Pennytobuck Stock Watch On Sila.ob ( Gold American Mining Corporation)

Gold American Mining Corporation (OTC:SILA) is pleased to provide an update on the financing activities of the Company.

As announced in May 11, 2010, SILA.ob 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.ob was pleased to announce that up to date they have received funds in the amount of $300,000 in virtue of the agreement and that they still have a balance of $7.2 million that they could call upon to fund their exploration and acquisition strategy. During 2010, they have received total equity subscription proceeds of $500,000.

The funding will be utilized by SILA.ob 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.

SILA.ob's Guadalupe Property in Mexico, which is located approximately 5 miles north of the world's richest underground silver mine, operated by the +$10 billion London Stock Exchange-traded company, Fresnillo plc. (source: click here or goto http://finance.yahoo.com/news/Gold-American-Mining-Corp-iw-525158929.html?x=0&.v=1)

ABOUT GOLD AMERICAN MINING CORPORATION

Gold American Mining Corporation is 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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by: Bill Pennyman

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