AJC

American Consolidated Minerals Corp. (the "Company") (TSX VENTURE:AJC) announces
it has closed its previously announced non-brokered private placement, raising
$600,000 through the issuance of 6,000,000 Units at a price of $0.10 per Unit.


Each Unit consists of one common share of the Company and one share purchase
warrant. Each warrant entitles the holder to purchase one additional common
share of the Company at a price of $0.15 in year one and $0.20 in year two. All
of the securities issued pursuant to this offering have a hold period expiring
on August 9, 2010.


Net proceeds of the private placement will be added to the working capital of
the Company, now standing at $1.4 million (a portion of which is a result of the
recent exercise of 1,710,000 warrants with proceeds of $171,000). Funds will be
used to finance the 2010 gold exploration programs for the Toiyabe Project in
Nevada and the Lone Ranch Project in Washington.


An aggregate of $22,112 was paid as finder's fees to various brokerage firms,
along with 276,400 Finder's Warrants issued, exercisable into common shares at
$0.10 per share over a twelve month period.


Pursuant to exchange policies and the Company's Stock Option Plan, an aggregate
of 600,000 shares has been granted as incentive stock options at an exercise
price of $0.17 per share. The options are exercisable for a period of five
years, ending on April 12, 2015, and are subject to the requirements of the TSX
Venture Exchange.


Toiyabe Exploration Update

American Consolidated Minerals has initiated its 2010 exploration program at its
Toiyabe Project, located approximately 10 miles southwest of Barrick Gold's
Cortez Hills gold deposit and 12 miles south of the Pipeline deposits. The
Toiyabe Project is located along the Battle Mountain-Cortez Trend, one of four
major sediment hosted 'Carlin-type' trends in Nevada.


Correlating a previous geophysical survey with the deep drilling results, as
announced on December 22, 2009, demonstrates a strong correlation between the
drill interpretation "805 Fault" and a structure interpreted from geophysics.
Drill hole T-0902, which penetrated the fault at depth, averages 0.106 oz/ton
gold (3.62 g/t) over 49 feet (14.8 m) or 29.4 ft (9.0 m) true width from 875 to
924 feet (267 to 282 m). Included within this interval is 5 feet (1.5 m) (true
width 3.0 ft or 0.9 m) of 0.473 oz/ton gold (16.19 g/t). Additional geophysics,
geologic surface mapping, soil geochemical sampling and deep drilling will all
take place by early May 2010 in the Courtney Target Area.


Further study of data from the CSMT (Controlled Source Magneto-Telluric)
geophysical survey covering the Courtney Target Area shows a strong resistivity
anomaly coincident with alteration and mineralization discovered in previous
drilling campaigns. This feature trends to the northwest for 3,300 feet (1,000
m) where it broadens from 650 feet (200 m) wide to 1000 feet (300 m) wide.
Originally thought to be associated with down-dropped siliceous rocks, this
anomaly now appears related to alteration. Geophysics to test the extensions of
the anomaly and an MT (magneto-telluric - a natural-source electromagnetic
geophysical method of imaging the earth's subsurface) survey will commence this
week.


Deep core drilling along the trend of the "805 Fault" is scheduled to commence
by early May. A deeper test to the 2000 foot level in the vicinity of drill hole
T-0902 will be followed by five additional deep holes (averaging 1500 feet each)
that will assist in possibly delineating a commercially viable ore body at
depth.


Lone Ranch Exploration Update

American Consolidated Minerals is pleased to announce its decision to proceed
with a drilling program on its Lone Ranch Property that is located in Ferry
County, Washington. This project covers four gold targets hosted within a
sequence of metamorphic Paleozoic sediments, in a district that remains largely
under-explored. Regionally, Lone Ranch lies within the prolific Republic Graben
which has produced over six million ounces of gold.


After the Company acquired data on previous work programs, it initiated an
aerial geophysical survey, followed by detailed geologic mapping and sampling.
This work has defined a quartz-sulfide-gold target with five miles of strike
length.


Geological indications in this area may be similar to deposits such as the
historic Lamefoot mine with a reported production of 0.7 million ounces of gold,
and the active Kettle River-Buckhorn Project now owned by Kinross Gold
Corporation.


The Company believes the Lone Ranch mineralization is related to syngenetic
processes (exhalites) whereby gold with associated silica and sulfides were
deposited in deep water basins. These deposit types are well known throughout
the world and have been responsible for the discovery of world-class gold mines.


Mapping and geophysical surveys have identified four separate targets at Lone
Ranch - mainly in areas where outcrop is scarce and poorly exposed: (1) the Adit
Target, (2) the Lower Ranch Target, (3) the Middle Ranch Target and (4) the
North Forty Target. To date, only one of the four targets, the Adit Target, has
been subjected to very limited drill-testing that produced interesting gold
values, but none of economic consequence.


However, the newly discovered North Forty Target is host to a very strong HEM
(Helicopter-borne Electromagnetics/Magnetics ) geophysical anomaly that is four
times larger and six times stronger than the Adit Target. Initial drilling,
scheduled to commence on June 1, 2010, will focus primarily on the North Forty
Target. As part of a 21-hole core program, drilling is planned on both the Adit
and Middle Ranch Targets.


Richard Kern (P. Geo), a director of American Consolidated Minerals Corp., is
the Company's "qualified person" on these projects. Mr. Kern has prepared the
technical information contained in this news release.


American Consolidated is dedicated to the principles of environmentally sound
mining practices and believes that environmental stewardship and mining can
co-exist.


For details on the Company and its properties, visit the Company's website at
www.americanconsolidatedminerals.com.


ON BEHALF OF THE BOARD

Al Fabbro, President & CEO

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