AZG Azteca Gold Corp.

Matthew Russell, President of Azteca Gold Corp. ("Azteca" or the "Company") (TSX VENTURE: AZG) announces that the Company has, subject to regulatory approval, made an offer to holders of 6,845,949 warrants that expire on November 8th (original strike price is $0.88) that would allow the holders to exercise those warrants for $0.10. The Company has set an exercise deadline of October 9th, 2009 at this reduced price. Those exercising these warrants will receive a replacement warrant of the same amount, exercisable for $0.15 for a period of two years from closing. If fully subscribed, a total of $684,595 would be raised. All dollar amounts referred to in this press release are in Canadian currency unless otherwise noted.

Additionally, the Company has, subject to regulatory approval, completed a non-brokered private placement of $245,850 by the issuance of $.08 units. Each unit consists of one common share and one common share purchase warrant entitling the holder to subscribe for one additional common share for $0.15 for a period of 2 years from closing.

Funds raised will be used for continued drilling, geophysics and assaying on the Company's 50% owned Two Mile project, and for general working capital.

In addition, the Company has, subject to regulatory approval, agreed to settle US$385,000 in debt owing to insiders on the same terms as the private placement. A total of 5,173,438 units will be issued. These units, and the units issued pursuant to the private placement will be subject to trading restrictions until February 1, 2010.

Scintrex has mobilized at Two Mile's drill hole DDH-005B and will begin its survey at that location with their Gravilog tool the evening of September 30, 2009. Gravity geophysics is scheduled for both holes DDH-005B and DDH-006B. Scintrex expects to be on each hole from between 2 to 4 days depending on the spacing of gravity measurements requested by Azteca in consultation with temporary QP Richard Nanna.

Richard Nanna, also a Director of the Company, visited the two drill sites and reviewed recent core and technical data on September 24 and 25, 2009 in preparation for this gravity geophysics program.

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: 189,810,515

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 and Investor Relations Cell: (509) 981-2020 info@azteca-au.com