Azteca Gold Corp. Announces Closing of Private Placement

Matthew Russell, President of Azteca Gold Corp. (the "Company") (TSX VENTURE: AZG) announces that the Company has successfully completed a private placement of 22,263,161 deposit receipts, for gross proceeds of US$8,905,264.40. The deposit receipts are automatically convertible into one common share and one half of a share purchase warrant upon the Company entering into an option to purchase (the "Option Agreement") the Bunker Hill mine property near Kellogg, Idaho. Each whole warrant entitles the holder to purchase one common share for US$0.70 until July 25, 2009. The proceeds from the private placement are deposited into escrow and will be returned to the investors at their option in the event that the Company fails to enter into the Option Agreement within 4 months from closing. The securities issued pursuant to this private placement are subject to a trading restriction until November 26, 2007.

Shoreline Pacific LLC, of San Francisco, California, Pennaluna & Company of Coeur d'Alene, Idaho and Blackmont Capital of Calgary, Alberta acted as agents in respect to the majority of this placement. The Company will pay up to 7% cash commissions and broker warrants equal to 7% of the number of deposit receipts sold when funds are released from escrow. Funds will be used for the initial option payment on the Bunker Hill, due diligence and feasibility study on Bunker Hill and for general working capital.

"We are pleased with the level of interest by new subscribers in not only our diamond drill program under way on Guerra al Tirano in Mexico, but also the planned option on the Bunker Hill Mine," said Mr. Russell. "These two promising anchor properties we feel will give us the edge to become a high growth precious metal 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. 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: 76,324,137

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contacts: Azteca Gold Corp. Matthew Russell President (509) 464-0172 Email: info@azteca-au.com