Azteca Gold Corp.

Azteca Gold Corp.

November 08, 2007 09:46 ET

Azteca Announces Closing of Private Placement and Update on Exploration Drilling

SPOKANE, WASHINGTON--(Marketwire - Nov. 8, 2007) - Matthew Russell, President of Azteca Gold Corp. (TSX VENTURE:AZG) (the "Company") announced today that the Company has, subject to regulatory approval, issued on a non-brokered private placement basis, 7,260,949 units at $0.705 per unit, each unit comprising a share and a share purchase warrant, for aggregate gross proceeds of $5,118,969. Each whole warrant has a 2 year term and an $0.88 exercise price. The securities are subject to resale restrictions until March 9, 2008. The proceeds of the financing will be used for exploration drilling, property acquisitions and payments, assay and geologic assessment and for working capital and general corporate purposes.

Marietta Project:

Russell also announced today the signing of a 10,000 FT Reverse Circulation ("RC") drilling contract for the Company's 100% owned Marietta Project in Nevada. WDC Exploration and Wells ("WDC") of Elko, Nevada will start RC drilling on December 1. "Our objective is to delineate a gold resource within the upper geo-physical detachment fault targets as well as to test the lower geophysical target underlying the volcanics," explained John Mears, the Company's Vice President of Exploration and the qualified person for this press release as defined by National Instrument 43-101.

WARNING: the Company relies upon litigation protection for "forward looking" statements. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary material include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

Shares issued: 98,574,802

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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