VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 14, 2017) - Amarillo Gold Corp. (TSX VENTURE:AGC) ("Amarillo") is pleased to announce the appointment of Colin Sutherland to the board of Amarillo as an independent director.
Buddy Doyle, CEO and President commented, "I speak for all the board in welcoming Mr. Sutherland as a director of our company, he brings with him operational experience from his senior positions held in junior to intermediate gold producers. This is especially important to Amarillo as we progress towards building and operating the Mara Rosa Project."
Colin is a Chartered Professional Accountant with over 20 years of financial and operational experience. Most recently he served as President of McEwen Mining Inc. During his tenure, the share price more than tripled, the Company grew its treasury, met operational guidance and improved its financial guidance. Immediately prior to McEwen, he was Managing Director and CEO of Archipelago Resources Plc, which operated a large producing gold mine in North Sulawesi, Indonesia. In 2013, Mr. Sutherland led the successful privatization of Archipelago, and continued to deliver significant returns to its shareholders. During his tenure gold production grew to 200,000 ounces per annum, and costs were significantly reduced. Mr. Sutherland has also held senior financial and executive roles with Timmins Gold, Capital Gold, Nayarit Gold and Aurico Gold.
"Amarillo's Mara Rosa project has robust economics, and the team has successfully captured overwhelming community endorsement. With key permits in place and enthusiastic support from both state and federal mining authorities, I look forward to being involved as Mara Rosa evolves to a producer in the near future," commented Colin.
Colin will receive 200,000 5 year options as part of the same incentive package in place for Amarillo's other independent directors.
About Amarillo Gold Corp.
Amarillo Gold Corp. is focused on acquisition, discovery, and definition of gold resources in Brazil. It is the Company's policy to strive to do this in a sustainable, safe way using best practices whilst benefiting our shareholders and the communities we work in. 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 8.887MT @ 1.98 g/t Au Measured, 13.149MT @1.53 g/t Au Indicated and 7.119MT @ 1.26 g/t Au Inferred. (A NI 43-101 resource as independently determined by Australian Exploration Field Services Pty. Keith Whitehouse QP July 2016). The Mara Rosa Gold Project has received a positive economic assessment from a Pre-Feasibility study and Amarillo has obtained the LP, the first stage of a three-stage permitting process. The Posse Deposit was successfully mined by Western Mining Corporation (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 Serra Grande's 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 of more than 19 prospects centered on historic gold workings, with encouraging gold mineralization discovered and defined by more than 16,000 meters 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 resource as independently determined by Atticus Consulting in 2010, Anthony Amberg, QP. 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
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.
FORWARD LOOKING STATEMENTS:-
This news release contains Forward Looking Statements regarding our intentions and plans. Forward looking statements in this news release include the numbers estimated for 2017 and the time line for completion. Various factors may prevent or delay our plans, including but not limited to, the ability to raise funds, 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. Permission from the Government and community is also required to proceed with future mining production. We may not be able to fulfill our obligations under the proposed gold loan and we may be unable to raise sufficient financing to carry out our plans. Readers should review risk factors applicable to junior mining exploration companies generally to understand the variety of risks that can affect the Company. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law.