AGC Amarillo Gold Corporation

Resource Amarillo Gold Corp. (TSX VENTURE: AGC) ("Amarillo" or the "Company") is pleased to announce that it has received the final assay results from its definition drilling program for the Mara Rosa project. The entire program consisted of 31 drill holes totaling 8524 metres. The program was designed to upgrade the inferred gold resource category at Mara Rosa into measured and indicated resources. The program focused on material contained within the theoretical "Whittle" open pit shell optimized for a US$1000/ounce gold price. The infill-drilling has increased the total metres drilled at Mara Rosa to 33,024m. Amarillo has previously reported the assay results for the prior 21 drill holes from this infill (see AGC News Releases April 7, March 3, and Feb.1, 2011, www.amarillogold.com). The final twelve drill holes are reported here and shown in Table 1. The locations of the drill-collars reported in this news release are provided in Table 2.

Receipt of the final assay results from this drill program has enabled our geological staff to complete an initial review and the results are encouraging. Where there were previously large gaps in the data, the new drilling intersected mineralization, as would be expected from projecting from surrounding holes, thereby increasing the degree of geological confidence in the resource model. The new drilling has also extended the main zone of mineralization further to the south (at depths of about 150m to 200m). The weighted average grade of all the holes drilled in this program is 1.50 g/t. This compares favourably with the 1.38 g/t average grade of the current inferred resource which the drill program targeted.

The drilling data have been delivered to independent consultants who will prepare an updated 43-101 compliant resource estimate within the next few weeks. This estimate will then be delivered to Coffey International Ltd., the lead contractor for the Mara Rosa Prefeasibility Study ("PFS") currently underway, for review and incorporation into the PFS.

Table 1: Composite Assay Results.

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                       From          To    Interval   True Width       Grade
Hole No.           (metres)    (metres)    (metres)     (metres)    (g/t Au)
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MRP0031A                240         286          46         41.7        1.34

MRP0035                 289         315          29         26.3        1.83

                        327       387.5        60.5         54.8        1.61

includes                361         363           2          1.8       10.04

MRP0036                 269         285        16.0         14.5        1.24

                        292         333          41         37.1        1.72

MRP0037                 234         241           7          6.3        0.93

                        247         282          35         31.7        2.01

MRP0038                 188         213          25         22.7        1.98

MRP0039                 180         195          15         13.6        0.50

MRP0040                 171         193        22.0         19.9        1.83

MRP0041                 124         138        14.0         12.7        0.56

MRP0042                 195         200         5.0          4.5        7.16

                        208         249        41.0         37.2        1.34

MRP0043                 176         181         5.0          4.5        1.59

                        194         229        35.0         31.7        1.05

MRP0044                 119         125         6.0         5.43        1.30

                        132         140         8.0          7.3        3.04

                        145         158        13.0         11.8        0.84

                        167         176         9.9          9.0        0.93

MRP0045                 122         127         5.0          4.5        0.66

                        138         175        37.0         33.5        1.13

                        181         190         9.0          8.2        0.78


Notes: All drill hole samples consist of split HQ and NQ diamond drill core.
The samples were sent to Acme Laboratories in Goiania, Brazil, and
Vancouver, Canada. Gold is determined by fire assay using 30g aliquots with
an ICP finish. 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 news release all standards, blanks and repeats
delivered acceptable results. Intercepts were calculated using a minimum 0.5
g/t cut off where any one sample point lies within a 5m intersection
averaging at least 0.5 g/t Au. True width was determined assuming the
mineralization has an average dip of 45 degrees.

Table 2: Collar information for the drill holes reported in Table 1.

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             Total Depth    Azimuth        Dip  Easting  Northing  Elevation
Hole No.        (metres)  (degrees)  (degrees)      UTM       UTM   (metres)
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MRP0031A           340.3        140         70   696445   8454525     445.91

MRP0035           395.45        140         70   696257   8454438      447.4

MRP0036            380.4        140         70   696308   8454454      447.2

MRP0037           307.25        140         70   696304   8454381      445.8

MRP0038            282.4        140         70   696386   8454362      443.1

MRP0039           260.15        140         70   696298   8454324      440.3

MRP0040           307.70        140         70   696399   8454263      440.8

MRP0041           217.70        140         70   696333   8454193      440.0

MRP0042           316.75        140         70   696511   8454524      444.4

MRP0043            284.0        140         70   696598   8454573      437.2

MRP0044            285.2        140         70   696649   8454516      434.9

MRP0045           269.15        140         70   696400   8454497      450.0

Notes: Collars located by Differential GPS, UTMs are in SAD69

An updated plan map and a 3D view of the results can be found on www.corebox.net and at www.amarillogold.com on the front page.

This press release was reviewed by Buddy Doyle (B. App. Sc.), a member of AusIMM, with 28 years' experience and a Qualified Person in compliance with National Instrument 43-101.

About Amarillo Gold Corp.:

Amarillo Gold Corp. is focused on the 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 623,000 ounces of gold indicated from 11.9 MT at 1.62 g/t Au, and 451,000 ounces of gold inferred from 10.1 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 is in the Pre-feasibility stage.

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, 105 km NE of Serra Grande's underground Au mine, 105 km NNW of Anglo American's Ni laterite project (in construction), 95 km NW of Votarintim's Niquelandia Ni laterite mine, and some 60 km NE of Yamana's Pilar Au project (in Feasibility).Grid power to the site was established during WMC's open pit mining operation, and the Serra da Mesa (450 MW) hydro-electric dam lies 35 km to the east.

The Lavras do Sul Project is an advanced exploration stage property (190 sq. km.) comprised of 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 ((0.3 g/t cut-off grade)(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. Readers should review risk factors applicable to junior mining exploration companies generally to understand the variety of risks that can affect the Company.

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.

Contacts: Amarillo Gold Corp. Buddy Doyle President + 1-604-689-1799 (Canada) +55-31-3261-5974 (Brazil) info@amarillogold.com or www.amarillogold.com