Junior exploration roundup

Toronto-based Amarillo Gold (TSX-V: AGC) has closed a private placement of 1.025 million units at Cdn$0.20/each for proceeds of Cdn$205,000 (US$170,725), the company said in a statement. Each unit consists of one common share and one non-transferable share purchase warrant entitling the holder to purchase an additional common share at a price of Cdn$0.25 for one year. Amarillo recently announced an agreement to acquire up to a 100% interest in the San Antonio gold-copper property in Brazil's Goias state from the local subsidiary of US miner Phelps Dodge (NYSE: PD). *** Vancouver-based Gitennes Exploration (TSX-GIT) updated exploration activities at its Tucumachay gold and Urumalqui silver-gold projects in central and north-central Peru respectively. At Tucumachay, rock-chip sampling continued to return strong, consistent intervals of gold mineralization at the Leonardo and Sinkhole targets including 10.1m of 5.23g/t gold, 10m of 5.82g/t and 10m of 5.5g/t gold at Leonardo and 4.8m of 4.62g/t gold and 24m of 1.15g/t gold at Sinkhole, the company said in a statement. Highlights from the Greg target included 13.5m of 5.11g/t gold and 10m of 6.31g/t gold. The company plans to conduct a drill program in 3Q05. At Urumalqui, drilling has highlighted a 700m-segment of vein that averages 1.69g/t gold and 196g/t silver over an average width of 3.25m that Gitenne believes shows the best potential for development. *** Vancouver-based Neuer Kapital (NEX: NEU.H) ("Neuer") has signed an agreement with Aurora Gold for a 60-day right of first refusal to purchase all of Aurora's interest in the 6,000ha Matupa gold project in the north of Mato Grosso state in Brazil, the former said in a statement. Aurora is buying Matupa from the underlying property owner for staged payments of US$3.35mn over 5 and a half years plus a 2.25% NSR. London-based mining and metals giant Rio Tinto (LSE: RIO) explored the property in 1999, including 4,337m of drilling, and estimated that Serrinha 2 target had the potential to contain 17Mt grading 1.3g/t gold based on nine drill holes on a 200m by 150m area. *** Vancouver-based Golden Peaks Resources (TSX-V: GL) reported the completion of its 10-hole in 2,148m drill program at its Tanque Negro gold project in the Los Menucos epithermal gold district of northern Argentina. Assays are awaited. At the La Fortuna gold project in southern Argentina's Patagonia area, the company continues to prepare access routes and drill platforms for a diamond drill program. The company controls a 100% interest in approximately 156,000ha of exploration ground in Argentina, and is looking to acquire other advanced gold properties.