Amarillo Reports Warrant Exercise

VANCOUVER, British Columbia, July27, 2017(GLOBE NEWSWIRE) -- Amarillo Gold Corp. (TSX-V:AGC) ("Amarillo" or the "Company") announces that 2,779,500 warrants have been exercised at the price of 25c bringing proceeds of $CND 694,875 to treasury.

About Amarillo:- Amarillo is developing a feasibility stage open pit gold resource at its Mara Rosa Project in Goias State, Brazil, and has an advanced exploration project at Lavras do Sul in the South of Brazil. For more detail please refer to our website through the following link, www.amarillogold.com.Both projects are in excellent infrastructure in mining friendly jurisdictions. The Mara Rosa Project has received its preliminary License, a permit that gives social and environmental permission to mine as long as certain guidelines are met.The Company is currently focused on completing all the necessary items to begin construction in 2018.

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