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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (66580)	8/30/2010 7:07:22 PM
From: LoneClone	Read Replies (1) \| Respond to of 193970

Gold American Mining Corp. Identifies Significant Geophysical Anomalies at High-Grade Guadalupe Property Mon Aug 30, 9:00 AM ca.news.finance.yahoo.com RENO, NV--(Marketwire - August 30, 2010) - Gold American Mining Corp. (OTCBB: SILA.OB) ("Gold American" and/or "the Company") is pleased to announce that it has received the final ground geophysics report on its Guadalupe property and confirms that the recently concluded geophysics program has identified multiple potentially significant geophysical anomalies. The geophysical survey was designed to test down to depths of 500 metres. The key results from the geophysics program are: Magnetic susceptibility survey was successful in identifying the trace near the surface extensions of the known veins. The presence of additional parallel anomalies suggests the potential for additional veins that do not outcrop. Induced Polarization anomalies indicate the potential for down dip extensions to the main veins within the property. A potentially significant chargeability anomaly (Induced Polarization) occurs in the southern portion of the property in between the Santa Rosa and San Antonio Mines at depth starting at 400 m, which is below the known depth of these historically important mines. "The final results and interpretation of the geophysics results on our Guadalupe property have given us very attractive drilling targets. We are in the process of acquiring firm bids from several qualified drilling contractors and initiating the permitting process for the next phase of exploration of this exciting project," commented Johannes Petersen, President of Gold American. "Gold American is well on track to initiating drilling operations on Guadalupe during the fourth quarter of 2010," added Mr. Petersen. THE GUADALUPE PROPERTY The Guadalupe property contains two historically significant mines and is located in one of Mexico's oldest mining districts, roughly 5 miles north of the Fresnillo (Proano) Mine, the world's richest underground silver mine, operated by Fresnillo plc. Roughly 6.8 miles to the southwest of Silver America's Guadalupe Property is the Juanicipio Joint Venture (JV) between MAG Silver Corp. (MAG) and Fresnillo plc, which is known as one of the world's highest grade undeveloped silver resources. The Property contains greater than 20 known workings as well as two historic mines -- Santa Rita and San Antonio. Historic records containing references to the Santa Rita and San Antonio mines suggest that both mines were important and reached their height of production between 1910 and 1920 but were last in production in the 1980s. The property is completely surrounded by land controlled by Penoles (either through Fresnillo or other subsidiaries and partners). ABOUT GOLD AMERICAN MINING CORP. Gold American Mining Corp. is a publicly traded (OTCBB: SILA.OB) precious metals exploration company focused on the aggressive, ongoing acquisition and exploration of holdings with rich gold and silver production potential. Based in Reno, Nevada, Gold American has developed a promising portfolio of international properties in regions marked by stable politics, sound economies and friendly business relations. For more information the Company and its projects, visit Gold American's website at www.gold-american.com. ON BEHALF OF THE BOARD OF DIRECTORS, Gold American Mining Corp. Johannes Petersen, President Forward-Looking Statements The statements by our officers, and other statements regarding optimism related to the business, expanding exploration and development activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's business. Words such as expects, anticipates, intends, plans, believes, sees, estimates and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many risk factors that affect the industry the Company operates in and other risk factors listed from time to time in the Company's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere. The forward-looking statements contained in this press release speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release. Contacts Gold American Mining Corp. Investor Relations Information: Toll Free: 1-800-274-3710 E-mail: ir@gold-american.com