Pre-Feasibility Study updates included.

1. AGC: TSX-V
December 2011 72A: Frankfurt
Emerging Gold Producer in Brazil
Source: Amarillo
The Qualified Persons for Amarillo are Frank Baker, M. IOM3 and MAusIMM. and Buddy Doyle MAusIMM
AMARILLO GOLD

2. Important Notice
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 ensure
that 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 to
investments 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 it
may otherwise lawfully be communicated (together “Relevant Persons”). Any person who is not a Relevant Person or who does not have professional
experience 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 or
offer 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 whatsoever
on the information or opinions contained in this document or on its completeness and no liability whatsoever is accepted for any loss howsoever arising
from any use of this document or its contents otherwise in connection therewith. Prospective investors are encouraged to obtain separate and
independent 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 for
information purposes only. Without prejudice to the foregoing, neither the Company, nor its advisers nor its representatives accept liability whatsoever for
any 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 Presentation
Materials come should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation
of 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 results
may differ from those expressed in such statements, depending on a variety of factors. Past performance of the Company or its shares cannot be relied on
as 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.
2 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 well underway completion Q3
– 1,174,900 gold ounces, Measured & Indicated categories (1.75 g/t)
– 156,400 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.
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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
Frank Baker – Project Development Manager
• Graduate of Sheffield University with Masters in Metallurgy, over thirty years experience, Brazil Citizen
• 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
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.
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5. Non-Executive Directors
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 $100m in money raised under his tutelage
Through this strong team and their contacts,
AGC has been able to finance independently.
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6. Brazilian Opportunities Beckon
• Politically mature
• Economically stable (investment grade)
• Mining friendly with a significant mining community
• Foreign investment & personnel welcome
• Excellent exploration potential (see table below)
Canada Australia Brazil
Archean shield (km2) 2,200 1,200 2,600
Production through 1990 (tonnes) 7,600 6,800 2,400
Exploration investment (1970-1990) ($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 $3.50
Source: Mineral Economic Group 2005
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7. 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
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8. Mara Rosa Project - Moving Towards Production
Posse Gold Deposit
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.
Source: Google Earth
Au mineralization coloured,
Looking NE hotter colours higher grades.
Source: Amarillo
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9. Exploration Potential
Posse
Posse
K-Channel airborne gamma Soil Geochem, red colours
Top 5% of the data
Chapada 5km
Imbricate Thrust model
Geology of the Mara Rosa Area: Greens are the Mara Rosa Belt, volcanic and sediments, Neo-Proterozoic in age, pinks
represent gneisses. Gold stars are gold occurrences and garimpos. Amarillo Land holdings shown.
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10. Key Land Position in Competitive Belt
Mara Rosa Project
• 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 Town of Mara Rosa
• Local community supportive
• Environmental certificate from govt.
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11. History
Mara Rosa Project
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
Source: Amarillo
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 Source: Google Earth
and sulphide.
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12. Outstanding Infrastructure
Mara Rosa Project
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
Source: Amarillo
Source: Yamana website
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13. Posse Deposit Resource Estimate
Mara Rosa Project
 43-101 compliant based upon 283 drill holes (>33,000 metres)
Cut-off = 0.50 g/t Au Average Grade Ounces Au
Tonnes (‘000)
Measured 5,463 2.04 g/t 358,300
Indicated 15,393 1.65 g/t 816,600
Total (M + I) 20,856 1.75 g/t 1,174,900
Inferred 3,630 1.34 g/t 156,400
Indicated & Inferred Mineral Resource at Posse Deposit Source: AEFS Sept 2011 – 43-101 accredited, Keith Whitehouse Qualified
person.
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14. Posse Deposit Reserves
Mara Rosa Project
Cut-off = 0.50 g/t Au Tonnes (‘000) Average Grade Ounces Au
Proven 5,361 1.87 g/t 339,600
Probable 11,739 1.60 g/t 606,600
Total (P + P)* 17,117 1.72 g/t 945,200
Inferred 3,630 1.34 g/t 156,400
I Source: Coffey Mining International Nov 2011– 43-101 accredited, Norman Lock supervising Qualified person
* Run of Mine
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15. PFS: Nov 2011 Mara Rosa Project
 Pit shell $1100 / oz Au • CAPEX (2.5 mtpa plant) $184 M
 (post-tax) NPV 5 $178 M • Overall costs $24.63/tonne
 (post-tax) IRR 26.6% • CIL recovery 92%
 ROI 3 years • Selling costs 4%
 Cost/oz $524 ($464) • Approx. US/Real 1.8
 Av annual Production 124,000 oz  Nominal Tax Rate 34%
 Mine life 7 years  DCF $1200/ oz Au
Pit Dimensions
1.4 km long
0.6 km wide
260m deep
67 hectares
HW 55 deg
FW 40 deg
15
AMARILLO GOLD

