AZG Azteca Gold Corp.

Matthew Russell, President of Azteca Gold Corp. ("Azteca" or the "Company") (TSX VENTURE: AZG) announces a series of preliminary assay results on its 50% owned Two Mile Project from follow-up work programs performed during the fourth quarter of 2009. These programs were recommended by the Company's QP, Richard Nanna and partially outlined in the November 19th, 2009 press release.

These new assay results include the following programs and intervals:

- The Harlow Silver Vein Zone program, comprised of samples from surface, samples from multiple-adits and historical drill holes (see results 1,2,3,4a,& 4b below) Samples ranged from approximately 2.5 kilograms to approximately 7.0 kilograms and averaged approximately 4.5 kilograms. A 250 gram pulp from each sample was used for analysis.

- Interval 1500-2000 FT in diamond drill hole DDH-005A (see results 5 below)

- Interval 1500-2000 FT in diamond drill hole DDH-006 (see results 5 below)

Matt Russell explains, "These assay programs were the result of analysis that attempted to make full use of the extensive drill core data and various geophysical and geological data sets generated on the Project to date. Our exploration goal has been to identify significant silver dominant mineralization, which in the Silver Valley would typically include lead, copper and zinc credits."

Harlow Silver Vein Zone

The Company channel-sampled 4 silver veins lying parallel with the NE dipping Burke meta-sediments in two surface cuts and within two historical exploration adits (short tunnels into the hillsides). The samples were taken from channels cutting across the face of the exposed vein, perpendicular to strike. Assay results are presented below, along with down-dip historical drill hole intercepts. A conceptual depiction of these silver veins within an approximate 225 FT wide drill target zone called the Harlow Vein Zone can be found in Figure 3 of a series of 4 figures accompanying this press release on www.sedar.com and also found on the Company's website under the title and date of this press release. The Company has bounded this zone by the elevations of the Harlow Portal and the Harlow Cut-II, which are approximately 225 FT apart stratigraphically. Further discussion of this Harlow Silver Vein drill target zone can be found below under Near Surface Silver Target Exploration Plan below.

1. Harlow Adit Vein Channel Samples(1):
Station          Interval        Ag        Au
(FT)                  (FT) (g/tonne) (g/tonne)    Pb (%)    Cu (%)    Zn (%)
+0.0                 0.50      1290     0.118      3.17      0.73      0.13
                                    less than
+82                  2.25       744      0.06      0.92      0.57      1.36
+191(2)              1.50      1159     0.343      2.30      0.83        na
+221                 0.67      3425     0.377      2.90      2.64      2.46
                                    less than
+240                 0.83       243      0.06      0.50      0.20      0.70
                                    less than
+260                 0.83        53      0.06      0.15      0.04      0.07
+280                 0.50      1114     0.309      1.47      0.93      1.92

(1) Harlow Adit Vein sample intervals given are true widths. Channel samples
    were taken at various heights in the NE wall of the Harlow adit, and the
    Station locations represent FT into the adit from the Harlow Portal. The
    Harlow Silver Vein dips shallowly to the NE and appears at all station
    locations to have continuity into the SW adit wall with similar vein
    widths as sampled in the NE wall. The vein strikes approximately WWN as
    shown in Figure 4.

(2) Assays are from historical diamond drill hole RA-9 (by others) which was
    found by the Company in the top of the adit at approximately 191 FT from
    the Harlow Portal. From projected angle of drill hole, the interval can
    be assumed to be a true width. We placed this interval in this chart to
    show it in context with the channel samples around it.


2. Harlow Down-Dip Historical Drill Intercepts(1):
                 Interval         Ag       Au
Location              (FT)   (oz/ton) (oz/ton)    Pb (%)    Cu (%)    Zn (%)
RA-60                3.00       11.5       na      2.17      0.27      2.53
RA-65                0.67        694    0.014        na      2.48      2.10

(1) True widths of intercepts are not given in the core logs. DH-60
    intercept is 264-267 FT and DH-65 is 67.1-67.9 FT. Historical data was
    presented in oz/ton. One troy ounce contains 31.1035 grams, and a short
    ton weighs 2000 lbs. while a metric tonne weighs 2204.6 lbs.

