Amazon Reports Q2 Results

Reports indicated for the three-month period ended June 30, 2008 the net loss increased substantially to (pnds stlg)2,205,719 from a loss of (pnds stlg)43,941 compared to the three-month period ended July 31, 2007.

For the six-month period ended June 30, 2008 the net loss increased to (pnds stlg)2,666,426 from a loss of (pnds stlg)130,210 compared to the six-month period ended July 31, 2007. The loss widened during Q1-2008 due to the commencement of active exploration activities late in December 2007.Q2 2008 and Subsequent Period Summary:

- Project generation continues defined by a strategy that aims to measure reward versus risk in the context of current global economy;

- Madeira Gold Project: Preliminary exploration has commenced at Madeira Gold Project and drilling is scheduled to commence during Q3-2008;

- Tocantins Gold Project: Despite the encouraging initial results from the first phase diamond drilling program, subsequent detailed ground magnetic geophysics, auger drilling and soil sampling proved disappointing prompting the discontinuation of the project;

- Lavras Gold Project: Results from the first phase diamond drilling program were determined to fall below economically extractable concentrations and the project was discontinued;

- Terra Branca Diamond Project: Prospective project economics have been negatively impacted by the appreciation of the Brazilian Real and attempts to vend or joint venture the property to a third party were significantly hampered by current adverse market conditions. The project was discontinued to avoid ongoing onerous property payments;

- Exploration expenditures for Q2-2008 aggregated to (pnds stlg)771,293 up from (pnds stlg)442,070 in preceding Q1-2008; and

- Jed Richardson was appointed Vice President, Corporate Development to strengthen management presence in Toronto and assist with project evaluation.

Amazon currently has working capital position of approximately (pnds stlg)5.1MM (Cdn$9.9MM) putting the Company in a strong position to advance the Madeira project and investigate new opportunities. Commenting, President & CEO, Cristiano Veloso, said: "We look forward to potentially very exciting months ahead. Amazon's initial portfolio was assembled with a very limited budget, thanks to a strong presence in Brazil in a market favourable to gold exploration. In recent months we have added new capacity in project evaluation, and consider the Company well equipped to secure value building opportunities in Brazil." -- www.cnxmarketlink.com