AMARILLO GOLD

Emerging Gold Producer in Brazil

Source: Amarillo

Symbol: AGC TSX-V72A Frankfurt

AMARILLO GOLD

These presentation materials (“the Presentation Materials”) are being supplied to you for information purposes only on Amarillo Gold. (the “Company”).These Presentation Materials have been prepared by and are the sole responsibility of the Company. The Company have taken all reasonable care to ensurethat the facts stated herein are true to the best of their knowledge, information and belief.

These Presentation Materials are being distributed only to and are directed at (a) persons who have professional experience in matters relating toinvestments being investment professionals as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the“FPO”), (b) high net worth companies, unincorporated associations and other bodies within the meaning of Article 49 of the FPO or (c) persons to whom itmay otherwise lawfully be communicated (together “Relevant Persons”). Any person who is not a Relevant Person or who does not have professionalexperience in the matters relating to investments should not act or rely on this document or any of its contents.

These Presentation Materials do not constitute, or form part of, a prospectus relating to the Company, nor do they constitute or contain any invitation oroffer to any person to underwrite, subscribe for, otherwise acquire, or dispose of any shares in the Company or advise persons to do so in any jurisdiction,nor shall it, or any part of it, form the basis of or be relied on in any connection with any contract. No reliance may be placed for any purpose whatsoeveron the information or opinions contained in this document or on its completeness and no liability whatsoever is accepted for any loss howsoever arisingfrom any use of this document or its contents otherwise in connection therewith. Prospective investors are encouraged to obtain separate andindependent verification of information and opinions contained in the Presentation Materials as part of their own due diligence.

By accepting these Presentation Materials, the Recipient agrees that the information contained herein or sent herewith or made available is forinformation purposes only. Without prejudice to the foregoing, neither the Company, nor its advisers nor its representatives accept liability whatsoever forany loss howsoever arising, directly or indirectly, from use of this document or its contents or otherwise arising in connection therewith.

The distribution of these Presentation Materials in certain jurisdictions may be restricted by law and persons into whose possession these PresentationMaterials come should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violationof the laws of any such other jurisdictions.

Some statements contained in these Presentation Materials or in documents referred to therein are or may be forward-looking statements. Actual resultsmay differ from those expressed in such statements, depending on a variety of factors. Past performance of the Company or its shares cannot be relied onas a guide to future performance. Any forward-looking information contained in these Presentation Materials has been prepared on the basis of a number

of assumptions which may prove to be incorrect, and accordingly, actual results may vary.

Important Notice

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AMARILLO GOLD 3

Amarillo Gold – Committed to Development

• Focused on the acquisition and development of gold resources in Brazil

• Major Projects:

1. Mara Rosa – moving towards production

– 2011 Pre-feasibility Study underway– 623,000 gold ounces, indicated category– 451,000 additional gold ounces, inferred category

2. Lavras do Sul – major gold prospect in southern Brazil

– Continuously upgrading our resource estimate (I+I 520K Ounces) every 6 months or so.

– Numerous untested ‘garimpo’ gold targets– Drilling ongoing

• Seasoned management team with outstanding discovery & acquisition credentials

AMARILLO GOLD 4

Proven Management Team

Buddy Doyle – President & CEO• 28 years experience; 23 years with Rio Tinto on numerous global assignments including 13 years

as North American exploration manager for diamonds. Exposure to numerous commodities with track record of economic discoveries including:

• +30M oz Lihir (Au) deposit discovery/definition team; project leader for the Diavik discovery/ pre-feasibility, >$14B in-situ diamonds

• Excellence in Diamond Exploration award in 2007

Rick Brown – Business Development, Director• Exploring South America since 1993; focused on management and property acquisitions

• Projects include: Peru- El Hilorico /El Galeno (Au-Cu), Argentina- Calcatreu (Au), Navidad (Ag), Brasil- Mara Rosa (Au)

Luis Carlos F. da Silva – General Manager Brazil• 20 years exploration experience in Brazil managing several exploration campaigns

• Responsible for drilling off several of Jaguar Mining’s Brazilian gold deposits

AMARILLO GOLD 5

Proven Management Team

Frank Baker – Project Development Manager• Graduate of Sheffield University with Masters in Metallurgy, over thirty years experience

• Taken three mines from Feasibility into production on three continents, South America, Australia and Africa

• Most recent job was commissioning a 2million tonne per year Gold mine in Western Australia

• Brazilian citizen and fluent in Portuguese, he has just joined the company to lead the Mara Rosa Project

