Azteca Gold Corp.
TSX VENTURE : AZG

Azteca Gold Corp.

May 14, 2009 15:59 ET

Azteca Gold Corp.: Two Mile Update and Closing of Private Placement

SPOKANE, WASHINGTON--(Marketwire - May 14, 2009) - Azteca Gold (TSX VENTURE:AZG) wishes to provide an update on its drilling activities at the Two Mile Project in the Silver Valley of Idaho, as well as announce the closing of its recent financing.

"In the roughly 48 hours since our last press release was issued, we have attained an additional 50 feet of core at DDH-006. The core shows visibly apparent strengthening of sulfide stock-work veining, which is noticeably wider and more prolific," said Matt Russell, president of Azteca. "The disseminated sulfides are also strengthening, now showing more of a bedded nature. In hole DDH-005A, as well as at the Sullivan Mine in Canada which we take as our nearest geologic model for Two Mile, the disseminated sulfides slowly aggregated with depth into bedded bands. Portions of these beds contained grades high enough to be called 'massive,' which remains our target in our current drill hole DDH-006."

Azteca Gold closed its recent financing on Wednesday, May 13th. A total of 5,572,407 units were issued for total gross proceeds of $1,114,481.40. Management participated for approximately 24% of the second closing amount. Funds from this private placement will be used for drilling and assaying expenses at the Company's 50% owned Two Mile Project as well as for general corporate purposes. Shares issued pursuant to this closing are subject to trading restrictions until September 13, 2009.

The information contained in this news release has been reviewed and approved by Matthew Russell, President and CEO, the Company's Qualified Persons 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: 177,872,964

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

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