Azteca Gold Corp.
TSX VENTURE : AZG

Azteca Gold Corp.

July 16, 2009 14:59 ET

Azteca Gold Two Mile Update

SPOKANE, WASHINGTON--(Marketwire - July 16, 2009) - Matthew Russell, President of Azteca Gold Corp. (TSX VENTURE:AZG) (the "Company") wishes to provide an update on drilling activities at the Two Mile Project in the Silver Valley of Idaho.

Drilling Update - DDH-006B: 

Current depth at the time of this release for wedge-off hole DDH-006B is approximately 10,179 FT, having progressed over 270 FT from a wedge-off depth of 9,900 FT.  The wedge-off hole is diverging favorably from hole DDH-006, just to the north of it.  Our expectation is that the wedge-off hole will intersect the target carbonates (see carbonate assay table as given in the July 3, 2009 press release) at approximately 11,100 FT and within 100 FT in plan view dimension of the location of the parent hole DDH-006 at this depth.

Target depth of 11,500 FT for DDH-006B is expected to be reached within the month of August.  The goal is to realize and penetrate through the newly discovered carbonates found in DDH-006 to test for potential massive sulfides within the carbonates and immediately below them down to at least the target depth.

Drilling Update - DDH-005B:

The diamond drill rig located at the collar of DDH-005 has been re-crewed ahead of schedule and the hole was re-entered July 10, 2009.  Current depth at the time of this release is approximately 8,877 FT, having been advanced over 130 FT from the last depth of 8,744 FT reached in mid-March.

The target carbonates are expected to be intersected within approximately 325 FT of current depth and the target depth of 9,500 FT is expected to be reached by late July to early August for DDH-005B.  If significant carbonates as found in hole DDH-006 are realized as expected, the goal will be to penetrate through the carbonates to test for potential massive sulfides within the carbonates and immediately below them down to at least the target depth.

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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