Amarillo appoints Rolly Uloth to position of Executive Chairman
June 09 2017 - 8:00AM
Amarillo Gold Corp. (TSX-V:AGC) (“Amarillo”) is pleased to
announce the appointment of Rolly Uloth to the Board of Amarillo as
the Executive Chairman.
Mr. Rolly Uloth is a seasoned mining executive with almost 20
years experience in various positions at Wesdome Gold Mines and its
predecessor companies.
Mr. Uloth joined River Gold Mines in 1998 as a Director and in
2001 he became President and Director of River Gold Mines. In
2006, on completion of the merger between Wesdome and Eagle River
Mines, Mr. Uloth became Chairman of the combined companies.
During this time, the company enjoyed some of its most profitable
years. He resigned as President and Director of Wesdome in
2009. In August 2013, at the request of a major shareholder
of Wesdome, Mr. Uloth rejoined the company as President and CEO and
held this position until last year. Mr. Uloth remains on the
Wesdome board as a Director of the company.
Buddy Doyle CEO and President commented, “I speak for all the
Board in welcoming Mr. Uloth as Executive Chairman of our
company. He brings with him a wealth of experience from
building companies in the gold sector and elsewhere. This is
especially important to Amarillo as we progress towards building
and operating the Mara Rosa Project in Brazil.”
"Amarillo's Mara Rosa Project has robust economics, and the
team has successfully captured overwhelming community endorsement.
With key permits in place and enthusiastic support from both
state and federal mining authorities, I look forward to being
involved as Mara Rosa evolves to a producer in the near future,"
commented Mr. Uloth.
Mr. Uloth will receive 500,000 5 year options incentive package
on joining. Mr. Uloth replaces Patrick Power, a long serving
director of the Company, who has graciously agreed to step down to
allow the appointment of Mr. Uloth. We all wish to thank Patrick
for his 12 years of excellent and unwavering service and note that
he will continue to advise the Company on marketing matters.
About Amarillo Gold Corp.
Amarillo Gold Corp. is focused on acquisition, discovery, and
definition of gold resources in Brazil. It is the Company’s policy
to strive to do this in a sustainable, safe way using best
practices whilst benefiting our shareholders and the communities we
work in. The Company’s principal projects are the Mara Rosa Project
in the state of Goias, and the Lavras do Sul Project in the state
of Rio Grande do Sul. The Posse Deposit at Mara Rosa contains
9.27MT Proven, @ 1.81 g/t Au, 540,567 troy ounces and 9.74MT
Probable @ 1.46 g/t Au, 456,968 troy ounces at a 0.38 g/t cut-off,
for total reserves of 19.01 MT @ 1.63 g/t Au, 997,536 troy ounces
of Proven plus Probable that fall within the open pit design based
on $US1200/ounce gold price as independently determined by
Australian Exploration Field Services Pty. Keith Whitehouse QP July
2016 and by Ruebens Mendonca QP for SRK. The Mara Rosa Gold
Project has received a positive economic assessment from a
Pre-Feasibility study and Amarillo has obtained the LP, the first
stage of a three-stage permitting process. The Posse Deposit was
successfully mined by Western Mining Corporation (WMC) during the
1990s (mined areas are excluded from the above-stated resource
figures), and is located in an area of excellent infrastructure:
approximately 35 km NE of Yamana’s Chapada open pit Cu-Au
operation, some 80 km NE of Yamana’s Pilar Au project (in
feasibility), 95 km NW of Votorantim’s Niquelandia Ni laterite
mine, 105 km from NE of Serra Grande’s underground Au mine, and 105
km NNW of Anglo American’s Ni laterite project at Barro Alto.
The Lavras do Sul Project is an advanced exploration stage
property (190 sq. km.) comprising of more than 19 prospects
centered on historic gold workings, with encouraging gold
mineralization discovered and defined by more than 16,000 meters of
drilling. The initial resource estimate at the Butia prospect
reported 215,000 ounces of gold Indicated from 6.4 MT at 1.05 g/t
Au, and 308,000 ounces of gold Inferred from 12.9 MT at 0.74 g/t Au
using a 0.3 g/t cut-off grade in a NI 43-101 resource as
independently determined by Atticus Consulting in 2010, Anthony
Amberg, QP. Lavras do Sul is also located near excellent
infrastructure. The Company also has a portfolio of earlier stage
projects and all properties under Amarillo’s management are located
in areas of good infrastructure and mining-friendly
communities.
ON BEHALF OF THE BOARD OF DIRECTORS
AMARILLO GOLD CORP.
Per:
“Buddy
Doyle”
Buddy Doyle, President
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
FORWARD LOOKING STATEMENTS:This news release
contains Forward Looking Statements regarding our intentions and
plans. Forward looking statements in this news release include the
numbers estimated for 2017 and the time line for completion.
Various factors may prevent or delay our plans, including but not
limited to, the ability to raise funds, contractor availability and
performance, weather, access, mineral prices and success and
failure of the exploration and development carried out at various
stages of the program. Permission from the Government and community
is also required to proceed with future mining production. We may
not be able to fulfill our obligations under the proposed gold loan
and we may be unable to raise sufficient financing to carry out our
plans. Readers should review risk factors applicable to junior
mining exploration companies generally to understand the variety of
risks that can affect the Company. The Company undertakes no
obligation to update publicly or otherwise revise any
forward-looking statements whether as a result of new information
or future events or otherwise, except as may be required by
law.
Contacts:
Buddy Doyle
+1-604-689-1799 (Canada)
+1-604-760-0325 (Cell)
+55-31-3261-5974 (Brazil)
Or Scott Eldridge
+1-604-722-5381
info@amarillogold.com
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