Amarillo announces succession plan for country manager

Rhea-AI Summary

Amarillo Gold Corporation (OTCQB: AGCBF) has appointed Paulo Serpa as the new Country Manager for its Brazilian subsidiaries, succeeding retiring Arão Portugal. Serpa brings 35 years of mining experience, having previously worked as Director of South America Institutional Affairs for Imerys and as Country Manager for Yamana Gold in Honduras and Mexico. The company is preparing for the construction phase of its Posse Gold Project, which has a positive definitive feasibility study indicating profitability and potential for extended mine life. Portugal will continue as a special adviser.

Positive

• Appointment of Paulo Serpa as Country Manager expected to ensure a smooth transition.
• Strong foundation established by previous manager Arão Portugal, paving the way for project advancement.
• Posse Gold Project has a positive definitive feasibility study indicating low costs and strong financial returns.
• Potential for additional near-surface deposits to extend Posse's mine life beyond 10 years.

Negative

• None.

TORONTO, July 15, 2021 (GLOBE NEWSWIRE) -- Amarillo Gold Corporation (TSXV: AGC, OTCQB: AGCBF) welcomed Paulo Serpa to the senior management team this week, said the Company today. Mr. Serpa, an accomplished mining engineer from Brazil, will succeed Arão Portugal as Country Manager for Amarillo’s Brazilian subsidiaries when Mr. Portugal retires at the end of September. Following Mr. Serpa’s appointment, Mr. Portugal will remain active with the Company, serving as special adviser to the CEO.

“We expect this to be a smooth transition,” said Mike Mutchler, Amarillo’s President and Chief Executive Officer. “Paulo will build on the strong foundation set by Arão and lead the construction phase of our flagship Posse Gold Project at Mara Rosa. In addition to Paulo, we’ve made several other key hires in Brazil, where we are building a strong operating team in anticipation of making a construction decision.”

Mr. Serpa has spent the bulk of his 35 years in the mining industry developing mines. He was most recently Director of South America Institutional Affairs for Imerys, a French multinational company that produces and processes industrial minerals. In that role, which he held since 2016, he acted on 24 industrial mine sites overseeing government relations, licensing, mining rights, and social responsibilities, among other things. His previous experience includes three years at Yamana Gold, where as Country Manager for Honduras, he led the expansion of its San Andres mine and the Mercedes Mine in Mexico. Mr. Serpa has a BSc in mining engineering and an MBA.

“On behalf of the Board of Directors and the entire Amarillo team, I’d like to thank Arao for his leadership,” said Mutchler. “Arão was instrumental in acquiring our License to Install for Posse, securing several critical contracts for the developing Posse, and strengthening our team in Brazil. We wish him well in his retirement, even as we continue to access his considerable experience and expertise as we build Amarillo into Brazil's next gold producer.”

About Amarillo

Amarillo is advancing two gold projects located near excellent infrastructure in mining-friendly states in Brazil.

The development stage Posse Gold Project is on the Company’s Mara Rosa Property in Goiás State. It has a positive definitive feasibility study that shows it can be built into a profitable operation with low costs and a strong financial return. Mara Rosa also shows the potential for discovering additional near-surface deposits that will extend Posse’s mine life beyond its initial 10 years.

The exploration stage Lavras do Sul Project in Rio Grande do Sul State has more than 23 prospects centered on historic gold workings.

Amarillo trades on the TSXV under the symbol AGC and the OTCQB under the symbol AGCBF. Visit www.amarillogold.com to learn more about the Company’s focus on becoming a mid-tier Brazilian gold producer.

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Contact information

Mike Mutchler
President & CEO
416-294-0736
mike.mutchler@amarillogold.com

Annemarie Brissenden
Investor Relations
416-844-6284
annemarie.brissenden@amarillogold.com

Marcelo Lins
Sócio Diretor, ML&A Comunicações
mlins@mla.com.br
(11) 3811-2827

NOTES

Neither 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.

Forward-looking statements

This news release contains forward-looking statements regarding the Company’s current expectations regarding future events, including its business, operations and condition, and management’s objectives, strategies, beliefs, and intentions.

Various factors may prevent or delay our plans, including but not limited to, the trading price of the common shares of the Company, capital market conditions, impacts from the coronavirus or other epidemics, counterparty risk, TSXV approval(s), contractor availability and performance, weather, access, mineral and gold 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. Readers should review the Company’s ongoing quarterly and annual filings, as well as any other additional documentation comprising the Company’s public disclosure record, for additional information on risks and uncertainties relating to these forward-looking statements.

Readers should also review the risk factors applicable to junior mining exploration companies generally to better 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.

PDF available: http://ml.globenewswire.com/Resource/Download/4a20d7ab-8875-4da1-b067-01e658d8c9f9

FAQ

Who is the new Country Manager for Amarillo Gold Corporation?

Paulo Serpa has been appointed as the new Country Manager for Amarillo Gold Corporation's Brazilian subsidiaries.

What is the significance of the Posse Gold Project for Amarillo Gold Corporation?

The Posse Gold Project is crucial as it has a positive definitive feasibility study indicating low costs and strong financial returns.

What experience does Paulo Serpa bring to Amarillo Gold Corporation?

Paulo Serpa has 35 years of mining experience, including roles at Imerys and Yamana Gold, where he oversaw mining operations and government relations.

What will Arão Portugal's role be after his retirement?

Arão Portugal will serve as a special adviser to the CEO following his retirement.

What are the expected benefits of Paulo Serpa's appointment?

Serpa's experience is expected to facilitate a smooth transition and lead the construction phase of the Posse Gold Project effectively.