16. Posse PFS DCF Gold Price and Discount Rate
Mara Rosa Project
Base Case
Gold Price $1000/oz $1100/oz $1200/oz $1300/oz $1400/oz $1500/oz
IRR (internal rate
of return) 16.8% 21.8% 26.6% 31.3% 35.9% 40.3%
NPV0 $M
165 219 274 328 383 437
NPV5 $M (Base
Case) 93 136 178 221 264 307
NPV7 $M
71 110 149 188 227 266
NPV10 $M
44 78 112 146 181 215
Pay Back period 5.1 4.1 3.5 3.0 2.7 2.5
16 AMARILLO GOLD

17. Mara Rosa Project Production Circuit
Primary Crusher
gtt Lime addition 2kg/t
7000 t/day
Cyclone Sizing
45um P80 to Pre-OX
POSSE
ORE
Power in
Primary Ball Mill Secondary Ball Mill
138KVa Secondary and Tertiary Crushers
12.5MW CRUSHING CIRCUIT GRINDING AND SIZING CIRCUIT
RESIDENCE:-12hr RESIDENCE:-24hr
Loaded Knelson
Cyanide in
Carbon
0.2kg/t
Carbon in
O2 in Cyanide reactor
Pre-OX Tanks
Number:-3
CILTanks
PSA Oxygen unit
Number:-6
PRE-OX STAGE CIL STAGE GRAVITY CIRCUIT
TAILINGS
Cyanide Detox Thickener
Carbon reactivation Unit Carbon recovery electro-win
FINES HANDLING, DISPOSAL, DE-WATER CARBON RECOVERY GOLD RECOVERY 290 troy ounces/day
AMARILLO GOLD

18. Mine Plan
Mara Rosa Project
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19. Time Line to Production
Mara Rosa Project
SCHEDULE - Posse Mine
2011
2012 2013=Pre Stripping (Year 0) 2014 = Year 1 (Production)
ITEMS DESCRIPTION
4º T
1º T. 2º T. 3º T. 4º T. 1º T. 2º T. 3º T. 4º T. 1º T. 2º T. 3º T. 4º T.
1 ENVIRONMENTAL LICENSES
1.1 Preliminary License (LP)
1.2 Installation License (LI)
1.3 Operational License (LO)
1.4 Feasibility Studies, PFS and DFS
2 ENGINEERING
2.1 Basic Engineering
2.2 Detailed Engineering
3 PURCHASES
3.1 Mills
3.2 Other Equpments/Services
3.3 Construction of 138kv Power Line
4 Pre-Operation
4.1 Pre-Stripping
4.2 Mine Operations
5 CIVIL CONSTRUCTION
5.1 Earth Moving
5.2 Concrete
6 INSTALLATION/TESTS
6.1 Electromechanical Installation
6.2 Testing
7 START UP
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20. Moving Mara Rosa Forward In 2011-2012
Mara Rosa Project
• Final PFS report Q4 11, being led by Coffey Mining Pty.
• PFS moves to Feasibility and then Decision to Mine 2012
• Estimated Mine build will be 18 months, mining 2014.
• Complete Geotech and “shoulder” drilling
• Exploration drilling there after, 2 rigs on site.
Source: Amarillo
One of the three rigs currently working at the Posse deposit Mara Rosa Project
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21. Lavras Do Sul Project
Left: Cerro Rico gold processing plant, Centre: Drill rig Butia prospect
Bottom: main entrance to village
Source: Amarillo
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22. 300 Years of Mining History Lavras do Sul
• 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
19 garimpos throughout the mining district
Source: Diary of a German mercenary in Brazil, painting from gold rush days 1880’s
22 AMARILLO GOLD

