SOURCE: Gold American Mining Corp.

Gold American Mining Corp.

July 14, 2010 09:00 ET

Gold American Mining Corp. - Guadalupe Property Update

RENO, NV--(Marketwire - July 14, 2010) -  Gold American Mining Corp. (OTCBB: SILA) ("Gold American" and/or "the Company") is pleased to provide an update on the ongoing work program at the Company's Guadalupe Property in Zacatecas State, Mexico

As previously announced, the ongoing field program at the Guadalupe Property was initially planned to consist of 10.6 line miles (17 line kms) of magnetic and induced polarization surveys, as well as further detailed sampling and mapping of the entire Guadalupe area and workings. Upon review of preliminary results of the magnetic survey, a number of geophysical anomalies have been identified and therefore Gold American has decided to increase the geophysics program to cover 13.7 line miles (22 line kilometers). We expect to have additional information on the program by the end of July.

In addition, the Company recently acquired additional historical geological data for the Guadalupe property and surrounding area. This data indicates that additional historical workings exist within the property that have not been visited or sampled by Gold American to date. Some highlights of the historical results include:

  • 920 g/t Ag, 6.0% Pb and 3.32% Zn over 0.5m
  • 680 g/t Ag and 7.3% Zn over 1.2m
  • 500 g/t Ag, 3.1% Pb and 3.6% Zn over 0.6m
  • 380 g/t Ag, 20% Pb and 7.0% Zn over 1.4m

"During this new phase of exploration, we have been able to expand significantly our knowledge of the property and we are very excited about the progress. We still need to further review and analyze the data obtained to incorporate it into our geological model of the property and design the best drilling program to test it," said Johannes Petersen, President of Gold American. "The historical data acquired is consistent with the high-grade silver results found during our initial work program," added Mr. Petersen.

The Guadalupe property contains two historically significant mines and is located in one of Mexico's oldest mining districts, roughly 5 miles north of the Fresnillo (Proaño) Mine, the world's richest underground silver mine, operated by Fresnillo plc. Roughly 6.8 miles to the southwest of Silver America's Guadalupe Property is the Juanicipio Joint Venture (JV) between MAG Silver Corp. (MAG) and Fresnillo plc, which is known as one of the world's highest grade undeveloped silver resources.

The Property contains greater than 20 known workings as well as two historic mines - Santa Rita and San Antonio. Historic records containing references to the Santa Rita and San Antonio mines suggest that both mines were important and reached their height of production between 1910 and 1920 but were last in production in the 1980's. The property is completely surrounded by land controlled by Peñoles (either through Fresnillo or other subsidiaries and partners).

Gold American Mining Corp. is a publicly traded (OTCBB: SILA) precious metals exploration company focused on the aggressive, ongoing acquisition and exploration of holdings with rich gold and silver production potential. Based in Reno, Nevada, Gold American has developed a promising portfolio of international properties in regions marked by stable politics, sound economies and friendly business relations. For more information the Company and its projects, visit Gold American's website at


Gold American Mining Corp.
Johannes Petersen, President

Forward-Looking Statements
The statements by our officers, and other statements regarding optimism related to the business, expanding exploration and development activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's business. Words such as expects, anticipates, intends, plans, believes, sees, estimates and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many risk factors that affect the industry the Company operates in and other risk factors listed from time to time in the Company's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere. The forward-looking statements contained in this press release speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

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