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Shares for Debt / Setting of New Incentive Stock Options

August 31, 2010

Vancouver, B.C.:  AM Gold Inc. (the “Company”) wishes to announce that it has settled its outstanding debt with Solitaire Minerals Corp. in the amount of $300,000 payable $100,000 in cash and $200,000 by way of shares issued at $0.35 per share, subject to regulatory approval.  The $300,000 debt settlement satisfies all obligations to Solitaire for a proposed joint venture program at the Pinaya property in Peru which agreement was terminated by the Company by way of press release dated April 29, 2010.

In addition, the Company further wishes to announce that will grant up to 500,000 common shares pursuant to incentive stock options for granting to certain of its directors and employees under the Company’s Rolling Stock Option Plan, which Plan received shareholder approval at the Company’s last Annual General Meeting held August 27, 2009.  The options will be granted at the exercise price of $0.35 per share for a two year period, subject to TSX Venture Exchange approval.

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

On behalf of the Board:

“Michael C. Scholz”

Michael C. Scholz
Chairman and Director
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 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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