Azteca Gold to Drill Test Newly Discovered Prichard Carbonates for Massive Sulfides Potential at Two Mile

SPOKANE, WASHINGTON, Jul 03 (MARKET WIRE) --
Matthew Russell, President of Azteca Gold Corp. (TSX VENTURE: AZG) (the
"Company") wishes to announce recent carbonate and sulfide preliminary
assay results for DDH-006 and outline the drilling plan to test, for
massive sulfides, newly discovered carbonates located at depth in the
Prichard formation. Our targets are the same as we found in DDH-005A:
lead-zinc massive sulfides with copper, silver, and gold. Both the newly
wedged-off hole DDH-006B and previously wedged-off hole DDH-005B will be
deepened during July and August with the expectation of intersecting
massive sulfides within and/or adjacent to what we anticipate is a
significant carbonate layer or unit. A conceptual sketch of this drill
plan, anticipated carbonate unit geometry, and sulfide targets is being
prepared for posting on our website. The reader is cautioned that these
images are only conceptual in nature and the purpose is to give investors
a better understanding of the type and potential geometry of
mineralization we are attempting to drill.

On June 26, 2009 the Alberta Securities Commission advised the Company
that as a result of a continuous disclosure review, it was required to
clarify certain technical and geological information. In addition to this
release, the Company intends to provide additional disclosure next week.
It cautions that any previous statements suggesting mineable nature or
potential economic viability, the application of a Sullivan-type bedded
massive sulfide deposit model, or any inferences about metal grades based
on geological descriptions of "massive sulfide" or other mineralization
types should not be relied on.

Azteca Gold is pleased to announce the intersection of both sulfide
stock-work veins above previously unknown calcic carbonates composed of
what may be confirmed by the Company as ankerite (limestone with iron and
magnesium carbonates). "We are very excited about this new discovery,"
said Matt Russell. "The adjacent massive sulfide stock-work veins above
this limy (calcic) carbonate unit are a good indication that the
carbonate unit may have served as a trap for concentrating hydrothermal
sulfide solutions. The presence of anomalous gold within the sulfides
along with anomalous tungsten is particularly exciting for several
reasons. Limy carbonates are known to be associated with large gold
deposits such as those found in the Carlin Trend in Nevada. Also, the
gold that was mined to the immediate NE of the Two Mile property near
Murray, Idaho area during the first half of the twentieth century was
accompanied by a tungsten (W) mineral."

Russell went on to add, "Due to the apparent strength of the stock-work
veining in DDH-006 and the fact that the most prevalent ore gangue
mineral of the Silver Valley is carbonates (siderite and ankerite), we
believe that our massive sulfide targets may be intersected within or
immediately below these carbonates."

"It may come as a surprise to re-activate wedge-off hole DDH-005B , but
after discovering carbonates one kilometer away in DDH-006 and
re-examining the core from DDH-005B, we have good reason to expect that
these same carbonates (conceptually a carbonate layer or unit) may be
intersected within 500 FT of the current 8,744 FT hole depth of
DDH-005B," said Mr. Russell. "We had stopped work on hole DDH-005B in
mid-March because the calcite (calcium carbonate) veining we were
encountering, though encouraging because it was accompanied by light
stock-work veining, did not have enough strength to predict a target
depth. But now with the ability to compare strata with hole DDH-006, we
believe carbonates may be intersected within a relatively short distance
of approximately 500 FT in hole DDH-005B, and that it may be worthwhile
to test it for massive sulfides."

DDH-006: Carbonate Assay Results 11,081.5 - 11,173 FT
From (FT) To (FT) Interval (FT) Ca (%) Fe (%) Mg (%) CO3 (%)

11,081.5 11,083.0 1.5 1.16 1.93 0.47 4.35

11,106.5 11,108.0 1.5 1.20 2.05 0.45 4.81

11,140.5 11,143.0 2.5 1.57 2.69 0.67 5.48

11,158.0 11,160.5 2.5 1.43 1.93 0.54 6.84
11,160.5 11,163.0 2.5 1.10 2.10 0.60 4.88
11,163.0 11,165.5 2.5 1.69 2.06 0.61 7.50
11,165.5 11,168.0 2.5 2.29 2.28 0.74 8.46
11,168.0 11,170.5 2.5 2.34 2.90 0.70 7.26
11,170.5 11,172.0 1.5 2.65 2.28 0.76 10.30
11,172.0 11,173.0 1.0 6.26 4.38 1.62 20.90

It appears that the carbonates are reasonably wide (at least
approximately 90 FT) and that calcium carbonate becomes more prevalent
with depth. Whether the carbonate unit discovered will become
predominately calcic (calcium carbonate or limestone) can only be
determined with further drilling. The width of the carbonate unit may be
larger than indicated, and this may be determined as more carbonate
assays are obtained for the missing intervals in the above table as well
as for adjacent intervals.

