Amador Gold Corp. Revamps Property Portfolio
Vancouver, British Columbia CANADA, February 27, 2009 /FSC/ - Amador Gold Corp. (AGX - TSX Venture, ADRGF - OTCBB_Pink_Sheets), has completed an extensive evaluation of its property portfolio and is taking steps to conserve cash and focus its working capital on key projects in 2009. The Company held 30 properties in established or emerging mineral districts of Ontario, however ten were relinquished in response to current market conditions: Armstrong Lake, Connor Creek, Gogama Moly, Gould Copper Mine; Hunter Gold; Meggisi Lake Moly, Meteor Lake, Owl Lake, Patent, Revell and Willett.
Amador has also renegotiated agreements related to nine of 19 properties with outstanding payments, including the East Breccia agreement, and plans to renegotiate similar terms for other projects wherever possible. The reduced payments, financial commitments and number of projects will better position the company to focus on its core projects, specifically the Loveland Gold Project and weather a period of weak equity markets.
Chairman and CEO Richard Hughes said Amador will continue to explore its flagship projects in 2009. In 2008, the Company encountered exceptional success at the road-accessible Loveland Project, situated just 35 km from the world-class Timmins mining camp. Ongoing work programs are focused on further exploring two nickel-copper zones with historic resources along strike and at depth, and defining several newly discovered gold targets.
Subject to regulatory approval, the Company plans to lower the price of options that expire from Feb. 2011 through April 2013 (currently priced between $0.12 and $0.22) to $0.10.
Amador Gold also announces it has granted 3,350,000 stock options to directors and officers of the Company and 4,250,000 stock options to employees and consultants at a price of $0.10 per share for a period of five years.
About Amador Gold
Amador has assembled a portfolio of more than 20 properties of exceptional merit in established mining camps and emerging mineral districts of Canada. For further information and maps of the Loveland Gold Project and other active projects please visit the Company website at www.amadorgoldcorp.com.
Contact Information
Corporate Inquiries: Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 685-2222
Email: info@amadorgold.com
Website: www.amadorgoldcorp.com
AGORACOM Investor Relations:
Email: AGX@agoracom.com
Website: http://www.agoracom.com/ir/Amador
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Amador Gold Corp.
#711-675 WEST HASTINGS STREET
VANCOUVER, B.C. CANADA V6B 1N2
Amador Gold Corp. (AGX - TSX-V) (ADRGF - Pink Sheets)
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