October 13, 2011
Calgary, Alberta - Azteca Gold Corp. (the "Company" or Azteca) announces the following corporate update.
Coeur DAlene Mines (NYSE: CDE) has purchased Aztecas Mexican properties known collectively as the Guerra al Tirano Gold/Silver Project (GAT), for USD $1.2 million. The Companys Board of Directors approved the sale, and the transaction closed on Monday, October 10th. It is the Companys intention to sell the remaining assets of its 100% owned subsidiary, Minera Azteca. Proceeds of the sales will be used for general corporate purposes.
Azteca retained a 2% net smelter return (NSR) royalty on any future production of gold and silver from the GAT properties as part of the consideration. Coeur DAlene Mines has the right to purchase up to 75% of this royalty (or 1.5% of the 2% NSR) for a total of USD $750,000.
The Company received renewal of BLM claims for 2012 for the following projects: Two Mile and Orange in Idaho, and Marietta in Nevada.
For further information, please contact:
Jon Slizza, VP of Finance and Investor Relations
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.
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.
NOT FOR DISSEMINATION OR CIRCULATION IN THE UNITED STATES.