SILA To Receive 7.2 Million Dollars - PennyToBuck Stock Update

Aug. 22, 2010 - PRLog -- Gold American Mining Corp.  is pleased to provide an update on the financing activities of SILA.

As announced in May 11, 2010, SILA has entered into a $7.5 million equity financing agreement with a European institutional investment group that specializes in backing precious metals and mining ventures.

SILA was pleased to announce that up to date they have received funds in the amount of $300,000 in virtue of this agreement and that SILA still has a balance of $7.2 million that SILA could call upon to fund our exploration and acquisition strategy.

SILA has utilize this funding in its ongoing acquisition strategy and specifically in the further exploration and development of its existing Keeno Strike Property in Nevada, which could potentially contain ~1.1 million ounces of gold and ~69.0 million ounces of silver accessible via open-pit bulk handling methods, and its Guadalupe Property.

SILA's Guadalupe Property approximately 5 miles north of the world's richest underground silver mine, operated by the +$10 billion London Stock Exchange-traded company, Fresnillo plc.

Gold American Mining Corportion is a publicly traded  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.





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