Although the Company believes that this historical data can generally be relied upon, readers are cautioned that neither the Company nor its QP has done any independent work to confirm the data.

3. Harlow North Adit Vein Channel Samples (1):
Station          Interval        Ag        Au
(FT)                  (FT) (g/tonne) (g/tonne)    Pb (%)    Cu (%)    Zn (%)
+0.0                 0.50       998     0.297      1.35      0.48      7.97
+8                   0.50       777     0.127      0.62      0.44      1.57
+74                  0.50      1030     0.174      1.72      0.64      1.05

(1) Harlow North Vein Adit sample intervals given are true widths. Channel
    samples were taken at various heights in the SW wall of the Harlow North
    Adit. The Harlow North silver vein dips steeply NE ( greater than 45
    degrees). The vein strikes approximately WWN as shown in Figure 4.


4a. Harlow Vein Cut-I Channel Samples(1):
Station          Interval        Ag        Au
(FT)                  (FT) (g/tonne) (g/tonne)    Pb (%)    Cu (%)    Zn (%)
+0.0                 0.50       518     0.016      1.43      0.33      0.27
-45                  0.50       294     0.131      0.29      0.27      0.79

(1) Harlow Vein Cut-I sample intervals given are true widths. Channel
    samples were taken in bedrock cut. The vein is flat at this location
    and strikes similarly WWN as the Harlow Vein. The second sample station
    is taken back to the SE of the first sample station.


4b. Harlow Vein Cut-II Channel Samples(1):
Station          Interval        Ag        Au
(FT)                  (FT) (g/tonne) (g/tonne)    Pb (%)    Cu (%)    Zn (%)
+0.0                  5.0       114        na      0.24      0.04      0.06
-4.0                  5.0        92        na      0.18      0.04      0.08

(1) Harlow Vein Cut-II sample intervals given are true widths. Channel
    samples were taken in bedrock cut with multiple mineralized zones
    averaged over the 5 FT interval. The vein is flat at this location and
    strikes similarly WWN as the Harlow Vein. The second sample station is
    taken back to the SE of the first sample station.

5. New Silver Discovery within Assay Interval 1500-2000 FT in 005A and 006

The Company is pleased to present the following significant silver and base metal assays, including this notable result:

616 g/tonne Silver, 1.37% Lead, and 0.61% Copper over 2.0 FT.

Richard Nanna explains, "The mineralization is within an enriched carbonate zone which may explain the higher gravity readings above 600m in the Scintrex gravity survey. The mineralization in both holes appears to be in similar stratigraphic location within the IP anomaly that Quantec geophysics outlined in 2006, and upon which the Company's original 2007 Two Mile drill program targeting was based." Holes DDH-005A and DDH-006 are approximately 1 km apart.

DDH-005A and DDH-006 Drill Core Sulfide Sample Intervals:
Drill      From:       To:  Interval        Ag     Pb       Cu     Zn   CO3
Hole        (FT)      (FT)       (FT) (g/tonne)    (%)      (%)    (%)   (%)
006      1642.5    1645.5        3.0         9   .009    0.043  0.017  3.97
006      1645.5    1647.5        2.0         2  0.013    0.009  0.012  1.99
006      1647.5    1649.5        2.0       616  1.370    0.610  0.130  4.49
006      1649.5    1651.5        2.0        11  0.251    0.056  0.020  3.00

005A       1510      1515        5.0        37  0.132    0.006  0.048    Na
005A       1550      1555        5.0        17   .051    0.006  0.022    Na
005A     1608.5    1611.0        2.5        16  0.104    0.008  0.115  2.63
005A     1611.0    1613.5        2.5        10  0.027    0.006  0.085  3.03

Gravity Anomaly (2): Follow-Up to DDH-005A Massive Sulfides Discovery

In addition to the two at-surface and near-surface discoveries of silver mineralization described above, the Company wishes to emphasize the importance of further investigating the deeper silver and base metal intercept discovered at approximately 7900 FT in hole DDH-005A as disclosed in the January 13, 2009 press release:

- 15.5 FT of 40.0% Zn, 7.4% Pb, and 140.7 g/tonne Ag... which is included within the larger interval,

- 37.0 FT of 18.0% Zn, 3.6% Pb, and 61.9 g/tonne Ag

Richard Nanna has recommended further assaying of various un-assayed intervals in DDH-005A, DDH-005B and DDH-006 for the purpose of indentifying possible extensions of the mineralization discovered by the above intercept. "Such extensions, if they are found to be anomalous in silver or base metals, would be significant because of the large distances between drill holes at these depths," said Mr. Nanna.

