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AM Gold Inc. Announces 5,000,000 Unit Non-Brokered Private Placement

August 5, 2010

AM Gold Inc. (TSX-V: AMG; Frankfurt: AMX) (“AM Gold” or the “Company”) wishes to announce that it has agreed to raise $1,500,000 by the issuance of 5,000,000 units (“Units”) priced at 30 cents per Unit by way of a non-brokered private placement.

Each Unit will consist of one common share of the Company (“Share”) and one transferrable common share purchase warrant (“Warrant”).  Each Warrant will entitle the holder to acquire one common Share at 35 cents for a period of 24 months from the closing date.  

Shares issued pursuant to the private placement, as well as any Shares issued pursuant to the exercise of the Warrants, are subject to a four-month hold period from the date of closing of the private placement. The private placement is subject to the approval of the TSX Venture Exchange.  Finder’s fees of up to 10% and brokers’ warrants of up to 10% may be paid in accordance with regulatory policy.

The proceeds from the private placement will be used to fund the continued exploration and development of the Pinaya gold-copper project in southern Peru, the continued exploration of the Red Mountain gold project in Yukon Territory, Canada, and for general working capital purposes.

This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.

On behalf of the Board: 

“Gerald M. Aberle”
___________________
Gerald M. Aberle
President & CEO
AM GOLD INC.

For further information on the Company, please contact David Yeager at Progressive IR Consultants Corporation at 604-689-2881 or by email at or Bruce Korhonen at 604-646-0067 or by e-mail at [email protected] , or visit our website http://amgold.ca

This news release has been prepared by management.  The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Company’s control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or achievements implied by these forward looking statements. We seek safe harbor.

 
     
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