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AM Gold Intercepts 229 m of .57 g/t Gold at Red Mountain

November 4, 2010

AM Gold Inc. (TSX-V: AMG; Frankfurt: AMX) (“AM Gold” or the “Company”) is pleased to announce additional results from its wholly owned Red Mountain Property in central Yukon Territory, Canada.

Hole ICE10030 (partial results previously announced October 25, 2010) was drilled to the north-northeast at minus 60 degrees to a depth of approximately 368 m to test the southern extent of the mineralization at the western end of the resource area.  Assay results for the last 15 meters of the hole have been returned extending mineralization to the bottom of the hole.

Hole ICE10031 was collared approximately 85 m southwest of Hole ICE10028 (previously announced September 28 and October 5, 2010) and was drilled southeast at minus 60 degrees to a depth of approximately 170 m where the hole was lost in a fault.  The hole was designed to test the extension of mineralization into meta-sediments south and away from the Jethro Trend.

Hole ICE10033 was collared approximately125 m south-southeast of ICE10028 and was drilled on a north-northeast azimuth at minus 60 degrees to a depth of 355 m to extend the mineralization to the east of the resource area along the Jethro trend.

Detailed assay results for ICE10030, ICE10031 and ICE10033 are summarized in the table below:

Final Depth
* ICE10030 26 294.5 268.5 0.72 367.89
*Including 27 158.8 131.8 .93  
*Including 27 54 27 1.37  
*Including 74 111.6 37.6 1.26  
ICE10030 333.5 367.89 34.39 .32  
Including 353 367.89 14.89 .36  
ICE10031 2 169.5 167.5 .26 169.50
Including 2 27 25 .42  
ICE10033 38.10 267 228.9 .57 355.09
Including 45.25 57 11.75 1.41  
Including 130.85 146 15.15 1.21  
Including 240 264 24 .89  
  *Previously reported October 25, 2010
  Note:  Reported Widths Are Drilled Thicknesses. True Widths Are Not Known

All sample preparation and fire assaying work has been performed by Eco Tech Laboratory Limited in Kamloops, British Columbia.  Eco Tech is an ISO 9001:2008 accredited laboratory and subsidiary of the Stewart Group of worldwide laboratories.

The entire 12-hole 2010 diamond drill program at Red Mountain has been focused on expanding the previously disclosed Inferred Resource of 542,000 troy ounces (23.6 million tonnes grading 0.7 g/t gold) announced on June 16, 2010. The assay results from ICE10033 are the first from a series of 6 diamond drill core holes designed to extend the mineralization to the east along the Jethro Trend.

The geology in Hole ICE10033 and other holes drilled at the east end of the resource area indicate the transition from a primarily massive porphyry intrusive stock to predominantly meta-sedimentary rock intercalated with porphyry diking.  Within the bounds of the Jethro Structure, lithology does not appear to influence the distribution of the gold mineralization.  The character of the mineralization remains similar to that in the west in monzonite porphyry intrusive rock, that being disseminations of sulphide minerals are predominant (0.5% to 1%,up to 5% locally), with accompanying zones of sulphide-bearing, multi-generational quartz veining being common.  Arsenopyrite is the dominant sulphide mineral, followed by lesser amounts of pyrrhotite and chalcopyrite.

Assay results from the remaining six holes of the 2010 program are expected over the next two weeks. 

Brian L Cole, P. Geo., has reviewed the technical disclosure contained in this news release and is a Qualified Person within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

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

“John Fiorino”
John Fiorino

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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