As a next step, the Company will, as financing permits, assay portions of the intervals 7100-9200 FT in each of the three holes, which correspond to Gravity Anomaly (2) at 2170-2800 meters disclosed in the November 19th, 2009 press release.

Gravity Anomaly (1)

Also per Mr. Nanna's recommendation, the Company has sampled and will assay the approximate interval 4250-4500 FT in holes DDH-005A and DDH-006. The purpose for this assay project is to identify mineralized intervals that may be associated with Gravity Anomaly (1) between 1312-1374 meters as disclosed in the November 19th, 2009 press release.

Near-Surface Silver Target Exploration Plan

Figures 3 and 4 identify elevation and plan locations respectively for a proposed fan of drill holes to be accomplished from drill pads DDH-007 and DDH-008. Silver targets include the Harlow Silver Vein Zone as well as the 2006 IP Geophysics Target Zone which begins approximately 1500 FT below the Harlow Silver Vein Zone and is expected, per the IP geophysics, to be parallel to the Burke Meta-sedimentary layers. The Company emphasizes that DDH-007 and DDH-008 may also be used to drill test deeper targets should Gravity Anomaly (1) and (2) assay results support these targets. Drill stations were chosen on existing roads to facilitate USFS permitting and to limit environmental impact by the Project.

Silver and Base Metal Production in the Burke Meta-sediments

The Burke meta-sediments in the Silver Valley of Idaho host many historical silver mines, such as the prolific Hercules Silver Mine. By 1970, 23 million tons of ore had been produced out of the Valley's Burke hosted mines, at an average of 5.6 oz/ton Ag, 8.7% Pb, and 2.6% Zn.

The Bunker Hill Mine, by comparison, had produced 27,000,000 tons of ore by 1970 within the Revett-St. Regis meta-sediments (which overlie the Burke) at an average of 3.7 oz/ton Ag, 8.0% Pb, and 3.7% Zn. Historical numbers are from E. N. Pennabaker, 1971.

Locations of Drill Collars, Bedrock Cuts, and Adit portals:

Location                     N         E      Elevation    Strike       Dip
                            (m)       (m)           (ft)
Harlow Adit Portal     5265040    577226           2927       WWN        NE
Harlow North Adit
 Portal                5265161    577304           2980       WWN        NE
Harlow Cut-I           5265077    577205           2986       WWN        NE
Harlow Cut-II          5265100    577131           3160       WWN        NE
DH-9                   5265062    577193           3015                 -90
DH-60                  5264990    577307           2998         N       -50
DH-65                  5264936    577304           2865                 -90

UTMs are in NAD 27 Z11 (meters), unless noted otherwise

Summary

"Azteca Gold has until recently been focused primarily on massive sulfide targets at depth," said Mr. Russell. "Recent gravity geophysical results, as well as a re-assessment of previous IP geophysics work, have given the Company cause for a second focus on multiple zones of potential mineralization much closer to and at-surface. These zones initially appear to be carbonate hosted, and our ongoing assay programs will allow us to further define our drilling programs beyond the near-surface silver targets for 2010."

Diamond drill core and channel samples were processed per the Company's chain of custody controlled by Azteca personnel who transferred the samples directly to American Analytical Labs, located at Osburn, Idaho, an independent and fully accredited lab. The assay lab has provided assay results to only those within Azteca's control pursuant to the list provided to them by Matt Russell. Material assay results are considered preliminary by the Company until check assays are received.

Assay methods include fire assay for Ag and Au. ICP (inter-coupled plasma) was used for lead, zinc, and copper. Carbonate (CO3) was titrated.

The technical and scientific information contained in this news release has been prepared and reviewed by the Company's QP Richard Nanna, who is also a director of the Company.

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 by either the Company or its joint venture partner. 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: 199,461,432

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