VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2011) - Amarillo Gold Corp. (TSX VENTURE:AGC) ("Amarillo" or the "Company") is pleased to announce the 2^nd round of results from the current resource definition drilling program at its Mara Rosa Gold project, with the release of gold assays from nine holes as shown in Table 1. The total number of assays received from drill holes now stands at 15 (includes 6 holes from the NR dated February 1, 2011), bringing the total metres from assays reported to 2597.5m. At site, drill hole number 29 of the 34 drill hole program is nearing completion. Core from ten drill holes are at the laboratory awaiting assay. The current drill program is designed to upgrade existing inferred resources to the indicated and measured categories. This work is an integral part of the pre-feasibility study (PFS) currently underway.

Table 1: Composite Assay Results

				True
	From	To	Interval	Width	Grade
Hole No.	(metres)	(metres)	(metres)	(metres)	(g/t Au)
MRP0021	125	130	5	4.7	0.68
	137	142	5	4.7	1.29
	146	175	29	27.3	0.82
MRP0022	207	235	28	26.3	1.08
MRP0023	83	110	27	25.4	1.47
	113	118	5	4.7	0.52
MRP0024	59	76	17	16.4	3.17
MRP00251	0	3	3	2.9	0.55
	53	58	5	4.8	0.7
	64	88	24	23.2	2.05
MRP0026	122	127	5	4.7	0.5
MRP0027	160	205	45	42.3	1.22
MRP0028	34	39	5	4.7	0.68
	43	56	13	12.2	0.99
MRP0029A2	197	241	44	41.3	1.65

Notes: All drill hole samples consist of split HQ diamond drill core. The samples were sent to Acme Laboratories in Goiania, Brazil, and Vancouver, Canada. Gold is determined using fire assay using 30g aliquots with an ICP finish. All samples are subject to a chain of custody and are submitted with standards and blanks to check the assay results. The laboratories also use internal standards and repeat analysis. For the results reported in this release all the standards, blanks and repeats delivered acceptable results. Intercepts were calculated using a minimum of a 0.5 g/t cut off where any one sample point lies within a 5m intersection averaging at least 0.5 g/t Au. True width was determined assuming the mineralization has an average dip of 45 degrees.

1 MRP0025 0-3m is an oxide interval, all other intervals are in sulphide.

2 Drill hole MRP029 was stopped at 126m due to drilling difficulties. The collar was moved slightly and drill hole MRP29A was drilled in its place.

Table 2: Collar information for the drill holes reported in Table 1.

	Total
	Depth	Azimuth	Dip	Easting	Northing	Elevation
Hole No.	(metres)	(degrees)	(degrees)	UTM	UTM	(metres)
MRP0021	253.3	140	70	696569	8454461	447
MRP0022	321.5	140	70	696303	8454312	444
MRP0023	169.1	140	70	696514	8454294	440
MRP0024	166.5	140	60	696615	8454254	440
MRP0025	154.2	140	60	696624	8454358	435
MRP0026	281.9	140	70	696307	8454152	441
MRP0027	283.7	140	70	696530	8454469	442
MRP0028	140.3	140	70	696616	8454289	438
MRP0029A	325.5	140	70	696446	8454447	445

Notes: Collars located by hand held GPS and are yet to be surveyed to high resolution. UTMs are in SAD69

The results are as expected when compared to the current resource model. Cross Sections and plans showing the recent and past results can be viewed on our website, by following the link: http://amarillogold.com/projects/mara-rosa or at www.corebox.net. Amarillo Gold will be presenting core and data on the Mara Rosa project at PDAC 2011 in Toronto, March 6-7 (Sunday-Monday), Booth #5017A.

The qualified person for this report as per the NI 43-101 guidelines is Buddy Doyle, B. App. Sc. Member AUSIMM, a geologist of 30 years experience.

ABOUT AMARILLO:

Amarillo Gold Corp. is focused on the acquisition, discovery, and definition of gold resources in Brazil. The Company's principal projects are the Mara Rosa gold project in the state of Goiás and the Lavras do Sul gold project in the state of Rio Grande do Sul. The Posse Deposit at Mara Rosa contains 623,000 ounces indicated from 11.9 MTonnes @ 1.62 g/t Au and 451,000 ounces inferred from 10.1 MTonnes @ 1.38 g/t Au at a 0.5g/t cut-off grade (NI 43-101 compliant resource as independently determined by AEFS). The Mara Rosa project is in the economic evaluation stage. The Posse deposit was successfully mined by WMC during the 1990's (mined areas are excluded from the above resource figures) and is located in an area of excellent infrastructure. Mara Rosa is located some 36 km NE of Yamana's Chapada open pit Cu-Au operation, 105 km NE of the Serra Grande underground Au mine, 105 km NNW of Anglo American's nickel laterite project (in construction), 95 km NW of Votorantim's Niquelandia nickel laterite mine and approximately 60 kms NE of Yamana's Pilar Au project (in feasibility). Grid power to the site was established during the previous open pit mining operation and the Serra da Mesa 450 MW hydro-electric dam lies 35 km to the east.

The Lavras do Sul gold project is in the advanced exploration stage with over 16,000m of drilling with encouraging gold mineralization being discovered and defined, also in an area of excellent infrastructure. The initial resource estimate at the Butia prospect reported 215,000 indicated ounces from 6.4MT @ 1.05 g/t Au and 308,000 inferred ounces from 12.9MT @ 0.74 g/t Au at a 0.3 g/t cut-off. The Company also has a portfolio of earlier stage projects. All properties under Amarillo's management are located in areas of good infrastructure and robust community support.

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. Readers should review risk factors applicable to junior mining exploration companies generally to understand the variety of risks that can affect the Company.