CO3 is the carbonate ion and its percentage represents the amount that is
carbonate ion. The reader is cautioned that Ca, Fe, and Mg may be part of
minerals other than carbonate, but given the amount of CO3 in each
interval, balanced chemistry suggests that the majority of the Ca, Fe are
paired with CO3. It is not clear to what extent the Mg is paired with
CO3.

DDH-006: Stock-work Assay Results 10,460.5 - 10,888 FT
From To (FT) Inter- Au Ag Cu Pb Zn As Sb W
(FT) val (ppb) (ppm) (%) (%) (%) (ppm) (ppm) (ppm)
(FT)

less less less
10,460.5 10,463.0 2.5 296 than 2 - - - 15 than 5 than 5

less less less
10,478.0 10,480.5 2.5 35 than 2 0.01 0.01 0.01 40 than 5 than 5

less less
10,678.0 10,680.5 2.5 than 5 than 5 0.01 0.01 0.03 22 7 5
less less
10,680.5 10,683.0 2.5 than 5 than 5 0.01 0.01 0.03 20 6 6
less
10,683.0 10,685.5 2.5 than 5 5.3 - 0.14 0.25 24 9 35

less
10,860.8 10,861.8 1.0 55 6.0 0.08 0.49 2.01 24 15 than 5
less
10,861.8 10,863.0 1.2 54 6.2 0.14 1.21 2.47 34 11 than 5
10,863.0 10,863.5 0.5 98 12.6 0.37 0.74 1.75 210 11 6
less less less
10,863.5 10,866.0 2.5 than 5 than 2 0.01 0.02 0.08 13 8 than 5
less
10,882.9 10,883.8 0.9 41 3.4 0.14 0.17 0.85 201 16 than 5
less less less
10,883.8 10,886.3 2.5 than 5 than 2 0.01 .02 0.08 22 9 than 5
less less less
10,886.3 10,888.0 1.7 than 5 than 2 0.01 .01 0.05 40 7 than 5

ppm - parts per million ppb - parts per billion

"The ratios of zinc to lead and lead to silver in the stock-work veins
above are generally similar to those found in the massive sulfides
reported for hole DDH-005A in January, except that both copper and gold
as they ratio to the other metals may be higher, but more data and
analysis is needed to make a conclusive determination. We believe that
the massive sulfide stock that may be associated with these stock-work
veins may be found in or immediately below the carbonate unit," said Mr.
Russell. "The gold may be associated in part with tungsten, but more
study is needed to make this determination as well." Tungsten above 5 ppm
is considered anomalous in samples assayed in DDH-006.

The Company wishes to stress that the above assay values represent grades
of stock-work veins and disseminated mineral and not adjacent massive
sulfides like those reported in DDH-005A. In a recent press release we
described these stock-works as intermittent massive or semi-massive,
which, if we had assayed over much smaller, intermittent intervals, it is
reasonable to assume some of the above assays may be multiples of those
found in the assay results.

"In our press release dated June 18th, 2009, we indicated that bornonite
and polybasite and their arsenide analogs may be prevalent minerals in
these stockwork veins. Although there is some anomalous antimony (Sb) and
arsenic (As) as given above, we now believe that a mixture of different
lead, copper, and zinc sulfides with a minority of silver sulfasalts is
more likely," said Mr. Russell.

Geologic Discussion

In a press release earlier this year we stated that our massive sulfide
discovery of hole DDH-005A may be a Sullivan Style bedded or strata bound
type of mineralization unlike the typical vein-type mineralization mined
for over 100 years in the Silver Valley of Idaho. Based on the discovery
of significant carbonates in DDH-006, we are re-evaluating this
mineralization concept.

