American Consolidated Minerals Corporation
TSX VENTURE : AJC

American Consolidated Minerals Corporation

October 07, 2009 12:52 ET

American Consolidated Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 7, 2009) - American Consolidated Minerals Corp. (the "Company") (TSX VENTURE:AJC) announces it has closed its previously announced non-brokered private placement, raising over $1 million for the Company. The offering was over-subscribed and with regulatory acceptance, the Company issued 21,985,000 Units at a price of $0.05 per Unit for gross proceeds of $1,099,250.

Each Unit consists of one common share of the Company and one share purchase warrant, each warrant entitling the holder to purchase one additional common share of the Company at a price of $0.10 for a period of two years.

The net proceeds of the private placement will be added to working capital and will be used to finance the 2009 gold exploration programs for Toiyabe in the Cortez Trend in Nevada and the Lone Ranch Project in Washington State.

All of the securities issued pursuant to this offering have a hold period expiring on February 2, 2010.

An aggregate of $54,425 was paid as finder's fees to various firms with 2,177,000 warrants issued exercisable at $0.10 over a period of twelve months.

American Consolidated is dedicated to the principles of environmentally sound mining practices and believes that environmental stewardship and mining can co-exist.

For details on the Company and its properties, visit the Company's website at www.americanconsolidatedminerals.com.

ON BEHALF OF THE BOARD:

Al Fabbro, President & Director

Neither the 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.

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