Waldemar Opalka- CFO Secretary • BA in Quantitative Economics, Tufts University and MBA, University of Massachusetts

• former Director of Strategy and Corporate Development at Netia S.A., founder and Managing Director of Polish Broadband LLC, a telecommunications company

AMARILLO GOLD

Robert Landis, Chairman• Princeton University, Harvard Law School• Independent investor & member of Golden Sextant Advisor LLC• 10 years Merrill Lynch, 8 years corporate & securities attorney

Todd Bruce• Extensive international mining and mine development experience• Previously President and CEO of IAMGold (96-03) and Crystallex (03-07)

Mike Durose• Mineral Economist (P.Geo.), former mining analyst (BMO Nesbitt etc.)• Nearly 20 years capital market and mineral exploration experience

Patrick Power• 20 years of Venture exchange experience, founder of numerous Venture Co.

Companies. Practical regulatory experience.• Over $100m in money raised under his tutelage

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Non-Executive Directors

Through this strong team and their contacts,AGC has been able to finance independently.

AMARILLO GOLD

• Politically mature

• Economically stable (investment grade)

• Mining friendly with a significant mining community

• Foreign investment & personnel welcome

• Excellent exploration potential (see table below)

Canada Australia Brazil

Archean shield (km2) 2,200 1,200 2,600

Production through 1990 (tonnes) 7,600 6,800 2,400

Exploration investment (1970-1990) ($M) $4,968 $2,963 $685

Exploration investment per km ($/km2) $2.26 $2.47 $0.26

Production per $ invested in exploration $1.53 $2.29 $3.50Source: Mineral Economic Group 2005

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Brazilian Opportunities Beckon

AMARILLO GOLD 8

Project Locations - Brazil

Our projects are located in areas of EXCELLENT INFRASTRUCTURE

MARA ROSA PROJECT

• Federal highway, 320km from Brasilia

• Hydroelectric grid power

• 35km from 4M oz Chapada mine (Yamana)

• 62km from the 1.5M oz Pilar Mine (Yamana)

• 100km from 1M oz Serra Grande mine (AngloGold /

Kinross)

LAVRAS DO SUL PROJECT

• Tarmac highway, 320km from Porto Alegre

• Hydroelectric and thermal grid power

• 70km from coal mining

AMARILLO GOLD 9

Mara Rosa Project - Moving Towards Production

Posse Gold Deposit

Au mineralization coloured, hotter colours higher grades. Looking NE

Source: Amarillo

Source: Google Earth

The Posse deposit is a Shear hosted gold deposit, with a gneiss hanging wall and greenstone foot wall dipping at 47 degrees to the NW.

AMARILLO GOLD

Exploration Potential

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Posse

Chapada 5km

Geology of the Mara Rosa Area: Greens are the Mara Rosa Belt, volcanic and sediments, Neo-Proterozoic in age, pinksrepresent gneisses. Gold stars are gold occurrences and garimpos. Amarillo Land holdings shown.

K-Channel airborne gamma Soil Geochem, red coloursTop 5% of the data

Imbricate Thrust model

Posse

AMARILLO GOLD

Key Land Position in Competitive Belt

• 62,500 ha of exploration permits

• 2,600 ha of mining permits

• Encompasses the majority of the main trend hosting the Posse

• 12 km co-incident K-channel /Au soil anomaly

• 5 large mines within 100 km radius

• Yamana’s Chapada Cu-Au 35 km

• AGC 100% title on all but 4 permits

• 2% NSR on Posse trend

• Local community supportive

• Environmental certificate from govt.

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Mara Rosa Project

Town of Mara Rosa

AMARILLO GOLD

History

1700’s - Portuguese mining gold

1982 - BHP discovers Posse deposit

1988 - heap leach operation commences

1989 - WMC acquires Mara Rosa project*

1992 - 600 tpd CIL plant commissioned

1995 - WMC ceased operations

1998 - WMC sells to Metallica for $1.5 M

2003 - AGC buys Metallica Brasil for $0.45 M

*1989-1995 WMC mined 86,000 oz Au oxide and sulphide.

