SOURCE: Gold American Mining Corp.

Gold American Mining Corp.

November 30, 2010 09:00 ET

Gold American Mining Corp. Successfully Completes Drilling at Guadalupe

RENO, NV--(Marketwire - November 30, 2010) - Gold American Mining Corp. (OTCBB: SILA) ("Gold American" and/or "the Company") is pleased to announce that drilling operations were successfully completed at its Guadalupe Property located in the heart of the Fresnillo district in Zacatecas, Mexico.

As previously reported on our press release dated October 11, 2010, the Company set out to conduct 2,500 meters of exploratory drilling on the Guadalupe Property. The Company is pleased to report that an actual total of 7 diamond drill holes totaling 2,502.5 meters (8,210.3 feet) have been successfully completed at the property.

All notable samples of interest have been shipped to Steward Labs in Canada for analysis and the Company is awaiting the definitive assay results. The Company will announce them as soon as they are received. The results of the first two drill holes were reported on our press release dated November 16, 2010.

"Diamond drilling proceeded very smoothly with over 2,500 meters drilled. The Company is satisfied that the preliminary findings to-date are so far consistent with the wealth of historical data that we have on the property," commented Mr. Johannes Petersen, Gold American's CEO. "Ultimately, our efforts are aimed at validating the project's ability to support the establishment of a viable commercial mining operation by accurately assessing gold/silver tonnages and grades across the property," 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.

Highlight results from previous results include:

  • 1.00 g/t Au and 946.9 g/t Ag over 1.1m (including 1.83 g/t Au and 1,800.0 g/t Ag over 0.5 m)
  • 0.30 g/t Au and 622.0 g/t Ag from a mineralized dump
  • 0.59 g/t Au and 330.0 g/t Ag over 0.7 m
  • 5.35 g/t Au and 1,189.0 g/t Ag from a mineralized dump

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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