AT Mara Rosa Property Focus Is On Advancing Posse Gold Project

TORONTO - Amarillo Gold Corporation announced its key achievements included delivering a positive feasibility study, closing a large equity financing, and, crucially, receiving the License to Install for the Posse Gold Project after year end. “I would like to thank our dedicated team for their efforts in securing the License to Install and further advancing the project,” said Mike Mutchler, Chief Executive Officer. “We’ve met the significant milestones that we needed to meet, and have begun to prepare to break ground on Posse as soon as we finalize the balance of our construction financing.”

At the Company’s Mara Rosa Property in the State of Goiás, the main focus was on advancing the Posse Gold Project. After publishing the feasibility study, detailed engineering began on the processing plant, infrastructure, and earthworks areas. Orders have been placed for select long lead time equipment, and negotiations have been advanced to purchase mill and filtration plant equipment. Amarillo also signed an agreement to build a 138 kilovolt transmission line from Porangatu to Mara Rosa.

The exploration program along the Posse Trend, aimed at finding satellite gold deposits that could increase Posse’s mine life, was also successful. Trenching results showed gold anomalies up to 8 kilometers northeast of Posse, and an induced polarization survey was completed in the fourth quarter. Amarillo secured a large equity stake for a portion of its construction financing for Posse after closing $57.2 million in equity offerings in August.