First Mexican Gold Corp.
TSX VENTURE : FMG

First Mexican Gold Corp.

February 16, 2011 08:45 ET

First Mexican Reports Sampling Results from Bailey Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 16, 2011) - First Mexican Gold Corp. (TSX VENTURE:FMG) has received assay results from the recently completed rock chip sampling survey on the Bailey zone of the Guadalupe property package in Sonora, Mexico, which is contiguous to Corex Gold Corp. (TSX VENTURE:CGE) Santana Property where consistently good exploration results have been demonstrated.

The gold/silver/copper bearing Bailey zone has now had a total of 40 samples recently collected and assayed. Three of these samples were taken directly from a small ore dump at the entrance to an adit with the balance, 37 samples, taken over 55.5 metres along the rock wall face on either side of this adit. The sampled rock face has been exposed to the elements for some 20 years. This sampling was done to further build the data base on this high potential target in preparation for future drilling. All samples reported herein are compliant and the rock face samples were taken every 1.5 metres.

Samples Highlights

  • sample #479120 returned 13.75 g/t gold, 262 g/t silver, .25% copper
  • sample #479119 returned 7.69 g/t gold, 110 g/t silver, .16% copper
  • sample #479158 returned 2.84 g/t gold, 2700 g/t silver, .29% copper
  • sample #479134 returned 3.88 g/t gold, 425 g/t silver, 2.54% copper

Table of Key Sample Results

  SAMPLE AU AG CU BI SB PB
ZONE NUMBER (G/T) (G/T) (%) PPM PPM PPM
BAILEY              
ORE DUMP 479157 2.74 166 .25 3610 1770  
  479158 2.84 2700 .29 358 4750  
  479159 0.07 8.8 3.78 9 38  
ROCK FACE              
  479109 0.115 7.5 .17 5 216 513
  479110 0.148 7.7 .29 5 581 342
  479111 0.438 6.5 .17 29 792 584
  479112     .10     270
  479113     .30     340
  479114     .62     258
  479115     .69     276
  479118 0.57 22.3 .96 19 579 304
  479119 7.69 110 .16 352 2080 767
  479120 13.75 262 .25 1715 4250 8110
  479121 2.07 60.1 .11 246 2550 504
  479122 0.198 14.1 .06 14 313 308
  479123 0.238 10.4 .11 54 238 672
  479124 0.097 9.2 .08 17 128 846
  479128 0.134 18.6   7 252 425
  479129 3.2 99   333 2880 3650
  479130 2.51 50.6   129 2430 1725
  479131 1.085 22.4   78 1335 845
  479133 2.15 34.5   702 5750 18200
  479134 3.88 425 2.54 916 >10000 23100
  479138 0.105 2.7 .015 3 28 1785
  479139 0.447 11.1 .12 63 218 1450
  479140 0.477 4.5 .097 31 219 1135

"It's unfortunate that the Bailey zone was not drilled as was planned in the just completed drill program but the additional sampling completed confirms the Companies view that this is a high priority drilling prospect," said Jim Voisin, President and Chief Executive Officer of First Mexican.

SJ Geophysics Ltd. of Delta, B.C., is currently on-site continuing with the extensive 3D IP survey totaling 45 kilometres of lines which includes the survey being extended towards the Bailey zone. This 3D IP program is designed to enhance the drill targeting over multiple identified target rich areas and provide follow-up data to assist in the next phase of drilling within our continually expanding property package.

John Archibald, PGeo, of Billiken Management Services Inc., a qualified person pursuant to NI 43-101, has reviewed and approved the technical information in this press release on behalf of the company. Samples were prepared and assayed by an accredited lab, ALS Chemex, Vancouver, BC. Quality control is monitored on a continual basis and utilizes a system of standards, blanks and duplicates to ensure analytical accuracy.

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 11,506 hectares in this high potential precious metals exploration area.

On behalf of the Board of Directors,

Jim Voisin, President & CEO

First Mexican Gold Corp.

We seek safe harbour.

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the Guadalupe property and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

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