THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES
FOR DISSEMINATION IN THE UNITED STATES.


Amarillo Gold Corp. ("Amarillo" or the "Company") (TSX VENTURE:AGC) is pleased
to announce that, subject to regulatory approval, it will arrange a non-brokered
private placement financing (the "Private Placement") of up to 8,000,000 shares
of the Company at a price of $0.75 (seventy five cents) per each common share
issued in the capital of the Company, for aggregate proceeds of up to $6.0
million. Subject to certain conditions including, but not limited to, the
receipt of the approval of the TSX Venture Exchange.


All currency references are in Canadian dollars. The proceeds of this offering
will give working capital and allow the Company to accelerate the work program
on its gold projects in Brazil.


The securities offered have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration or an applicable exemption from registration
requirements.


ABOUT AMARILLO:

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 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 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

FORWARD LOOKING STATEMENTS:-

Statements in this news release that are not historical are forward looking
statements. Forward looking statements in this news release include that private
placement proceeds will be directed towards further exploration and definition
of our Brazilian gold projects and for working capital; that successful closure
of this offering will allow the Company to proceed with a work program on its
gold projects in Brazil over the next 12 months, progressing our Mara Rosa gold
project to production decision and defining gold reserves at our Lavras do Sul
project.


It is important to note that the Company's actual outcomes may differ materially
from those statements. Factors which may delay or prevent these forward looking
statements from being realized include misinterpretation of data; that we may
not be able to get equipment or labour as we need it; that we may not be able to
raise sufficient funds to complete our intended exploration; that our
application to drilling applications may be denied; that weather, logistical
problems or hazards may prevent us from exploration; that equipment may not work
as well as expected; that analysis of data may not be possible accurately and at
depth; that results which we or others have found in any particular location are
not necessarily indicative of larger areas of our property; and that despite
encouraging data there may be no commercially exploitable mineralization on our
properties. It is our policy not to update forward looking statements.
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