric dam lies 35 km to the east.
The Lavras do Sul project is in the advanced exploration stage with over 16,000m of drilling with encouraging gold mineralization being discovered and defined, also in an area of excellent infrastructure. The Company also has a portfolio of earlier stage projects. All properties under Amarillo’s management are located in areas of good infrastructure and robust community support.
ON BEHALF OF THE BOARD OF DIRECTORS
AMARILLO GOLD CORP.
Buddy Doyle, President
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