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Announces Red Mountain Property Purchase Agreement / Shares for Debt Settlement with Solitaire Minerals Corp / Addition to Board of Directors and Appointment of CEO / Setting of New Incentive Stock Options

September 22, 2010

AM Gold Inc. (TSX-V: AMG; Frankfurt: AMX) (“AM Gold” or the “Company”) is pleased to announce that it has received TSX Venture Exchange approval of its purchase agreement for 100% ownership of its Red Mountain property as announced by press release on August 23, 2010.

The Company further wishes to announce that it has received TSX Venture Exchange approval to its shares for debt settlement with Solitaire Minerals Corp. (“Solitaire”) as announced in its August 31, 2010 press release, and has issued 571,428 common shares issued at $0.35 per share to Solitaire in settlement of $200,000 worth of debt thereby extinguishing the Company’s debt with Solitaire in full.

The Company is also pleased to announce that Mr. John Fiorino has been appointed to the Company’s Board of Directors increasing the size of the Board of Directors to 8.  The Company further announces that Mr. Fiorino has been appointed as CEO. 

Mr. Fiorino currently sits on the board of several private companies and is currently the President /CEO of Infinite Merchant Solutions Inc.  As a financier, businessman, investor and consultant with over 15 years experience in assisting private and public companies with corporate operations, capital development, financing and strategic advisory services,  he has concluded mining transactions involving gold and other commodities in Africa and North and South America.  Mr. Fiorino has been instrumental in the restructuring and recapitalization of AM Gold.
Mr. Aberle remains with the Company as a Director and Chief Operating Officer.

In addition, the Company further wishes to announce that it 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 September 21, 2010.  The options will be granted at the exercise price of $0.47 per share for a five 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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