Cortez Gold Corp.
TSX VENTURE : CUT

Cortez Gold Corp.

December 15, 2010 08:30 ET

Cortez Completes Phase I Drill Program on the Petlacala Gold-Silver Project, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 15, 2010) - Cortez Gold Corp. (TSX VENTURE:CUT) (the "Company") is pleased to provide an update on its Petlacala Gold-Silver Project in Mexico. For further details and property maps, please visit the Company's website at www.cortezgoldcorp.com.

Petlacala Project

Cortez Gold has completed the 15-hole (2516.3 m) Phase I diamond drill program on its optioned Petlacala gold-silver project located in Guerrero State, Mexico.

The drill hole program at Petlacala has been targeting a low sulphidation vein system of the Astro, California, Karla-Guadalupe, Ninfas, Armazon, and Madre veins (see news releases of April 12, August 11, and October 19, 2010). Thirteen of the 15 drill holes intersected their targeted vein at the predicted depth and indicated the presence of a vein, breccia or a stockwork zone associated with the vein, one hole was lost and re-drilled, and one hole was stopped before reaching the target depth.

The Astro vein was tested with three holes, California vein with four holes (two additional holes drilled at California did not reach the target), Karla-Guadalupe vein with three holes, Ninfas, Armazon, and Madre veins with one hole each.

Drill core samples have been submitted to ACME preparation laboratory in Guadalajara, Mexico, and were shipped to Vancouver for analysis. Assay results for remaining holes are still pending and will be released once all the drill core assay results from the Petlacala Phase I drill program are received and analyzed by the Company.

The Company has implemented a quality assurance and quality control program (including insertion of standard and blank samples into the sample stream) to ensure that the sampling and analysis of all samples is conducted in accordance with the best possible practices.

The Petlacala property covers approximately 3,200-hectares, is located 220 kilometers southwest of Mexico City, 70 kilometers west of Gold Corp's Los Filos and El Bermejal gold deposits, and approximately 200km south of the El Oro – Tlalpujahua epithermal vein system, which is judged to be similar to Petlacala (See the technical report entitled "TECHNICAL REPORT on the PETLACALA PROPERTY, GUERRERO STATE, MEXICO" dated July 16, 2010, by Piotr Lutynski, P.Eng. as filed on www.sedar.com.)

Exploration work on the Petlacala project is being conducted by Reyna Mining, and on behalf of Cortez Gold, Piotr Lutynski, P.Eng., is the Qualified Person, as defined by National Instrument 43-101, for the Petlacala exploration program who supervised the preparation of the technical information in this release.

ON BEHALF OF THE BOARD of Cortez Gold Corp.

Robert Eadie, President & Chief Executive Officer

Neither the 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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