Vancouver, B.C., July 15, 2011 – Amarillo Gold Corp. (TSX-V: AGC) (“Amarillo” or the “Company”), announces that its Shareholder Rights Plan was unanimously approved by shareholders voting at the Company’s Annual General Meeting held on July 7th. The Rights Plan was described in the Information Circular accompanying the Notice of Meeting. The sole purpose of the Plan is to ensure the fair treatment of all Amarillo shareholders in connection with any possible take-over bid for the Company. The Plan does so by allowing shareholders adequate time to evaluate any such bid, and by providing the Board with an additional 60 days beyond the legal minimum period of 35 days to consider any such bid and, if applicable, to explore alternative transactions in order to maximize shareholder value.
Separately, the Company granted Incentive Stock Options to purchase up to 2,520,000 common shares of Amarillo to directors, officers and consultants.
The exercise price of these options has been set at $1.50 and the options expire 2 years after the date of grant.
ON BEHALF OF THE BOARD OF DIRECTORS
AMARILLO GOLD CORP.
Per: __“Buddy Doyle”_____
Buddy Doyle, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.