FMG First Mexican Gold Corp

First Mexican Gold Corp. (the "Company" or "FMG") (TSX
VENTURE:FMG)(FRANKFURT:21M) is pleased to report that the acquisition of 100% of
the Guadalupe project has been completed in Yecora District of Sonora State,
Mexico from Minera Internacional Milenio S.A. de C.V. (MIMSA), a wholly owned
subsidiary of International Millennium Mining Corp. (IMMC). This project now is
comprised of Hilda 30, Hilda 37/38 properties, Hilda 31/32 plus Santa Martha, El
Hoyo, San Martin, Panda, Santa Patricia, Vianney and the Kootenay Gold Inc. La
Cabana properties.


The initial properties included in the original May, 2007, "Option Agreement"
with IMMC were the Hilda 30 and the Esperanza properties. This was expanded to
include Hilda 37 and 38 when they were acquired as a result of the area of
interest provisions in place between the parties. Under the terms of the
agreement FMG was to spend US$1 million dollars to acquire 60% interest of the
first pick of a property, then IMMC was to have second and third property picks
for a 60% interest with FMG the fourth pick for a 60% interest. Selection was to
alternate in future if more properties were acquired in the area of interest.
This original Option Agreement was subsequently amended but required the terms
be completed as part of the amended agreement.


FMG entered into an amended Option Agreement with International Millennium
Mining Corp (IMMC) in December 2009, which allowed the Company to increase the
interest to 80% of the Hilda prospects (Hilda 30/37/38) and mutual area of
interest. This agreement called for the expenditure of an additional US$3
million dollars, $100,000 in timed cash payments and the issuance of 1.4 million
shares of First Mexican over a 5 year period. This agreement also included a
right of first refusal on the nearby property, La Esperanza. During the course
of this agreement there were numerous property additions to the mutual area of
interest as outlined above. This agreement was completed and, accordingly, FMG
exercised the option to acquire the 80% interest, as disclosed in First Mexican
Gold's news release dated January 24, 2012.


First Mexican Gold subsequently entered into a purchase and sale agreement dated
January 23, 2012, as disclosed in the January 24, 2012 news release, pursuant to
the terms of which, subject to TSX Venture Exchange approval, MIMSA and IMMC
agreed to sell the remaining 20% interest in the Guadalupe property package, in
consideration of FMG issuing 4,000,000 shares to IMMC and agreeing to pay a 2%
net smelter return royalty to IMMC, 1% of which may be purchased for the sum of
$1,000,000. The 4,000,000 shares will be subject to a hold period expiring on
June 16, 2012. This agreement has been completed with TSX Venture Exchange
acceptance as per Bulletin dated February 13, 2012.


The Company has the remaining obligations on Sub-Option Agreements: 



--  Hilda Properties - The Company is required to make payments on two Sub-
    Option Agreements for the Hilda properties claims. The first are semi
    annual payments totaling US $810,000, with the last payment due November
    30, 2017. The second are annual payments totaling US $614,000, with the
    last payment due on or before April 15, 2018.
--  Vianney fraccion III, San Marin and El Panda Claims - the Company will
    issue 1,600,000 shares of the Company upon confirmation of registration
    and recording on the Public Mining Registry, and of the transfer to the
    Company of 100% interest in the Claims; and pay 2.5% net smelter royalty
    ("NSR") with the right to re-purchase 1.5% NSR at anytime after the date
    of the LOI for US$1,000,000.
--  La Cabana and Cuatas Claims - The Company is required to issue 950,000
    common shares before February 16, 2015 and expend US $2,000,000 on the
    property before February 16, 2016. In addition, the earn-in period can
    be accelerated at the discretion of the Company; and the optionor
    retains a 1% NSR interest, which can be purchased for US $1,000,000.



First Mexican Gold Corp is an active explorer for precious metals in Mexico and
has now completed the acquisition of 100% interest in the Guadalupe property
package. The Company now controls a total of 15,112 hectares in this high
potential exploration area.


On behalf of the Board of Directors,

Jim Voisin, President & CEO 

We seek safe harbour.

This news release includes certain forward-looking statements or information.
All statements other than statements of historical fact included in this
release, including, without limitation, statements relating to the potential
mineralization and geological merits of the Guadalupe property and other future
plans, objectives or expectations of the Company are forward-looking statements
that involve various risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from the Company's
plans or expectations include risks relating to the actual results of current
exploration activities, fluctuating gold prices, possibility of equipment
breakdowns and delays, exploration cost overruns, availability of capital and
financing, general economic, market or business conditions, regulatory changes,
timeliness of government or regulatory approvals and other risks detailed herein
and from time to time in the filings made by the Company with securities
regulators. The Company expressly disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result of new
information, future events or otherwise except as otherwise required by
applicable securities legislation.

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