GlobeNewswire Inc | Aug 5, 2020 11:09AM EDT

August 05, 2020

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

TORONTO, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Amarillo Gold Corporation (Amarillo or the Company) (TSXV: AGC, OTCQB: AGCBF) has filed an amended and restated technical report called Amended and Restated NI 43-101 Technical Report Definitive Feasibility Study Posse Gold Project, Brazil. It is dated August 3, 2020 (effective date of June 15, 2020) and has been filed on SEDAR under the Companys issuer profile.

This filing has been made at the request of Ontario Securities Commission (OSC) staff in connection with a review that was done in connection with the filing of a short form prospectus by the Company.

The amended technical report amends and restates the Companys NI 43-101 Technical Report Definitive Feasibility Study Posse Gold Project, Brazil dated June 15, 2020 solely to:

-- delete certain appendices that the OSC deemed superfluous -- clarify that the stated mineral resource estimate includes the stated estimated mineral reserves.

About AmarilloAmarillo Gold Corporation is advancing two gold projects in Brazil. Both are in mining-friendly states and have excellent nearby infrastructure. The development stage Posse Gold Project on its Mara Rosa Property in Gois State has received the main permit that provides social and environmental permission for mining. Work is underway on receiving the installation permit. The advanced exploration stage Lavras do Sul Project in Rio Grande do Sul State has more than 22 prospects centred on historic gold workings.

Amarillo Gold Corporation trades on the TSXV under the symbol AGC, and on the OTCQB under the symbol AGCBF.

For further information, please contact Annemarie BrissendenInvestor Relations416-844-6284annemarie.brissenden@amarillogold.com

DisclaimerNeither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this news release.

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