Azteca Gold Corp. Announces First Closing of Private Placement

SPOKANE, WASHINGTON, Jan 02, 2009 (MARKET WIRE via COMTEX) ----Matthew Russell, President of Azteca Gold Corp. (TSX VENTURE: AZG) ("Azteca" or the "Company") announces that on December 31, 2008 the Company closed a non-brokered private placement for gross proceeds of $1,183,302. The Company issued 23,666,044 units, each unit consisting of one common share and one-half share purchase warrant. Each warrant entitles the holder to purchase one common share for $0.25 until December 31, 2010. Shares issued pursuant to this financing are subject to a 4 month hold period ending May 1, 2009.

The Company will extend the private placement by conducting a second and final closing on or before Wednesday, January 7, 2009. The Company will sell up to an additional 10,000,000 Units for gross proceeds of CAD $500,000.

Funds will be used for drilling and assaying expenses on the Company's 50% owned Two Mile Project as well as general working capital. Insiders subscribed for 63.1% of the amount raised.

Timing of Two Mile Project Assays

The Company expects to receive first preliminary assays on the mineralization of hole DDH-005A from the assay lab the week of January 5, 2009. Assaying and subsequent assay releases will be ongoing for holes DDH-005A, DDH-005B, and DDH-006 during 2009.

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 materially include, but are not limited to, changes in laws or regulations, the risks of obtaining final approval from necessary regulatory bodies in connection with the Private Placement, inaccurate assumptions concerning the exploration for and development of mineral deposits and timing related to receipt of the preliminary assays. 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: 136,441,996

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

Contacts: Azteca Gold Corp. Jon Slizza VP of Finance (509) 981-2020
Email: info@azteca-au.com SOURCE: Azteca Gold Corp.

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