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AM Gold Expands Mineralized Footprint Within Widespread Gold-Bearing Intrusive Complex, Red Mountain Project, Yukon Territory, Canada

January 11, 2012

AM GOLD INC. (TSXV: AMG; FRANKFURT:AMX) (“AM Gold” or the "Company") announces the fourth tranche of assay results from its 2011 drilling program at Red Mountain. The results received to date demonstrate that Red Mountain is comprised of an extensive gold-mineralized Tombstone intrusive rock complex enveloped by a thin carapace-like envelope of altered sedimentary rocks which are also mineralized with gold. The program to date has established the potential for extensive tonnages of mineralized material starting at surface that will require additional drilling to understand the scope and size of the potential target. The mineralized footprint is now known to extend for 1,050 meters in a northwest-southeast direction, at least 600 meters lateral to that direction and open in all directions and to depth.

Neil Downey, vice-president of exploration for AM Gold, states "With the 2011 drill program we have increased the areal extent of the mineralized footprint previously identified in 2010 by over 350%. To date every core hole from our 2010 and 2011 drill season has encountered gold mineralization. Our focus for 2010-2011 has been on resource expansion; the next step and priority will be to identify higher-grade zones through the interpretation of geophysics and geochemistry as we continue to focus on resource growth."

Assay results for the remaining nine drill holes from the 2011 drilling program are summarized below.

SELECTED DDH INTERVALS: ICE11050, 051, 052, 054, 054B, 057, 059, 060, 061, and 062

Hole
Number
From
(m)
To
(m)
Interval Length
(m)
Gold
(g/t)
ICE11050
12.0
28.5
16.5
0.38
 
147.0
162.0
15.0
0.67
 
171.0
201.0
30.0
0.31
including
171.0
183.7
12.7
0.38
 
230.5
243.0
12.5
0.43
 
271.0
279.5
9.3
0.42
ICE11051
7.5
62.0
54.5
0.44
 
116.0
128.0
12.0
0.49
 
174.5
182.0
7.5
0.76
ICE11052
1.5
24.0
24.0
0.51
 
96.0
115.0
19.0
0.62
 
135.5
137.0
1.5
4.10
 
175.0
184.0
9.0
0.46
ICE11054
1.5
72.25
70.25
0.32
 
26.0
32.0
6.0
0.60
ICE11054B
27.0
36.0
9.0
0.50
 
67.5
117.0
49.5
0.44
including
96.0
106.5
10.5
0.71
 
127.5
145.5
18.0
0.43
including
127.5
132.0
4.5
0.37
 
159.0
181.87
22.87
0.37
ICE11057
38.0
59.0
21.0
0.55
 
85.5
232.0
146.5
0.39
including
145.5
212.0
66.5
0.44
ICE11059
3.75
300.23
296.48
0.32
 
52.5
57.0
4.5
3.83
 
60.0
153.0
73.0
0.39
including
80.0
99.5
19.5
0.47
 
114.5
147.0
32.5
0.43
ICE11060
19.5
95.0
75.5
0.44
including
61.0
74.5
13.5
0.63
 
122.5
210.0
79.5
0.45
ICE11061
10.5
41.0
30.5
0.38
including
13.5
24.0
10.5
0.49
 
66.5
71.0
6.0
0.46
 
98.0
113.0
15.0
0.39
 
125.0
131.0
6.0
1.56
 
167.0
253.0
86.0
0.33
including
171.5
188.0
16.5
0.53
including
170.0
177.5
7.5
0.77
 
244.0
253.0
9.0
0.48
ICE11062
41.95
58.5
16.55
0.67
 
79.0
114.0
35.0
0.38
including
86.5
94.0
7.5
0.71
  Note: Reported Widths Are Drilled Thicknesses.  True Widths Are Not Known

The 2011 diamond drill program completed 7,850 meters of drilling in 23 holes. Due to complications by the assay lab, samples were not assayed in the order submitted and returns were delayed. Results from all 23 holes have now been reported. In addition to this news release for additional assay results see the Company’s news releases dated September 12, 2011, October 3, 2011 and November 21, 2011 (copies of which are available at www.sedar.com.)

Hole ICE11054 (11054B) was placed as part of a fence of holes to complete a laterally wide western section as part a series of four parallel sections in the Northern flank of the inferred resource estimate for Red Mountain. For details on the inferred resource estimate see the Company’s news release dated December 2, 2010, a copy of which is available at www.sedar.com.

Holes ICE11050, ICE11051, ICE11052, ICE11057, and ICE11060 were drilled as extension and fill in holes on the northern flank of the inferred resource estimate for Red Mountain and beyond the results reported in the Company’s news release dated November 21, 2011. These holes extended the mineralization 350 meters in a northern direction. The holes encountered an altered phase of the intrusive rock which extends beyond the drilled area, as indicated by geochemical and geophysical measurements to the north of the drilling pattern.

Holes ICE11059 and ICE11061 were infill holes extending the south eastern portion of the inferred resource estimate for Red Mountain. ICE11062, was a step out further to the east, with the area open to future exploration.

All sample preparation and fire assaying work was performed by Eco Tech Laboratory Limited (“Eco Tech”) in Kamloops, British Columbia. Eco Tech is an ISO 9001:2008 accredited laboratory and subsidiary of the Stewart Group of worldwide laboratories, now owned and operated by ALS. Initial fire assay with atomic absorption finish is completed for all samples. Those samples running greater than 1g/t Au are automatically rerun. Those samples assaying in excess of 3g/t Au are rerun using a gravimetric finish. In addition to the internal laboratory controls, the Company inserts two revolving standards in 3% of the samples, inserts blanks in 4% of the samples, and a duplicate sample is re-split every tenth sample. Results reported herein have been checked and have undergone quality control review.

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. The Company’s Red Mountain gold property consists of approximately 3,600 hectares of contiguous quartz claims. 52 of such quartz claims (1,168 hectares) are held 80% by the Company with an option to acquire 100% ownership and are subject to a net smelter returns royalty and 131 quartz claims (2,430 hectares) are held 100% by the Company. 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 605 369 Terminal Avenue, Vancouver, British Columbia, V6A 4C4 (phone: 604-646-0067).

Dr. Stewart Jackson, P. Geol. a director of the Company, and a Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the technical disclosure contained in this news release.

On behalf of AM Gold Inc.:

“John Fiorino”
John Fiorino
CEO
AM GOLD INC.

For further information on AM Gold, please contact Murray Caruth at 1-604-646-0067 or by email at [email protected], 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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