Azteca Gold Reactivates Second Drill Rig at Two Mile and Announces Formation of Carbonate Research Panel

SPOKANE, WASHINGTON, Jul 09 (MARKET WIRE) --
Matthew Russell, President of Azteca Gold Corp. (the "Company") (TSX
VENTURE: AZG) wishes to provide an update on drilling activities at the
Two Mile Project in the Silver Valley of Idaho and announce the formation
of a Carbonate Research Panel.

Drilling Update: Second Rig Reactivated

Drilling resumed on wedge-off hole DDH-006B at 9,900 FT on schedule July
6th. After successfully wedging-off by evening July 8th, the hole is
currently at 9,929 FT and progressing. Target depth of 11,500 FT is
expected to be reached within the month of August. The goal will be to
penetrate through the newly discovered calcic carbonates to test for
potential massive sulfides within the lower portion of the carbonates and
immediately below them. Increasing levels of calcic carbonates are
expected at approximately 11,100 FT with penetration of carbonates
expected within the target depth of 11,500 FT.

The diamond drill rig located at the collar of DDH-005 has been re-crewed
ahead of schedule as of the time of this press release. The hole is to be
re-entered July 10th and the bottom of wedge-off hole DDH-005B at 8,744
FT should be reached within a few days. New core is expected early next
week. Target depth of 9,500 FT is expected to be reached by late July to
early August for DDH-005B. The goal will be to test for the existence of
a carbonate unit within 500 FT of the present depth of wedge-off hole
DDH-005B of 8,744 FT.

"Now that we have discovered calcic carbonates deep in the Pritchard in
DDH-006," said Matt Russell, "we have re-evaluated holes DDH-005A and
005B and believe that the wedge-off hole was terminated within minor
calcite veining visible an estimated 500 FT from the expected carbonate
unit. Thus, extending the wedge-off from our first deep hole at the
DDH-005 location, DDH-005B has the potential to intersect and drill
through the expected carbonate unit to test it for massive sulfide
potential, perhaps ahead of the schedule for a similar target intersect
in wedge-off hole DDH-006B," emphasized Russell.

Carbonate Research Panel

Azteca Gold would like to announce its intention of establishing a Panel
of Experts by August to study the newly discovered carbonates at Two
Mile. "We are in the process of interviewing candidates now," explained
Russell. "Members of this Panel of Experts will be preferably associated
with a major research university without close endowment ties to mining
or oil companies. Panel Members will be given access to Two Mile
property, data, and drill core and receive certain exclusive rights to
publish research papers and dissertations on their findings. This Panel
will be preferably comprised of individuals from multidisciplinary
backgrounds, including geology, geophysics, geochemistry, carbonate and
carbonatite petrology, carbon chemistry and geology, hydrothermal ore
genesis, and the like. The team of experts will be expected to provide,
basics such as core logging, analysis techniques, and relevant field
work. Undergraduate and doctoral level work in association with geology /
chemistry / physics departments or other relevant University programs
will be encouraged. World-class researchers from Universities and other
Not-for-profit Affiliations in any country may apply. For application to
interview, please contact Mark Russell at mcrussell@azteca-au.com or call
509-994-8577.

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: 182,994,331

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: 1-509-981-2020
Email: info@azteca-au.com

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