Amarillo Provides Update on Drilling Results at Mara Rosa

TORONTO, Oct. 31, 2018 - Amarillo Gold Corp. (“Amarillo” or the “Company”) (TSX.V: AGC) (OTCQB: AGCBF) is pleased to provide additional results from its ongoing drilling at its Mara Rosa open-pit gold project in Goias State, Brazil.

Highlights¹:

• 1.81 Au g/t over 13 m core length in Hole 18P058
• 3.54 Au g/t (or 6.24 Au g/t uncut) over 11 m core length in Hole 18P061
• 1.33 Au g/t over 17 m core length in Hole 18P062
  ¹Drill core lengths and true widths are indicated in Table 1 below

In May 2018, the Company commenced a 10,000 m drill program at Mara Rosa which included 7,000 m of core drilling and 3,000 m of RC drilling designed to convert the existing 330K ounces from Inferred resources to Indicated resources and to explore for nearby deposits along the 12 km long Posse trend. A total of 5,179 m of diamond drilling from 19 holes have been completed to date (see also results from 11 diamond drill holes in our Press Release dated September 10, 2018).

Please click on the attached link to view the drill hole locations:

https://www.amarillogold.com/W0p23B/wp-content/uploads/2018/10/Mara-Rosa-2018-Drilling-Program-Posse-Mine.jpg

Mike Mutchler, CEO of Amarillo commented, “These latest infill drilling results confirm the grade and thickness continuity in the central to northern sector of the Mara Rosa gold deposit and are expected to contribute significantly towards the conversion from Inferred to Indicated resources. Following the ongoing down dip drilling in the south end of the planned pit, we will begin a step-out, deep exploration drilling program spanning 400 m towards the southwest to test the Mara Rosa resource potential along strike.”

Marc Ducharme, Chief Exploration Geologist of the Company, is a Qualified Person as defined by NI 43-101 – Standards of Disclosure for Mineral Projects guidelines, and has reviewed and approved the scientific and technical disclosure relating to the drilling results in this news release.

ABOUT AMARILLO

Amarillo is developing an open pit gold resource at its Mara Rosa Project in the mining friendly jurisdiction of Goias State in Brazil. The Mara Rosa Project was awarded its main (LP) permit which provides the social and environment permission to mine. Amarillo is progressing toward obtaining an installation permit (LI). Based on the NI 43-101 Pre-Feasibility Study 2018 (PFS 2018) update filed on SEDAR on September 13, 2018, the Posse Deposit at the Mara Rosa Project contains estimated 513,000 ounces of gold in the Proven category from 9.6 Mt at 1.65 g/t Au, and 574,000 ounces gold in the Probable category from 14.2 Mt at 1.26 g/t Au, for total estimated Reserves of 1,087,000 ounces from 23.8 Mt at 1.42 g/t Au. In addition to the Mara Rosa Project, Amarillo has an advanced exploration project with excellent grades at Lavras do Sul, Brazil. A Mineral Resource Estimate Study (NI 43-101 technical report) for Lavras do Sul was filed on SEDAR on October 4, 2010. The Lavras do Sul Project is an advanced exploration stage property (190 sq. km.) comprising of more than 22 prospects centered on historic gold workings. The initial resource estimate at the Butia prospect reported 215,000 ounces of gold in the Indicated category from 6.4 Mt at 1.05 g/t Au, and 308,000 ounces of gold in the Inferred category from 12.9 Mt at 0.74 g/t Au using a 0.3 g/t cut-off grade. Both projects have excellent nearby infrastructure.

Mike Mutchler, President and Chief Executive Officer of the Company, is a Qualified Person as defined by NI 43-101 guidelines, and has reviewed and approved the scientific and technical disclosure relating to the PFS 2018 in this section of the news release.

Neither the 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 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 with respect to the Company’s 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, 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. 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 me be required by law.