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Mara Rosa Project

Source: Amarillo

Source: Google Earth

AMARILLO GOLD 13

Sub-Station 4km from Posse Serra Mesa Hydro 450MW Entrance to Mara Rosa Village

Turn off to Posse Deposit Chapada mine 32km away BR-153 major N-S Highway

Mara Rosa ProjectOutstanding Infrastructure

Source: AmarilloSource: Yamana website

AMARILLO GOLD

Posse Deposit Resource Estimate

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Mara Rosa Project

43-101 compliant based upon 234 drill holes (24,930 metres)

70% of the tonnage lies within 200 metres of surface

Cut-off = 0.50 g/t AuTonnes (‘000)

Average Grade

Ounces Au

Indicated 11,900 1.62 g/t 623,000

Inferred 10,000 1.38 g/t 451,000

Indicated & Inferred Mineral Resource at Posse Deposit Source: AEFS May 2010 – 43-101 accredited

AMARILLO GOLD

Posse Economic Assessment

Preliminary Economic Assessment completed by CCIC in March 2008 (See slide 3 for NI 43-101 disclosure)

Pit shell $900 / oz Au

NPV 5 $154 M

IRR +25%

ROI < 2.5 years

Cost/oz $543

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Mara Rosa Project

• CAPEX (2 mtpa plant) $80 M

• Mining /Milling costs $9.00/tonne

• CIL recovery 80%

• Selling costs 4%

• Approx. US/Real 1.85

$1000 $900 $800 $700Whittle Pit Shells ($/oz Au)

Colours are gram/m of gold, purple 75 g/m, green 25 g/m

AMARILLO GOLD

Metallurgy is the Key

Grinding Milling 45-75 microns

Pre-Ox PSA unitCyanide Leach in

Vat

GOLD

Carbon mat

Conventional

Ball Mill

GOLD

Dore

The Posse Deposit is semi-refractory in nature, due to

Telluride. The key is to oxidize the Telluride. This

releases the gold. Recent tests have determined at

the right Ph (11) and residence times for the pre-ox, by

altering the grind size >90% recoveries are achieved.

This is much better than the 80% used in the PEA.

93% recovery

At 45 microns

88.5% recovery at 75

microns

12 hr

residence

24 hr

residence

The Company expects the addition of the Pre-Ox to increase the CAPEX by less

than $1m compared to a similar circuit without the PSA unit.

The Company’s current estimate on operating costs is $19.3/t (including strip)

for the 45 micron circuit which assumes 5% dilution. This equates to

$463/ounce.

These are in-house estimates and will vastly improve on completion of the PFS.

Pre-tax.

Further testing underway looking at optimum grind size, variations with grade and testing different parts of the mineralized zone. Final report due by end of first Quarter 2011.

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AMARILLO GOLD

Moving Mara Rosa Forward In 2011

• Final Metallurgical report and circuit due in Q1 11.

• New Resource estimate Q2 11.

• Final PFS report Q3 11, being led by Coffey Mining Pty.

• PFS moves to Feasibility and then Decision to Mine Q1-Q2 2012

• Estimated Mine build will be 18 months.

• Exploration continues from Q2 11 with one drill rig.

Mara Rosa Project

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Source: AmarilloOne of the three rigs currently working at the Posse deposit Mara Rosa Project

AMARILLO GOLD

Lavras Do Sul Project

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Source: Amarillo

Left: Cerro Rico gold processing plant, Centre: Drill rig Butia prospect Bottom: main entrance to village

AMARILLO GOLD

• Several periods of mining from 1700’s through to 1950’s

• 1st wave 1780's 2nd wave 1880's alluvials and soils

• 2nd wave 1900's hard rock 3 central stamp mills

• 3rd wave 1930 Hydraulics

• 1980’s – First exploration drilling campaign (CBC & CRM)

• 2005 – Rio Tinto drilled ~3,000 m

• 2006 – Amarillo acquires initial interest

• 2007 – Completes airborne magnetics over Lavras intrusion

• 2008 – Drills 232 m @ 1.95 g/t Au at Butiá target

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300 Years of Mining HistoryLavras do Sul

19 garimpos throughout the mining district

Source: Diary of a German mercenary in Brazil, painting from gold rush days 1880’s

AMARILLO GOLD

Exploring the Lavras Intrusion

• Over 19,000 ha in the state of Rio Grande do Sul

• 10 x 10 km (rock-type) intrusive

• Abundant gold targets (abandoned garimpos)

• New gold occurrences being discovered

• First systematic exploration approach to Lavras

• Two primary deals, Rio Tinto and IAMGOLD. These are detailed in the appendix

• Amarillo has pathways 100% but there are back-in rights and Royalties

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Lavras do Sul

Source: Amarillo

Images from Lavras do SulTop: Process plant from 1900’s gold rushMiddle: Drill core logging on farmBottom: View from company office village of Lavras do Sul

AMARILLO GOLD

LAND DISPOSITION

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Lavras do Sul

Yellow is CBC ground part of Rio Tinto deal.Magenta is Lucia ground part of the Rio Tinto deal.Grey is the IAMGOLD deal.

