Batero Gold Corp.

TSX VENTURE : BAT


Batero Gold Corp.

December 31, 2012 14:58 ET

Batero Announces Results from Annual General and Special Meeting

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 31, 2012) - Batero Gold Corp. (TSX VENTURE:BAT) ("Batero" or "the Company") is pleased to announce that all resolutions have been passed at Batero's Annual General and Special Meeting of shareholders (the "Meeting").

The key resolution passed at the Meeting was the disinterested shareholder approval for the creation of a new "Control Person" as defined by TSX Venture Exchange policies. This approval is related to the anticipated conversion of 18,456,000 subscription receipts of the Company held by certain shareholders of Consorcio Minero Horizonte S.A. (together with its affiliates and shareholders, the "Horizonte Group") into an equal number of common shares and 5,000,000 common share purchase warrants of the Company. Further details relating to the subscription receipts are described in the Company's news release of November 29, 2012. The conversion of the subscription receipts is subject to final approval from the TSX Venture Exchange. Following the conversion of the subscription receipts, which is expected to occur within five business days, the Horizonte Group will own or control approximately 35% of Batero's then issued and outstanding shares.

In addition, shareholders approved the election of directors as well as the Company's option plan and shareholders rights plan.

Following the Meeting, Batero's Board of Directors appointed Mr. Brandon Rook as President and CEO, Mr. Darryl Lindsay as Senior Vice President and Chief Operating Officer, Mr. Darren Tindale as Chief Financial Officer, Mr. Nick Demare as Corporate Secretary and Mr. Darrell Podowski as Assistant Corporate Secretary of the Company.

For further details about the subscription receipts and related transactions with the Horizonte Group, see the Company's news releases dated November 1, November 29, and December 13, 2012 and the Company's management information circular dated November 30, 2012 prepared in connection with the Meeting. These documents are available on www.sedar.com.

The subscription receipts and the underlying shares and warrants have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available.

About Batero Gold

Batero Gold Corp. is a Vancouver-based precious and base metals exploration and development company focused on its 100% owned Batero-Quinchia Project in the Quinchia district of Colombia's emerging Mid-Cauca porphyry gold and copper belt. The Company is evaluating the most efficient mine scenario at the La Cumbre deposit, one of three porphyry deposits at the Batero-Quinchia Project. Batero plans to leverage its strong management team, regional relationships, and strategic partnership to develop Colombia's next major mining venture.

ON BEHALF OF THE BOARD OF BATERO GOLD CORP.

Brandon Rook, President & CEO

Batero Gold Corp.

FORWARD-LOOKING STATEMENTS:

Certain of the statements and information in this press release constitute "forward-looking statements" or "forward-looking information." Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward looking statements or information related to, among other things, the expected shareholdings of the Horizonte Group and the expected date of conversion of the subscription receipts.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, the receipt of final TSX Venture Exchange approval for the conversion of the subscription receipts, the need for additional capital by the Company through financings in order to continue its operations and the planned exploration and development of the Batero-Quinchia Project, and the risk that such funds may not be raised; the speculative nature of exploration and the stages of the Batero-Quinchia Project; the effect of changes in commodity prices; regulatory risks that development of the Batero-Quinchia Project will not be acceptable for social, environmental or other reasons and the efforts and abilities of the senior management team. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.

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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