Azteca Gold Corp.: Close of Financing and Two Mile Project Update

SPOKANE, WASHINGTON, Jun 29 (MARKET WIRE) --
Matthew Russell, President of Azteca Gold Corp. (the "Company") (TSX
VENTURE: AZG) wishes to announce the final closing of its current
financing, as well as update progress on exploration activities at the
Two Mile Project in the Silver Valley of Idaho. All references to
currency in this press release are in Canadian funds, except where noted
otherwise.

Closing of Current Financing

Azteca Gold has closed its present financing prior to the first release
of preliminary assays for material mineralization below 9900 FT in hole
DDH-006. Although it is a prudent policy to verify results with check
assays before releasing assay results, because of the length of time the
check assay labs are taking, these preliminary results in the next two
days prior to verification, with verification results to be released when
available.

A total of $836,700 or 2,091,750 units were sold, at a price of $.40 per
unit, which consists of one common share and one purchase warrant. Each
warrant entitles the holder to purchase one common share for $.75 for a
period of 2 years from the date of closing. Insiders were restricted from
participating in this financing. Funds from this private placement will
be used for drilling and assaying expenses at the Company's 50% owned Two
Mile Project as well as for general corporate purposes. Securities issued
on closing will be restricted from trading until October 30, 2009.

Exploration Update and Release of Assays

DDH-006 is currently at a depth of 11,173 FT. "We believe we are at least
100 FT into our deep target, that being a calcic carbonate unit located
deep in the Pritchard," said Matt Russell. Pictures of the core have been
posted to the Gallery on the website located at www.azteca-au.com.

"We received preliminary assays over the weekend, and these may
substantiate the extent of the calcic carbonates encountered. We are
evaluating these assays now, and will release the results in the next day
or two. Our goal was to locate the primary source of the gangue minerals
of the Silver Valley, which various USGS publications describe as
ankerite (calcic iron/magnesium carbonates) and siderite (iron
carbonates), in the belief that silver-lead-zinc massive sulfides,
including significant copper and gold, may be found within them."

"We have suffered a mechanical failure that has temporarily halted
drilling progress. The upper reamer, located approximately 12 FT behind
the drill bit, has failed. The drill rod has sheared off at that spot,
leaving 12 FT of rod at the bottom of the hole," said Mr. Russell. "We
are now attempting to wedge around this spot, and expect to resume
progress towards our target depth of 11,500 FT within the next two weeks
from a higher elevation of 9900 FT."

The information contained in this news release has been reviewed and
approved by Matthew Russell, P. Eng. President and CEO, the Company's
Qualified Person as defined in National Instrument 43-101.

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 material include, but are not
limited to, inaccurate assumptions concerning the exploration for and
development of mineral deposits, currency fluctuations, unanticipated
operational or technical difficulties, changes in laws or regulations,
the risks of obtaining necessary licenses and permits, changes in general
economic conditions or conditions in the financial markets and the
inability to raise additional financing. 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: 179,919,564

Neither 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.

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

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