AGC Amarillo Gold Corporation

Amarillo Gold Corp. (TSX VENTURE:AGC) ("Amarillo" or the "Company") is pleased
to announce the following drill results from exploration drilling immediately to
the north of the Posse deposit. Near surface gold mineralization has been
encountered, partially in the planned pit wall, which is still open to the north
and at depth.


Results from eight holes are shown in Table 1. Notable results included 2011-MRP
0007 which intercepted 13m @ 1.83 g/t Au from 6m depth, 2011-MRP 0008 which
returned 22m @ 1.14 g/t Au from surface and 2012-MRP 0019 that intersected 13m @
1.28 g/t from 58m down hole depth. These holes are up to 150m from the current
pit wall and are spaced 50m apart.


Buddy Doyle, CEO of Amarillo said, "Finding new, near surface gold
mineralization at the Mara Rosa project is our main exploration priority. The
goal is to search for near surface ounces in the vicinity of the Posse deposit
that could be processed in the plant while the pre-strip occurs. This could
provide a significant boost to the project's economics. It is encouraging that
we have encountered gold mineralization in the first stage of this exploration
strategy."


Also noteworthy is the silver mineralization encountered in drill hole 2012
MRP0021 at surface, which is separate and distinct to the known gold
mineralization. This result presents a new target for exploration. It is not yet
evident if this separate silver zone will have economic significance.




Table 1 Summary of drill hole results.                                      
                                                                            
----------------------------------------------------------------------------
                 Total                                           Grade Grade
                 Depth      Azimuth/      From       To    Width  (g/t  (g/t
Hole No.      (metres)           Dip  (metres) (metres) (metres)   Au)   Ag)
----------------------------------------------------------------------------
2011-MRP0005    170.23  140 degrees/        55       57      2.0  1.28      
                         -60 degrees                                       
                                           100      112     12.0  0.64      
----------------------------------------------------------------------------
2011-MRP0007     90.35  140 degrees/         6       19     13.0  1.83      
                         -60 degrees                                       
                           including        17       18        1  7.60      
----------------------------------------------------------------------------
2011-MRP0008     99.89   140 degrees/        0       22     22.0  1.14      
                         -60 degrees                                       
----------------------------------------------------------------------------
2011-MRP0009     90.40  140 degrees/                                       
                         -60 degrees   No significant intersections        
----------------------------------------------------------------------------
2011-MRP0011    130.47  140 degrees/                                       
                         -60 degrees   No significant intersections        
----------------------------------------------------------------------------
2012-MRP0016     89.38  140 degrees/         3        7      4.0  0.93      
                         -50 degrees                                       
----------------------------------------------------------------------------
2012-MRP0019    130.67  140 degrees/        58       71     13.0  1.28      
                         -60 degrees                                       
                           including        59       60        1  5.71      
----------------------------------------------------------------------------
2012-MRP0021    176.13  140 degrees/         0        5      5.0        41.7
                         -60 degrees                                       
                                           110      111      1.0  1.04      
                                           120      121      1.0  0.52      
                                           132      134      2.0  0.55      
                                           141      148        7  0.56      
----------------------------------------------------------------------------
Notes: All drill hole samples shown here consist of split HTW and NTW       
diamond drill core. The samples are sent to Acme Laboratories in Goiania,   
Brazil, for preparation and then to Vancouver, Canada where, samples are    
first subjected to a multi-element ICP assay that includes Au and then sent 
to fire assay for Au using 30g aliquots. If the grade is higher than 5 g/t, 
a gravimetric method is used. All samples are subject to a chain of custody 
and are submitted with standards and blanks to check the assay results. The 
laboratories also use internal standards and repeat analysis. For the       
results reported in this release all the standards, blanks and repeats      
delivered acceptable results. Intercepts were calculated using a minimum of 
a 0.5 g/t cut off at the beginning and end of the intercept and allowing for
no more than 10 consecutive metres of less than 0.5 g/t Au. The true width  
of these intercepts will be 10% of the widths encountered in the drill      
holes, if the dip of the mineralization is the same as the Posse deposit at 
45 degrees.                                                                 



The location drill holes reported here, in relation to the holes drilled at the
Posse deposit can be viewed in three dimensions and by section on the Company's
website at www.amarillogold.com or at http://www.corebox.ca.


The Company currently has one drill rig conducting exploration in the Posse
deposit area. The drilling is focused on testing the "Posse" structural trend, a
large regional structure that hosts the Posse deposit. The structure has been
defined by mapping, geophysics and soil geochemistry and it has a strike of over
20km. The current Posse drilling also represents condemnation drilling as it
addresses geochemistry and structural targets within the area of the planned
mine layout. Approximately 8,000 metres of drilling are contemplated as part of
this exploration/condemnation program.


The author of this news release is Buddy Doyle, a member of the AUSIMM, and a
geologist of 30 years experience. The NI 43-101 compliant qualified person for
this news release is Kevin Kivi, P.Geo.


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. Should this continue to be positive it would be
possible to commence mining by 2014.


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 Votorantim's Niquelandia Ni laterite mine,
105 km from NE of Anglogold-Ashanti's Serra Grande 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 centred 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

FORWARD LOOKING STATEMENTS:

This news release contains Forward Looking Statements regarding our intentions
and plans. 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. The company has not made any studies towards
determining if the gold mineralisation mentioned in the news release north of
the Posse deposit, can be economically exploited at this stage. This work is
still in the exploration stage. The company plans to drill 8000m in exploration
drilling but this will be dependent on financing and contractor availability.
Permission from the government and community is also required to proceed with
future mining production. Readers should review risk factors applicable to
junior mining exploration companies generally to understand the variety of risks
that can affect the Company.

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