Batero Gold Corp. announced that the escrowed proceeds from the offering of subscription receipts that was completed by the company on December 13, 2012, in the amount of $12,003,614, have been released from escrow to the company following the satisfaction of the escrow release conditions. In connection with the Subscription Receipt Conversion, the Horizonte Group has exercised its right to appoint two nominees to the board of directors of the company.

Felix Navarro-Grau Hurtado and Ernesto Bendezu Flores, nominees of the Horizonte Group, have been appointed to the Board. Juan David Uribe, a new nominee of the company, has also been appointed to the Board. Nick Demare, Leonard Harris, and Darrell Podowski have resigned from the Board.

The reconstituted Board now consists of Brandon Rook, Darryl Lindsay, Felix Navarro-Grau Hurtado, Ernesto Bendezu Flores, and Juan David Uribe. The new appointments are subject to the approval of the TSX Venture Exchange. Mr. Navarro-Grau has been the General Manager of Desafio Minero S.A.C., an affiliate of Horizonte, since August of 2010.

Mr. Navarro-Grau has also served as a Director of Antioquia Gold Inc. since August of 2010, and is also a director of several private companies that form part of the Navarro Grau group, including Horizonte. Mr. Bendezu Flores has served as a Director of Antioquia Gold Inc. since June of 2011. Mr. Bendezu is a resident of Lima, Peru.

Mr. Uribe is a Senior Partner of the law firm of Uribe Trias Valencia S.A.S., practicing mainly in the natural resource and corporate law sectors.