AMARILLO GOLD

Numerous Targets – 19 Garimpos

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Lavras do Sul

BUTIA120 m @ 3.23 g/t

PARADAO12m @ 4.54 g/t

CANELEIRA37m @ 1.17 g/t

CERRITO135.5m @ 0.85 g/t

ADVANCED TARGETS(with highlighted Au drill results)

Old Gold Workings

Digital Elevation in grey, roads in black. Colour image: airborne magnetics showing geology and structure.

AMARILLO GOLD

Butiá prospect initial resource estimate

43-101 compliant interim resource estimate for the Butia prospect

0.3g/t cut-off

0.3g/t cut Tonnes

(mt)

Grade (g/t) Ounces

Indicated 6.4 1.05 215,000

Inferred 12.9 0.74 308,000

Total 22.1 0.88 523,000

3D Model of

Butia Zone

• This is the first Resource Estimate from one of the

Prospects at Lavras Do Sul, the Butia Prospect, 1 of

19.

• Bulk tonnage near surface

• High grade zones cut to 10g/t need to go back and

drill to determine continuity, statistically expected to

increase grade and ounces, but not change the

tonnes....2011.

• Drill now at Cerrito Prospect, 4 more holes

• The plan is to put an updated resource estimate

with Butia and Cerrito in early 2011

• Next drill target is on IAMgold ground

A 50% increase in

our resource base

Source: Amarillo

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Lavras do Sul

AMARILLO GOLD

Cerrito Prospect: Current Drill Project.

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Lavras do Sul

• Bulk tonnage, low grade, near surface gold deposit

• Drilling underway with over 15 holes completed; approx. 5,000 m of drilling completed to date

• Gold results incl. 71m @ 1.08 g/t, 143.4m @ 0.75 g/t, 56m @ 1.42 g/t

• + 300m strike

• up to 80m wide

• + 120m depth

Source: Amarillo

AMARILLO GOLD

Matilde Prospect: Current Drill Project.

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Lavras do Sul

• Image shows new soil anomaly developed 2.5 km south of Lavras do Sul, 0.3ppm contours.

• Named the Matilde

Prospect.

• It is partially on the IAMgold ground and the CBC ground.

AMARILLO GOLD

Aggressive 2011 Program

• Continue drill program at Butiá & Cerrito

• Complete the next NI 43-101 compliant resource estimates for Butiá & Cerrito

• Metallurgical testing of ore-grade samples

• Drill high-grade Valdo Teixeira & Cerro Rico, Soil anomalies prospects; the plan is to upgrade resource every 8 months.

• Continue exploring “garimpo” targets

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Lavras do Sul

Butia prospect looking to LavrasNearby mines (coal – 70 km away) Source: CRM Website

Power Transmission lines nearbySource: Amarillo

AMARILLO GOLD

Why Invest in Amarillo

Key project milestones in 2011

• Pre-Feasibility Study at Mara Rosa

• Continuing 43-101 resource estimates at Lavras do Sul

• Vectoring towards a >2 million oz resource base

• Generating new exploration 100%-owned projects

• Extensive infrastructure in place

• Results driven and proven management

• Exemplary capital management record

• Low market cap compared to Peers, which should change once recognition occurs.

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AMARILLO GOLD

Amarillo Gold Timeline

MR* (Mara Rosa)

LDS** (Lavras do Sul)

• Metallurgical work on each project every 6 months.

• PEA to commence (Lavras) when resource stops growing or @ 2million ounces, whichever comes first.

• Other Properties: General Exploration

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Amarillo Gold Timeline

29-S

ep-1

0

17-A

pr-1

1

3-Nov

-11

21-M

ay-1

2

7-Dec

-12

25-J

un-13

11-J

an-14

30-J

ul-14

15-F

eb-1

5

3-Sep

-15

MR* Posse Infill Drilling

MR Exploration Drilling

MR Pre Feasibility Study

MR Feasibility Study

MR Decision to Mine

MR Mine Construction

MR Mine Production

LDS** Exploration Drilling

LDS Resource Drilling

Q4 Q2 Q4 Q2 Q4 Q1 Q1 Q3 Q1 Q32010 2011 2011 2012 2012 2013 2014 2014 2015 2015

AMARILLO GOLD

Corporate Information

View from the Butia prospect

Source: Amarillo

Capital Structure

Shares outstanding 62.8 million

Options (average 81c) 1.8 million

Market cap. @ $1.53 $98.6 million

Major shareholders

Board & Management 15%

Institutions 40%

Mid-tier Producers 7%

Recent Financings

Closing No. Shares Issue Price Warrants Amount

May-11 6.7M $1.50 3.3M $10M

Jul-10 8.0M $0.75 None $6M

Jul-09 3.0 M $0.70 None $2.1M

Oct-08 2.1M $0.80 None $1.68M

May-07 6.0 M $1.25 None $7.5M

TOTAL $27.28

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AMARILLO GOLD

Canada:

