Amarillo announces succession plan for country manager


TORONTO, July 15 2021 (GLOBE NEWSWIRE) РAmarillo Gold Corporation (TSXV: AGC, OTCQB: AGCBF) welcomed Paulo Serpa to the executive team this week, the company said today. Mr. Serpa, an accomplished mining engineer from Brazil, will succeed Aṛo Portugal as Country Manager for the Brazilian subsidiaries of Amarillo when Mr. Portugal retires at the end of September. Following the appointment of Mr. Serpa, Mr. Portugal will remain active within the Company, as special advisor to the CEO.

“We expect this transition to be smooth,” said Mike Mutchler, President and CEO of Amarillo. “Paulo will build on the solid foundation established by Arão and lead the construction phase of our flagship Posse Gold project in Mara Rosa. In addition to Paulo, we have made several other key hires in Brazil, where we are building a strong operations team in anticipation of making a construction decision.

Mr. Serpa has spent most of his 35 years in the mining industry developing mines. Most recently, he was Director of Institutional Affairs for South America for Imerys, a French multinational that produces and processes industrial minerals. In this role, which he has held since 2016, he has acted on 24 industrial mining sites overseeing government relations, licenses, mining rights and social responsibilities, among others. His previous experience includes three years with Yamana Gold, where as Country Manager for Honduras, he led the expansion of its San Andres mine and the Mercedes mine in Mexico. Mr. Serpa holds a bachelor’s degree in mining engineering and an MBA.

“On behalf of the Board of Directors and the entire Amarillo team, I would like to thank Arao for his leadership,” said Mutchler. “Arão was instrumental in acquiring our installation license for Posse, securing several critical contracts for the development of Posse and strengthening our team in Brazil. We wish him well in retirement, even as we continue to access his considerable experience and expertise as we make Amarillo Brazil’s next gold producer.

About Amarillo

Amarillo is advancing two gold projects located near excellent infrastructure in favorable mining states in Brazil.

The development phase of the Posse gold project is located on the company’s Mara Rosa property in the state of Goiás. It has a positive definitive feasibility study which shows that it can be integrated into a profitable operation with low costs and high financial return. Mara Rosa also shows the potential to discover other near-surface deposits that will extend the life of the Posse mine beyond its first 10 years.

The exploration phase The Lavras do Sul project in the state of Rio Grande do Sul has more than 23 prospects centered on historic gold work.

Amarillo trades on the TSXV under the symbol AGC and on the OTCQB under the symbol AGCBF. Visit to learn more about the company’s goal of becoming a mid-tier Brazilian gold producer.

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Contact information

Mike Mutchler
President and CEO
[email protected]

Annemarie Brissenden
Investor Relations
[email protected]

Marcelo Lins
Director Sócio, ML&A Comunicações
[email protected]
(11) 3811-2827


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

Forward-looking statements

This press release contains forward-looking statements regarding the Company’s current expectations regarding future events, including its business, operations and condition, as well as the objectives, strategies, beliefs and intentions of management.

Various factors may prevent or delay our plans, including, but not limited to, the price of the Company’s common shares, capital market conditions, the impacts of coronavirus or other epidemics, counterparty risk, TSX Venture Exchange approval, contractor availability and performance, weather conditions, access, mineral and gold prices, and the success and failure of exploration and development carried out at various stages of the program. Government and community authorization is also required to proceed with future mine production. Readers should review the current quarterly and annual filings of the Company, as well as any additional documents comprising the Company’s public disclosure record, for additional information on the risks and uncertainties associated with such forward-looking statements.

Readers should also review the risk factors applicable to junior mineral exploration companies generally in order to better understand the variety of risks that can affect the Company. The Company assumes no obligation to publicly update or otherwise revise forward-looking statements, whether as a result of new information or future events or otherwise, except as required by law.

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