AGC Amarillo Gold Corporation

Amarillo Gold Corp. (TSX VENTURE:AGC) ("Amarillo" or the "Company") is pleased
to announce that, subject to regulatory approval, it has closed its non-brokered
private placement financing (the "Private Placement") of 5,467,134 common shares
of the Company at a price of $0.75 (seventy five cents) per share, for aggregate
proceeds of $4,100,350.75. The Private Placement closed in two tranches. The
Company issued 2,692,134 common shares in the first tranche, which closed on
September 7, 2012, for proceeds of $2,019,100.75. The Company issued 2,775,000
common shares in the second tranche, which closed on September 12, 2012, for
proceeds of $2,081,250. All currency references are in Canadian dollars.


In total 2,692,134 of the securities issued in connection with the closing of
the offering are subject to a restricted period that expires January 8, 2013,
and 2,775,000 of the securities issued connection with the closing of the
offering are subject to a restricted period that expires January 13, 2013, in
accordance with applicable securities laws.


Buddy Doyle, CEO and President of Amarillo Gold, said, "The Company is pleased
to report that the financing was oversubscribed which is noteworthy in this
difficult market. The financing is thus a testimony to the continued belief and
support from those key existing shareholders who provided the majority of these
funds. The funds raised will be primarily used to keep the Mara Rosa project
moving forward to feasibility. This work will include an updated resource
statement, and feasibility-level metallurgical and geotechnical studies from the
Posse deposit, as well as continuing environmental permitting and
community-relations work. The Company also expects to complete an updated
resource estimate at its Lavras do Sul project in southern Brazil during this
period."


Two separate groups will be paid a 6% finders fee and receive 6% brokers
warrants on separate portions of the money raised, subject to exchange approval.


About Amarillo Gold Corp.

Amarillo Gold Corp. is focused on acquisition, discovery, and definition of gold
resources in Brazil. 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 1,174,900 ounces of measured and
indicated gold contained in 20.85 MT at 1.75 g/t Au, and 156,400 ounces of gold
inferred from 3.63 MT at 1.38 g/t Au (0.5 g/t cut-off grade) (NI 43-101
compliant resource as independently determined by Australian Exploration Field
Services Pty. AEFS). The Mara Rosa Gold Project has received a positive economic
assessment from a Pre-feasibility study and is preparing to proceed to a
bankable feasibility study. Should this continue to be positive it would be
possible to commence mining by 2014.


The Posse Deposit was successfully mined by Western Mining Company (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 Votarintim'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 more than 19 prospects centred on historic gold workings, with
encouraging gold mineralization discovered and defined by more than 16,000
metres 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 a0.3 g/t cut-off grade in a
NI 43-101 compliant resource as independently determined by Atticus Consulting
2010. 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.

Buddy Doyle, President

FORWARD-LOOKING STATEMENTS:

This news release contains forward-looking statements regarding our intentions
and plans. Various factors may prevent or delay our plans, including but not
limited to, 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. The Company has not made any studies towards
determining if the gold mineralisation at the Butia prospect can be economically
exploited at this stage. The prospect is still in the advance exploration stage.
Permission from the Government and community is also required to proceed with
future mining production. Despite promising results, there is no assurance that
the Company can mine its properties profitably. Readers should review risk
factors applicable to junior mining exploration companies generally to
understand the variety of risks that can affect the Company.

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