DDH-006: Assays for 9,998 -- 10,142 FT

From To (FT) Inter- Au Ag Cu Pb Zn As Sb W
(FT) val (ppb) (ppm) (%) (%) (%) (ppm) (ppm) (ppm)
(FT)
AVG. less less
9,998.0 10,008.0 10.0 19 than 2 - - .01 22 14 than 5
INCL. Notable
Intervals less less less
10,005.5 10,008.0 2.5 37 than 2 - - .01 47 than 5 than 5
AVG less
10,008.0 10,028.0 20.0 27 than 2 - - 0.02 19 6 8
INCL. Notable
Intervals less
10,008.0 10,009.5 1.5 103 than 2 - - 0.01 33 6 7
less
10,013.0 10,015.5 2.5 22 than 2 - - 0.11 26 5 20

AVG less less
10,028.0 10,186.0 58.0 - than 2 - - 0.02 23 10 than 5

INCL. Notable
Intervals less less
10,137.0 10,139.5 2.5 than 5 than 2 - 0.01 0.08 36 8 15
less
10,139.5 10,142.0 2.5 6 than 2 - 0.04 0.11 85 11 20

"What is most interesting about this interval (9,998-10,142 FT) of
predominately fine-grained mica and other silicates (most likely
chlorites) is that no significant silver was found-- even though there is
anomalous antimony and arsenic, which are necessary elements in
tetrahedrite and its arsenide analogs which was expected as stated in a
previous news release. It is our belief that since the stock-work veining
found below this mica/silicate interval had significant silver associated
with it, the absence of silver within this interval may be further
indication that the carbonates at depth may have acted as an effective
trap for sulfides containing silver," said Mr. Russell.

It is the intention of the Company to present more details of this
fine-grained mica/silicate interval as our study of the core and assay
results proceeds, especially because we believe that this interval
represents a distinct layer or strata which can be identified visually
and/or chemically in the core of DDH-005A, DDH-005B, and DDH-006. The
importance of this strata is that it may be an altered host for the
massive sulfides found in DDH-005A and may be in a format that is
relatively unaltered in DDH-005B and DDH-006.

Exploration Plan

A wedge has been successfully set at 9,900 FT on hole DDH-006, which is
where wedge- off hole DDH-006B will begin. The target depth remains the
same at 11,500 FT to test for massive sulfides in or below the newly
discovered carbonates. Since we do not know the width of the carbonates,
the target depth may change with drilling. Wedging off the parent hole
should be complete during the week of the July 6th and it is estimated
that target depth should be accomplished by mid- to end of August.
Oriented core methods will be used to determine strata and mineralization
dip orientation at select intervals between 9,900 and 11,500 FT.

Re-entering DDH-005B is expected to begin the week of July 13th and it is
estimated that target depth of 9,500 FT may be accomplished as early as
the first half of August. Oriented core methods will also be used to
determine the dip of the strata and mineralization at select intervals
between 8,744 and 9,500 FT.

Plans to deepen hole DDH-005A are on hold until work on DDH-005B is
complete as access is from the same parent hole DDH-005.

Longer Term Exploration Plan

After testing DDH-006 and DDH-005B to depth for carbonate-hosted massive
sulfides, the focus would turn, results dependent, to additional
wedge-off holes immediately adjacent to each of the parent holes DDH-005
and DDH-006 w. The Company has previously described its objective of
"developing resources" by step out drilling, however, the Company
cautions that the definition of mineral resource depends on grades and
widths of mineralization as well as a preliminary economic study of
potential mine-ability of the particular mineralized geometry. The
premise for our exploration is carbonate and mica hosted or replacement
strata-bound massive sulfides, and not the vein type massive sulfides for
which the Silver Valley of Idaho is known, nor the massive sulfides that
were mined in the main zone at the Sullivan in Kimberly B.C. 50% JV
partner Silver Royal Apex will undertake this preliminary mine-ability
study while Azteca Gold focuses on exploration and resource definition.

Assay and Interval Qualifications

Assays are uncut. True interval widths are not determinable at this time
until oriented core techniques can be employed. Some irregular and short
intervals have been taken to facilitate mineral identification.

Quality Assurance and Assay Specifications

Diamond drill core samples were processed per the Company's quality
assurance policy whereby chain of custody is controlled by Azteca
technical personnel who transferred the samples directly to American
Analytical Labs, located at Osborne, Idaho. The assay lab has provided
assay results to only those within Azteca's control pursuant to the list
provided to them by Matt Russell. Assay results are preliminary and will
be confirmed by the Company.

Assay methods include fire assay for Ag and Au. ICP (inter-coupled
plasma) was used for lead, zinc, copper, antimony, arsenic, tungsten, and
carbonates anions Ca, Fe, and Mg. Carbonate (CO3) was titrated.

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: 183,219,331

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

Copyright 2009, Market Wire, All rights reserved.

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