Gold American Mining Corp. (OTCBB: SILA) ("GoldAmerican" and/or "the Company") is pleased to provide an update on itsdrilling campaign at its Guadalupe Property located in Zacatecas State,
Mexico.
As of November 8, 2010, five drill holes had been completed and a totalof 1,767.1 meters had been drilled. The rig was mobilized to thelocation for drill hole No. 6 on November 9, 2010 and drilling isexpected to resume this morning. The planned target depth for drill holeNo. 6 is 350 meters and we expect to reach it within the next 10 days.The company is still waiting for the first set of assay results to comeback from Steward Labs in Canada.
"I am very satisfied with the progress of the drilling campaign to date.We have successfully drilled the first five drill holes at an averagedrilling rate of approximately 55 meters per day and without anyincidents," commented Mr. Johannes Petersen, Gold American's CEO. "Ilook forward with anticipation to the assay results, which I understandhave been delayed because of the industry's higher level of drillingactivity and higher laboratory services' demand," added Mr. Petersen.
As previously announced, the primary goal of this 2,500-meters drill program is to test the down dip extensions of the at least 6 veins that have been identified to date on the property.