First Mexican Gold Corp.

First Mexican Gold Corp.

July 20, 2011 15:22 ET

First Mexican Gold Corp. Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 20, 2011) - First Mexican Gold Corp. (TSX VENTURE:FMG) announces it has closed a non-brokered private placement for a total of 2,950,000 units at $0.24 per unit to raise gross proceeds of $708,000. This represents 950,000 more units than originally announced on June 22. Each unit was comprised of one common share and one-half of a warrant. Each full warrant entitles the holder thereof to purchase an additional share at a price of $0.30 for two years from the date of closing, to July 12, 2013. All of the shares, warrants and any shares issued upon exercise of the warrants comprising the units, are subject to resale restrictions expiring 4 months from date of issue on November 12, 2011. The Company intends to use the proceeds from the private placement in support of its planned drilling program in Mexico and for general corporate purposes. No finders fees are applicable.

First Mexican Gold Corp. is an active explorer for precious metals in Mexico and holds an option to acquire 80% interest in the Guadalupe property package from (MIMSA) a wholly owned subsidiary of International Millennium Mining Corp. (TSX VENTURE:IMI). The Company now controls a total of 15,112 hectares in this high potential exploration area.

On behalf of the Board of Directors,

Jim Voisin
President & CEO
First Mexican Gold Corp.

We seek safe harbour.

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