Amazon forms Opportunities Review Committee and provides Cerrado Verde Potash project update



    TORONTO, April 3 /CNW/ - Amazon Mining Holding Plc (TSX-V symbol:
"AMZ")("Amazon" or the "Company") announces that its Board of Directors has
unanimously approved the formation of an Opportunities Review Committee
("ORC") to investigate new opportunities where Amazon's strong treasury could
be utilised to create additional shareholder value.
    The ORC will comprise of two independent directors (Simon J. Lawrence and
Kevin J. van Niekerk) and will work as necessary with management and the
Technical Advisory Board to assist with evaluation. The ORC will make
recommendations to the Board of Directors on special situations and merger and
acquisition opportunities that could be value accretive.
    Due to current market conditions, opportunities continue to be presented
to the Company by various parties. Such opportunities may come from a variety
of sources, including, but not limited to, current board members, management,
investment banking and investment community professionals.
    President and CEO Cristiano Veloso said: "In the 2nd half of 2008 Amazon
implemented effective cost saving measures that allowed the company to
preserve cash and position it to benefit from new opportunities. The
participation of Simon Lawrence and Kevin van Niekerk on the ORC maximizes our
efforts, expands our capacity to analyze such opportunities and represents an
additional conduit to generate shareholders value."

    Cerrado Verde Potash Project

    Given the current economic climate, Amazon focused on identifying options
to advance Cerrado Verde Potash Project ("Cerrado") by way of governmental
participation and agricultural corporations support rather than through
traditional cash intensive development means. Initial progress has included
the engagement of metallurgical engineers and agronomy experts that
successfully developed and tested thermo potash in the 1980's. Contributions
by this team have improved Amazon's knowledge of the mineral and its likely
market options. Further, this work is enabling the Company to build a business
model to advance Cerrado, which if successful, should offer Brazilian growers
a slow and controlled release, non-chloride and multi-nutrient fertilizer. As
evidenced in initial laboratory test work conducted by Dr Eichler in 1983,
this product can provide effective nutrient delivery outperforming
conventional potash salts on corn plantation over a growing cycle.
    Cerrado's close proximity to its target market combined with consumer
eagerness to reduce reliance on costly potash imports are significant
advantages that will be weighed against the key risks which include higher
operating costs (due to elevated energy requirements in manufacturing) and the
development of a market for the product. Before committing significant funds,
Amazon will continue to work to address these risks with assistance and
contribution from development partners including governmental institutions and
potential consumers such as large agricultural corporations.
    Amazon's management and board of directors are committed to advancing the
Cerrado Verde project in order to establish its full potential.
    Commenting, Cristiano Veloso said: "We are very thankful to all the
Brazilian agronomists, researchers, politicians, government authorities and
agriculture companies that have actively assisted us during the last months in
identifying the optimal route to advance Cerrado. It is our mission to
reciprocate such assistance by employing our best efforts to overcome any
challenges ahead in order to supply Brazil's rapidly expanding agricultural
demand for fertilizer."

    Other Matters

    Amazon has re-priced 250,000 options previously issued to Jed Richardson,
VP Corporate Development, from $1.20 to $0.65 per share (being the closing
share price of AMZ on the TSX-V on the day his appointment was announced; June
19, 2008). Amazon has issued 250,000 options to Cristiano Veloso CEO at $1.20
per share.
    The Company has also granted an aggregate of 70,000 options at $0.35 per
share to other management personnel.
    All re-priced and new grants aforementioned are subject to TSX and
regulatory approval.

    About Amazon

    Amazon is engaged in creating shareholder value via cost effectively
advancing the Cerrado Verde Potash project and the Madeira Gold project while
diligently assessing additional value-adding opportunities. Given the current
and foreseeable uncertain economic climate, Amazon is preserving cash and
adopting a highly conservative and risk mitigating approach to opportunity
assessment and project development.

    
    On behalf of the Board of Directors of Amazon Mining Holding Plc,
    Cristiano Veloso, President & Chief Executive Officer

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    Cautionary Language and Forward Looking Statements
    --------------------------------------------------
    THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
    OR ACCURACY OF THIS RELEASE AND THE INFORMATION CONTAINED HEREIN. THIS
    PRESS RELEASE CONTAINS CERTAIN "FORWARD LOOKING STATEMENTS", WHICH
    INCLUDE BUT IS NOT LIMITED TO, STATEMENTS WITH RESPECT TO THE FUTURE
    FINANCIAL OR OPERATING PERFORMANCE OF THE COMPANY, ITS SUBSIDIARIES AND
    ITS PROJECTS, STATEMENTS REGARDING USE OF PROCEEDS, EXPLORATION
    PROSPECTS, IDENTIFICATION OF MINERAL RESERVES, COSTS OF AND CAPITAL FOR
    EXPLORATION PROJECTS, EXPLORATION EXPENDITURES, TIMING OF FUTURE
    EXPLORATION AND PERMITTING, REQUIREMENTS FOR ADDITIONAL CAPITAL,
    GOVERNMENT REGULATIONS OF MINING OPERATIONS, ENVIRONMENTAL RISKS,
    RECLAMATION EXPENSES, TITLE DISPUTES OR CLAIMS, AND LIMITATIONS OF
    INSURANCE COVERAGE. FORWARD LOOKING STATEMENTS CAN GENERALLY BE
    IDENTIFIED BY THE USE OF WORDS SUCH AS "PLANS", "EXPECTS", OR "DOES NOT
    EXPECT" OR "IS EXPECTED", "ANTICIPATES" OR "DOES NOT ANTICIPATE", OR
    "BELIEVES", "INTENDS", "FORECASTS", "BUDGET", "SCHEDULED", "ESTIMATES" OR
    VARIATIONS OF SUCH WORDS OR PHRASES OR STATE THAT CERTAIN ACTIONS, EVENT,
    OR RESULTS "MAY", "COULD", "WOULD", "MIGHT", OR "WILL BE TAKEN", "OCCUR"
    OR "BE ACHIEVED". FORWARD LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN
    RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL
    RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY
    DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED
    OR IMPLIED BY SAID STATEMENTS. THERE CAN BE NO ASSURANCES THAT FORWARD-
    LOOKING STATEMENTS WILL PROVE TO BE ACCURATE, AS ACTUAL RESULTS AND
    FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SAID
    STATEMENTS. ACCORDINGLY, READERS SHOULD NOT PLACE UNDUE RELIANCE ON
    FORWARD-LOOKING STATEMENTS.

    Readers are cautioned not to rely solely on the summary of such
    information contained in this release and are directed to the complete
    set of drill results posted on Amazon's website (www.amazonplc.com) and
    filed on SEDAR (www.sedar.com) and any future amendments to such. Readers
    are also directed to the cautionary notices and disclaimers contained
    herein.
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    %SEDAR: 00025996E




For further information:

For further information: Cristiano Veloso, President & Chief Executive
Officer, Tel: +44 (0) 20 8133 7607, Fax: +44(0)20 7405 7773, Email:
cv@amazonplc.com; OR Jed Richardson, VP Corporate Development, Tel: (416)
866-2966, Fax: (416) 866-8829, Email: jed@amazonplc.com, www.amazonplc.com

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