Azteca Gold Corp. Announces Second and Final Closing of Private Placement

SPOKANE, WASHINGTON, Jan 12 (MARKET WIRE) --
Matthew Russell, President of Azteca Gold Corp. (TSX VENTURE: AZG)
("Azteca" or the "Company") announces that on January 10th, 2009 the
Company performed a second and final closing on its outstanding
non-brokered private placement for additional gross proceeds of $492,393.
Commissions of $8,411 were paid. The Company issued an additional
9,847,867 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 January 10, 2011. Shares issued pursuant to
this financing are subject to a 4 month hold period ending May 11, 2009.

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 8.8% of the second closing amount raised.

Timing of Two Mile Project Assays

The Company expects to release first preliminary assays on the
mineralization of hole DDH-005A from the assay lab the week of January
12th, 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: 160,108,040

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
Cell: (509) 981-2020
Email: info@azteca-au.com

Copyright 2009, Market Wire, All rights reserved.

-0-