Results

More than 150 diamond drill holes totalling over 40,000 meters have been drilled at Pinaya, mainly at the Western Porphyry, Northwestern Porphyry and Gold Oxide Skarn Zones.

Dill Hole Locations

In September of 2006, based on just the first 70 holes drilled, an initial resource report yielded an Indicated Resource of 29.13 million tonnes grading 0.53 g/t gold and 0.42% copper and an Inferred Resource of 12.72 million tonnes grading 0.41 g/t gold and 0.41% copper. This equates to approximately 498,000 ounces of gold and 269,000,000 pounds of copper in the Indicated category, and 168,000 ounces of gold and 115,000,000 pounds of copper in the Inferred category.

Initial Resource Estimate

	Gold	Copper	Gold	Copper
Indicated Resource 29.13 million tonnes	0.53 g/t	0.42%	498,000 ounces	269,000,000 pounds
Inferred Resource 12.72 million tonnes	0.41 g/t	0.41%	168,000 ounces	115,000,000 pounds

As of January 2008, AM Gold has completed an additional 79 holes bringing the project totals to more than 40,000 meters and 149 holes. Drilling since the release of the initial resource estimate continues to define and expand the deposit.

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