Azteca Gold Corp.
TSX VENTURE : AZG

Azteca Gold Corp.

July 09, 2009 17:48 ET

Azteca Gold Reactivates Second Drill Rig at Two Mile and Announces Formation of Carbonate Research Panel

SPOKANE, WASHINGTON--(Marketwire - July 9, 2009) - Matthew Russell, President of Azteca Gold Corp. (the "Company") (TSX VENTURE:AZG) wishes to provide an update on drilling activities at the Two Mile Project in the Silver Valley of Idaho and announce the formation of a Carbonate Research Panel.

Drilling Update: Second Rig Reactivated

Drilling resumed on wedge-off hole DDH-006B at 9,900 FT on schedule July 6th. After successfully wedging-off by evening July 8th, the hole is currently at 9,929 FT and progressing. Target depth of 11,500 FT is expected to be reached within the month of August. The goal will be to penetrate through the newly discovered calcic carbonates to test for potential massive sulfides within the lower portion of the carbonates and immediately below them. Increasing levels of calcic carbonates are expected at approximately 11,100 FT with penetration of carbonates expected within the target depth of 11,500 FT.

The diamond drill rig located at the collar of DDH-005 has been re-crewed ahead of schedule as of the time of this press release. The hole is to be re-entered July 10th and the bottom of wedge-off hole DDH-005B at 8,744 FT should be reached within a few days. New core is expected early next week. Target depth of 9,500 FT is expected to be reached by late July to early August for DDH-005B. The goal will be to test for the existence of a carbonate unit within 500 FT of the present depth of wedge-off hole DDH-005B of 8,744 FT.

"Now that we have discovered calcic carbonates deep in the Pritchard in DDH-006," said Matt Russell, "we have re-evaluated holes DDH-005A and 005B and believe that the wedge-off hole was terminated within minor calcite veining visible an estimated 500 FT from the expected carbonate unit. Thus, extending the wedge-off from our first deep hole at the DDH-005 location, DDH-005B has the potential to intersect and drill through the expected carbonate unit to test it for massive sulfide potential, perhaps ahead of the schedule for a similar target intersect in wedge-off hole DDH-006B," emphasized Russell.

Carbonate Research Panel

Azteca Gold would like to announce its intention of establishing a Panel of Experts by August to study the newly discovered carbonates at Two Mile. "We are in the process of interviewing candidates now," explained Russell. "Members of this Panel of Experts will be preferably associated with a major research university without close endowment ties to mining or oil companies. Panel Members will be given access to Two Mile property, data, and drill core and receive certain exclusive rights to publish research papers and dissertations on their findings. This Panel will be preferably comprised of individuals from multidisciplinary backgrounds, including geology, geophysics, geochemistry, carbonate and carbonatite petrology, carbon chemistry and geology, hydrothermal ore genesis, and the like. The team of experts will be expected to provide, basics such as core logging, analysis techniques, and relevant field work. Undergraduate and doctoral level work in association with geology / chemistry / physics departments or other relevant University programs will be encouraged. World-class researchers from Universities and other Not-for-profit Affiliations in any country may apply. For application to interview, please contact Mark Russell at mcrussell@azteca-au.com or call 509-994-8577.

The information contained in this news release has been reviewed and approved by Matthew Russell, P. Eng. President and CEO, the Company's Qualified Person as defined in 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: 182,994,331

Neither 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.

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