Buddy Doyle

President and CEO

Suite 1818 701 W. Georgia St.PO BOX 10144Vancouver BC Canada V7Y 1C6Tel: 1-604-689-1799Fax: 1-604-689-8199

buddy@amarillogold.com

Further Information

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Brazil:

Rick Brown

Business Development

Rua Pernambuco 353, sala 409

Bairro Funcionarios, Belo Horizonte, MG

Brasil CEP 30130-151Tel: +55 31 3261 5974

rick@amarillogold.com

Source: Amarillo

Lawyers:Clark Wilson LLP800 – 885 West Georgia StreetVancouver, BC V6C 3H1 Canada

Auditors:MSCM LLP (Moore Stephens)8th Floor, 701 Evans AvenueToronto, OntarioM9C 1A3 Canada

AMARILLO GOLD

Rio Tinto Agreement Lavras do Sul

31

Summary of Acquisition terms:- Amarillo must make total payments of US$ 2.07 million through various installments up to April 1(st) 2008 in order to acquire an initial 60% interest in the Property. Completed- Amarillo is required to spend US$ 750,000 on exploration prior to Feb. 1st, 2008. Completed- Upon completing the above payments Amarillo will form a Joint Venture with the underlying owners. If the other parties elect not to contribute then Amarillo will earn a 100% interest in the Property and be required to pay a 1.5% Net Smelter Royalty on production. Letter of intent signed, full formal document in progress.- Amarillo will make a US$ 1,000,000 payment to Rio Tinto within 90 days of a bankable feasibility study being delivered and,- Amarillo will make a US$ 6,500,000 payment for every one million ounces of recoverable gold reserves that is covered by the 60% equity in the Property over which Rio Tinto have an option.- Rio Tinto will have a back-in-right to acquire 70% of Amarillo interest in the project by paying Amarillo three times (3 x) their exploration expenditure in the event that Amarillo's equity interest in the Property contains in excess of 7 million ounces of recoverable gold.- Amarillo will issue 2,000,000 warrants - exercisable at 50c - to Rio Tinto within 60 days of signing the final agreement. Expired without exercise

AMARILLO GOLD

IAMGOLD Agreement Lavras do Sul

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Amarillo can earn a 51-per-cent interest by expending $800,000 (U.S.) on exploration over 3 years which will include a minimum of 2,000 metres drilling and of which $200,000 (U.S.) must be spent within the first 12 month period. Amarillo has made the $200K milestone and is currently drilling on the IAMGOLD ground.

In the event that IAMGOLD elects not to contribute pro-rata funding after the first earn-in period then Amarillo may earn a further 29% interest (for a total of 80%) by funding any mineral resource discovered on the Property through to feasibility study.

At the completion of a feasibility study on the Property, and up to a period of 60 days from this date, IAMGOLD may either• elect to contribute its pro-rata share to future funding OR• dilute its interest to a 2.0% Net Smelter Royalty (NSR), of which 1.0% may be bought back by Amarillo for US$1,000,000 at any time up to the commencement of production OR• exercise a one-time back-in right to increase its participating interest to 60% - if Amarillo has established a total mineral reserve in excess of 2.5 million ounces of gold on the Property – and become operator by paying three times Amarillo’s exploration costs up to the date of IAMGOLD exercising its back-in right.

Border Zone: Brazil has a border defense zone (like most South Am, countries), that extends 150km from the border where more than 50% foreign ownership in any property or business is not permitted. Many foreign companies operate in this zone, including Aura (former Yamana assests) and in the recent past Rio Tinto's Iron mines as well as many Foreign owned factories, forestry and agricultural interests. Lavras lies approx. 120km from the border.There is a push to change this law, from 150k to 50km, (it has been altered in the past from 300km to 150km), and this proposal has already past the senate, and awaits hearing in the lower house. In the meantime Amarillo will pursue the same solutions that other companies have used, which include a combination loans to a Brazilian partner and contract mining.