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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: American Consolidated Minerals Corp. Al Fabbro President & CEO 1-604-602-4935 / Toll Free: 1-866-602-4935 1-604-602-4936 (FAX) www.americanconsolidatedminerals.com