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Amarillo Gold secures preliminary license for Mara Rosa project's Posse mine

said May 9 that thesecretary of environment, water resources, infrastructure, cities and metropolitanaffairs of the Brazilian state of Goiás has granted the preliminary license forthe proposed Posse mine within the company's Mara Rosa gold project.

The preliminarylicense is the first of Brazil's three-stage permitting process for mines; it outlinesall the basic parameters of the project that all the involved parties have to accept.

With the firststage of the permitting process completed, Amarillo will now focus on obtainingthe installation license, which will require detailed engineering of the tailingsfacility, a feasibility study, commitment to social programs, agreements with thesurface rights owners and continued environmental monitoring.

The second approvalwould allow the company to start project construction, after which Amarillo wouldonly need to secure the license to operate.

According toAmarillo, the Posse deposit within the Mara Rosa project contains about 1.17 millionounces of measured and indicated gold contained in 20.85 million tonnes at 1.75g/t of gold and 156,400 ounces of inferred gold from 3.63 million tonnes at 1.38g/t of gold.