Azteca Gold Corp.
TSX VENTURE : AZG

Azteca Gold Corp.

November 26, 2008 11:30 ET

Azteca Gold Corp.: Property Update- Mexico and Idaho

SPOKANE, WASHINGTON--(Marketwire - Nov. 26, 2008) - Matthew Russell, President of Azteca Gold Corp. (TSX VENTURE:AZG) (the "Company") announces the 100% purchase of the Guerra al Tirano concessions, the purchase of a 50% stake in the Santa Matilde concessions, and the achievement of earning a 50% stake and operatorship of the Two Mile JV. "We are extremely pleased with our success in consolidating our exploration property base," said Russell, "especially in this time of financial and market uncertainty. Our properties have tremendous potential, are now paid for, and we look forward to aggressive exploration programs to realize their value."

Guerra al Tirano

The final US $500,000 payment and IVA tax of US $258,750 has been made on the Guerra al Tirano concessions. The Company's Ownership of the three concessions, Guerra al Tirano, Reyna de Oro, and Tres de Mayo, is 100% with no residual royalty. The ejido agreement for exploration, development, and mining of these three concessions is in place with yearly holding costs now less than US $25,000.

The Company plans a geophysics program in the first half of 2009 followed by a targeted diamond core and RC drill program based on the geophysical analysis. Further investigation of the deepest gold intercepts reported in February of this year within the Tres de Mayo concession is of particular interest.

Santa Matilde

The Company has successfully re-negotiated a 50% stake in the four Santa Matilde concessions covering approximately 2,677 hectares. Through a 50% ownership stake in a Nevada LLC, the Company, upon approval by the TSX Venture Exchange, will own 50% of the concessions. The Company has paid US $50,000 with US $150,000 due by December 30, 2008 and will issue 2,000,000 shares to the Mexican vendor in order to obtain for the Nevada LLC a 100% stake in the concessions. Upon doing exploration work and/or paying into a work escrow account in the amount of US $500,000 by November of 2010, ownership of the concessions passes to the Nevada LLC by way of its wholly-owned subsidiary in Mexico. The Nevada LLC will be responsible for paying the equivalent gold surcharge as given in the original Azteca Santa Matilde agreement.

The Company anticipates that it will, through the Nevada LLC, plan and fund a surface mapping, surface sampling, and geophysics program in 2009. Based on the results of this analysis, a drill program will be developed.

Two Mile JV

The Company has been formally notified by Silver Royal Apex that it has earned its 50% JV position as well as operatorship of the Two Mile JV located near Osburn, Idaho. In July of 2008 the Company agreed with Silver Royal Apex, as amended conditions of the JV agreement, to do the following: (1) attempt to acquire certain patented claims within and adjacent to the Two Mile JV unpatented claim block, (2) stake additional unpatented claims adjacent to the Two Mile JV claim block, (3) to deepen substantially one of the four (4) core holes drilled in Q4 2007 as determined by Azteca to represent a "deep" geological structural section adjacent to the Two Mile Fault, and (4) file for further drill permits within the enlarged claim block as given in items 1 and 2 above.

The Company has acquired three patented claims and is in the process of assigning those to the Two Mile JV. The Company has further staked unpatented claims on behalf of the JV to secure exploration area adjacent to these patented claims. The Company began diamond drilling operations in the latter half of July 2008 and is currently still deepening one of the four Q4 2007 core holes as agreed. The Company has further received drill permits from the US Forest Service for an additional three drill sites within the larger Two Mile JV claim block and, based on recent geologic information obtained in late October and early November, has chosen to mobilize in a second drill rig within approximately a 1 mile separation of the current drill rig, also immediately adjacent to the Two Mile Fault.

The Company will release assay results from the recent drilling operations as soon as possible with all pertinent location and depth information.

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: 134,441,996

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

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