23. LAND DISPOSITION
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.
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24. Numerous Targets – 19 Garimpos
Lavras do Sul
ADVANCED TARGETS
(with highlighted Au drill results)
Old Gold Workings
CERRITO
135.5m @ 0.85 g/t
CANELEIRA
37m @ 1.17 g/t PARADAO
12m @ 4.54 g/t
BUTIA
120 m @ 3.23 g/t
Digital Elevation in grey, roads in black. Colour image: airborne magnetics showing geology and structure.
24 AMARILLO GOLD

25. Butiá prospect initial resource estimate
Lavras do Sul
0.3g/t cut
0.3g/t cut Tonnes
Tonnes Grade (g/t)
Grade (g/t) Ounces
Ounces
(mt)
(mt)
Indicated 6.4
6.4 1.05
1.05 215,000
215,000
Inferred 12.9
12.9 0.74
0.74 308,000
308,000
Total
Total 22.1
22.1 0.88
0.88 523,000
523,000
43-101 compliant interim resource estimate for the Butia prospect
0.3g/t cut-off
• This
is the first Resource Estimate from one of the
Prospects at Lavras Do Sul, the Butia Prospect, 1 of 3D Model of
19. Butia Zone
• Bulk tonnage near surface.
• High grade zones cut to 10g/t need to go back and
Source: Amarillo
drill to determine continuity, statically expected to
increase grade and ounces, but not change the
tonnes.
• Drill now at Cerrito Prospect, 4 more holes.
A 50% increase in
• The plan is to put an updated resource estimate
our resource base
with Butia and Cerrito.
• Next drill target is on IAMgold ground.
25 AMARILLO GOLD

26. Cerrito Prospect: Current Drill Project.
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
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27. Matilde Prospect: Current Drill Project.
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.
1km
27 AMARILLO GOLD

28. 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.
28 AMARILLO GOLD

29. Amarillo Gold Timeline
Amarillo Gold Timeline
Q4 Q2 Q4 Q2 Q4 Q1 Q1 Q3 Q1 Q3
2
0
5
3
4
11
-1
4
-1
1
2
-1
15
-1
-1
-1
-1
-1
-
ay
ep
eb
un
an
pr
p-
ul
2010 2011 2011
ov
2012 2012
ec
2013 2014 2014 2015 2015
-M
-S
-A
Se
-F
-J
-J
-J
N
D
29
17
21
25
11
30
15
3-
7-
3-
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
•MR* - Mara Rosa
•LDS** - Lavras do Sul
•Metallurgical work on each Lavras prospect after resource definition.
•PEA to commence (Lavras) when resource stops growing or @ 2million ounces, whichever comes first.
29 AMARILLO GOLD

30. Corporate Information
Capital Structure View from the Butia prospect
Shares outstanding 64 million
Options ($1.35 average) 3.2 million
Warrants @$2 3.6 million
Market cap. @ $1.45 $92.8 million
Major shareholders
Board & Management 15%
Institutions 45%
Mid-tier Producers 5% Source: Amarillo
Recent Financings
Closing No. Shares Issue Price Warrants Amount
May-11 6.7M $1.50 3.35 @ $2 $10.05M
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 $27.32M
30 AMARILLO GOLD

31. Further Information
Canada: Brazil:
Buddy Doyle Rick Brown
President and CEO Business Development
Suite 1818 701 W. Georgia St. Praca Carlos Chagas 49 – Salas 504 a 506
PO BOX 10144 Bairro Santo Agostinho – Belo Horizonte -
Vancouver BC Canada V7Y 1C6 MG
Tel: 1-604-689-1799
Brasil CEP 30170-913
Fax: 1-604-689-8199
Tel: +55 31 3261 5974
buddy@amarillogold.com rick@amarillogold.com
Lawyers:
Clark Wilson LLP Auditors:
800 – 885 West Georgia Street MSCM LLP (Moore Stephens)
Vancouver, BC V6C 3H1 Canada 8th Floor, 701 Evans Avenue
Toronto, Ontario
M9C 1A3 Canada
Source: Amarillo
31 AMARILLO GOLD

32. Rio Tinto Agreement Lavras do Sul
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
32 AMARILLO GOLD

33. IAMGOLD Agreement Lavras do Sul
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.
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