SOURCE: Gold American Mining Corp.

Gold American Mining Corp.

December 15, 2010 09:06 ET

Gold American Mining Corp. Strikes Outstanding Drilling Results at Guadalupe

RENO, NV--(Marketwire - December 15, 2010) - Gold American Mining Corp. (OTCBB: SILA) ("Gold American" and/or "the Company") is pleased to report the latest drilling results at the Guadalupe Property located in Zacatecas State, Mexico. The results include the discovery of a new gold/silver zone and the intersection of multiple targets, which returned significant gold and silver values.

Drill hole 7 discovered a previously unknown mineralized multiphase breccia with a weighted average of 1.31 g/t gold and 254.1 g/t silver over 18.6 meters including 11.50 meters with a weighted average of 2.09 g/t gold and 382.7 g/t silver. The highest grade intervals returned 3.26 g/t gold and 920.0 g/t silver over widths of 1.3 and 1.2 meters respectively.

Target     From     To     Width 1     Au     Ag     Ag Eq 2
      (m)     (m)     (m)     (g/t)     (g/t)     (g/t)
Drill Hole No. 7 - GPE1007      
Breccia #1     50.9     61.6     10.7     0.25     32.0     44.7
Discovery breccia     67.8     86.4     18.6     1.31     254.1     319.7
including     74.9     86.4     11.5     2.09     382.6     487.3
including     76.75     85.2     8.45     2.75     454.8     592.5
including     76.75     82.5     5.75     2.98     538.5     687.5
Santa Rosa Vein     115.3     115.85     0.55     0.13     200.0     206.5

1) - Drill holes were planned to cut the mineralization as close to perpendicular as possible, however, true widths have not been calculated

2) - Silver equivalent has been calculated using $1,200/oz gold and $24/oz silver (or a ratio of 50:1) and assumes recovery and NSR to be 100%

Drill hole 6 was located approximately 250 meters from hole 7 and successfully intersected the Santa Rosa vein where it had been previously mined. Immediately underneath, a wide zone in the footwall below the working returned 14.95 meters with a weighted average of 0.19 g/t gold and 63.8 g/t silver.

Target   From   To   Width 1   Au   Ag   Ag Eq 2
    (m)   (m)   (m)   (g/t)   (g/t)   (g/t)
Drill Hole No. 6 - GPE1006    
Santa Rosa Vein   221.00   223.00   Mined working - no values
Santa Rosa - footwall   223.00   237.95   14.95   0.19   63.8   73.3
including   225.75   237.95   12.20   0.16   73.2   81.4
including   229.40   237.95   8.55   0.11   78.5   83.9
including   233.45   237.95   4.50   0.12   95.0   101.2

1) - Drill holes were planned to cut the mineralization as close to perpendicular as possible, however, true widths have not been calculated

2) - Silver equivalent has been calculated using $1,200/oz gold and $24/oz silver (or a ratio of 50:1) and assumes recovery and NSR to be 100%

Seven holes were drilled at Guadalupe totaling a combined 2,502.05 meters. Results from holes 1 and 2 were previously released in a news release dated Nov. 16, 2010. Drill holes 3, 4 and 5, located in the north end of the property, targeted a series of veins with numerous workings. Assays from outcrop and dumps in the area returned several assays grading greater than 200 g/t silver but the holes did not intersect any significant values at this time.

"We couldn't be more excited with the results of our drilling campaign at Guadalupe. We drilled a large intersection of rich silver and gold values right underneath the historical Santa Rosa mine. We believe that mineralization of the Santa Rosa vein continues at depth and the possibilities of reengaging production at the mine have been enhanced," commented Mr. Johannes Petersen, Gold American's CEO. "One possible interpretation for the large intersection found is that of an ore-shoot or 'clavo.' This concept requires further study but if that were the case, we believe we could expect to find even more ore-shoots along the 1 km length of the mineralized structure," added Mr. Petersen.

THE GUADALUPE PROPERTY
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 1980s. The property is completely surrounded by land controlled by Peñoles.

ABOUT GOLD AMERICAN MINING CORP.
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 www.gold-american.com.

ON BEHALF OF THE BOARD OF DIRECTORS,

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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