High American Gold Inc.

April 18, 2008 17:26 ET

Shareholders Approve Transaction With Am-Ves Resources Inc.

TORONTO, ONTARIO--(Marketwire - April 18, 2008) - High American Gold Inc. ("High American" or the "Company") is pleased to announce that at the annual and special meeting of the Company held on April 15, 2008 the shareholders of High American approved the acquisition (the "Acquisition") of all of the issued and outstanding common shares of Am-Ves Resources Inc. ("Am-Ves") in exchange for the post-consolidated common shares of the Company (the "Common Shares") and all of the issued and outstanding warrants of Am-Ves in consideration for the warrants of the Company. The Company's shareholders also approved: (i) the issuance of 9,300,000 pre-consolidated Common Shares at a value of $0.05 per Common Share for a total consideration of $465,000 to settle the Company's debt of approximately $950,000, pursuant to the settlement agreements between the Corporation and its creditors dated March 30, 2007 and June 30, 2007; (ii) the consolidation of all issued and outstanding Common Shares on a 10:1 basis, whereby every ten old Common Shares will be exchanged for one new post-consolidated Common Share; (iii) the change of the Company's name to "Antioquia Gold Inc."; (iv) the continuance of High American under the Business Corporations Act (Alberta); (v) the new stock option plan of the Company; and (vi) the appointment of Sievert & Sawrantschuk LLP as the auditors of High American. Details of the resolutions considered and approved at the meeting are disclosed in the management information circular of the Company dated March 20, 2008 filed at www.sedar.com.

In addition, at the shareholder meeting, Richard Thibault, Gregory R. Harris, Brad Van Den Bussche and R. Brian Murray were elected as new directors to the board of High American.

It is intended that the Consolidation and the Name Change will be made effective immediately prior to the closing of the Acquisition and the Private Placement (as defined below).

In connection with the Acquisition, Am-Ves will complete a concurrent brokered private placement of a minimum of 5,000,000 units (the "Units") and a maximum of 6,250,000 Units of Am-Ves (the "Private Placement") at $0.20 per Unit, with one Unit comprised of one common share of Am-Ves and one half of a warrant (a "Warrant"), with one full Warrant entitling the holder to purchase one common share of Am-Ves (an "Am-Ves Share") at $0.30 per Am-Ves Share for 18 months from closing of the Private Placement. At the closing of the Private Placement, the issued Am-Ves Shares and Warrants will be exchanged for post-consolidated Common Shares and warrants of the Company.

Blackmont Capital Inc., subject to completion of due diligence, has agreed to act as agent (the "Agent") in connection with the Private Placement. In consideration of the services to be provided by the Agent under the Private Placement, the Agent will be entitled to receive a corporate finance fees and a cash commission equal to 10% of the gross proceeds raised under the Private Placement. In addition, upon closing of the Private Placement, the Agent will be issued a number of broker warrants that will allow it to purchase that number of Am-Ves Units equal to 10% of the aggregate number of Units sold under the Private Placement.

The Common Shares of the Company are currently not listed or quoted on any exchange or market in Canada or elsewhere. The Common Shares of High American were formerly listed and posted for trading on the TSX Venture Exchange (the "Exchange"); however, the Exchange delisted the Company's Common Shares on June 20, 2003, because High American failed to pay its annual sustaining fees. The Company has applied for listing of the Common Shares on the Exchange. Listing will be subject to the Company fulfilling all the listing requirements of the Exchange. There can be no assurance that High American will be able to obtain listing of the Common Shares on the Exchange.

Forward-Looking Statements

This discussion includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with our business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to the Company or its management.

All statements regarding the Acquisition, the Private Placement, the anticipated closing dates and the ability of High American's to successfully obtain listing of the Common Shares on the Exchange are forward-looking statements that involve various uncertainties. There can be no assurance that the Acquisition and the Private Placement will be completed, that the transactions will close on the dates anticipated, or that the Company will be able to successfully obtain listing of the Common Shares on the Exchange.

The forward-looking statements are not historical facts, but reflect High American's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transactions and neither approves nor disapprove the content of this press release.

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