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AM Gold Announces Update on Pinaya Technical Report

June 2, 2011

AM Gold Inc. (TSX-V: AMG; Frankfurt: AMX) (“AM Gold” or the “Company”) further to its news release of May 12, 2011, the Company announces that it expects to file an updated technical report on its Pinaya copper-gold project in Southern Peru Pinaya Project within the next two weeks. The updated technical report will incorporate drill results from the Company’s most recent diamond drill program on the property which was conducted in 2008.

The Company completed a total of 5,588m in eleven drill holes (PDH-150 to -160) during the early part of 2008, with the purpose of expanding the copper-gold mineralization outlined by previous drilling and to test a large, undrilled geophysical anomaly to the southeast of the resource area (see the Company’s news release dated July 23, 2008, a copy of which is available at www.sedar.com). The first eight holes of the 2008 program, PDH-150 to PDH-158, were 100m to 200m step-out holes drilled at the North West Porphyry Zone (“NWPZ”). PDH-159 was a deep hole, drilled into the NWPZ to a depth of 800m, which bottomed-out in mineralization. PDH-159 was the first hole ever drilled to test the depth potential of the mineralization beyond 550m. The final hole of the 2008 drill program, PDH-160, was drilled at the Los Vientos Zone (“LVZ”), a then recently discovered drill target located approximately 1km to the southeast of the resource area with a strong geophysical signature and trenching highlights of 2.0g/t Au over 6.7m, including 10.7g/t Au over 1.2m (previously announced February 22, 2008 - trench PTR-152).

Assay results from the Company’s 2008 drill program were not previously announced but did not materially affect the Company’s understanding of the property. Assay highlights from the 2008 drill program are summarized in the below table.


Summary of Significant Drill Hole Intersections
2008
  From To Interval Au Cu   Surveyed Surveyed E.O.H.
Drillhole (m) (m) (m) (g/t) (%) Area Azimuth Dip (m)

PDH-150

261.50 289.00 27.50 0.523 0.014 NWPZ 225.12 -59.79 513.30

PDH-151

265.00 333.50 68.50 0.558 0.016 NWPZ 228.11 -60.47 520.00

PDH-152

160.50 248.50 88.00 0.465 0.039 NWPZ 225.53 -60.75 443.50

PDH-153

- - - - - NWPZ 223.75 -58.98 343.40

PDH-154

94.00 106.00 12.00 0.676 0.045 NWPZ 224.71 -61.60 503.30

and

146.50 161.50 15.00 0.033 0.381 -      

and

233.00 387.50 154.50 0.094 0.377 -      

PDH-155

185.50 211.00 25.50 0.037 0.286 NWPZ 227.11 -60.43 440.70

and

233.50 254.50 21.00 0.066 0.473 -      

and

303.00 356.50 53.50 0.254 0.356 -      

PDH-156

390.00 419.40 29.40 0.158 0.315 NWPZ 224.53 -59.93 594.00

PDH-157

468.00 474.00 6.00 0.910 0.068 NWPZ 223.36 -61.30 574.70

PDH-158

- - - - - NWPZ 226.62 -62.30 218.10

PDH-159

148.00 202.70 54.70 0.343 0.073 NWPZ 224.49 -80.31 803.00

and

220.00 343.50 123.50 0.032 0.399 -      

and

378.00 399.70 21.70 0.173 0.165 -      

and

662.50 678.00 15.50 0.103 0.243 -      

and

691.50 756.00 64.50 0.983 0.098 -      

PDH-160

151.70 165.00 13.30 0.257 0.005 LZV 0.00 -58.27 633.70

Legend:

LVZ = Los Vientos Zone

NWPZ = Northwestern Porphyry Zone

During the 2008 drill program, core of HQ size was split in half on site using a diamond saw, and shipped to SGS Laboratories in Lima, Peru. Samples were crushed and portion pulverized for analysis. Drill core samples were assayed for gold using a 30 gram fire assay procedure with a gravimetric or Atomic Absorption (AA) finish. A 36-element ICP analysis was then carried out using an Aqua Regia (4 acid) digestion. Copper assays over 1.0% were reanalyzed using an AA procedure.

A quality assurance/quality control (QA/QC) program including standard material of known copper and gold content, blanks, and duplicate samples has been followed. Standards and blanks were inserted every 20 samples with duplicate samples also taken every 20 samples. Approximately 5% of all samples were sent to an alternate laboratory (ALS Chemex Laboratories in Lima, Peru) for check assaying of gold and copper.
Brian L. Cole, P. Geo., has reviewed and approved 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.

About AM Gold Inc.

AM Gold Inc. is a publicly held resource company based in Vancouver, Canada.  The Company is listed on the TSX Venture Exchange under the symbol “AMG” and is quoted on the Frankfurt Exchange under the symbol “AMX”. The Company is focused on creating shareholder value through the development of the Company’s gold and gold-copper projects in the Yukon and Peru while building a portfolio of quality pipeline projects in North and South America. The Company’s Red Mountain gold property is located in central Yukon Territory approximately 55 kilometres northwest of the community of Mayo in the Tintina Gold Belt. AM Gold holds an 80% interest in Red Mountain with an option to acquire 100% ownership of the 52 contiguous claims that constitute the property and cover approximately 1,168 hectares. AM Gold’s Pinaya gold-copper project is located approximately 775 kilometres southeast of the city of Lima, Peru in the Tintaya Gold Belt. The Company maintains 100% ownership of 35 mining concessions covering the 19,200 hectare Pinaya land position. AM Gold’s corporate offices are located Suite 305 – 369 Terminal Avenue, Vancouver, British Columbia, V6A 4C4 (phone: 604-646-0067).

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

On behalf of the Board:

(signed) “Gerald M. Aberle”

Gerald M. Aberle

President and Chief Operating Officer

AM GOLD INC.

For further information on AM Gold, please contact Murray Caruth at 1-604-646-0067 or by email at , or visit AM Gold’s website at: http://amgold.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding “Forward-Looking” Information

Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond AM Gold’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

 
     
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