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VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 20, 2010) -Cortez Gold Corp. (TSX VENTURE:CUT) (the "Company") is pleased to announce that the TSX Venture Exchange has conditionally approved the proposed acquisition of 100% of the issued and outstanding shares of Cortez Minera Mexicana, S.A. de C.V. ("Minera Mexicana"), a private Mexican company at arm's length to the Company.

Minera Mexicana holds an option to purchase a 100% interest in the Petlacala gold-silver project in Guerrero State, Mexico, 50 km south of the city of Arcelia, under an option agreement dated April 2, 2010 with the current property vendor, Minera Petlacala, S.A. de C.V. ("Minera Petlacala"), a company at arm's length to Cortez. (see press release of April 12, 2010).

The Company has filed a 43-101 compliant Technical Report on SEDAR which recommends an initial drill program to test the mineral potential of the main vein systems of Petlacala. This program is estimated to cost US$ 643,200. The Phase I exploration program is designed to assess the mineral potential of the Petlacala targets.

Based on the results of Phase I, the Company will determine whether to proceed with the Phase II drill program recommended in the Technical Report.

The Closing Date for the acquisition will occur following receipt of final Exchange approval, and upon signing of a Definitive Agreement scheduled on or before August 6, 2010.

The technical report entitled "TECHNICAL REPORT on the PETLACALA PROPERTY, GUERRERO STATE, MEXICO" dated July 16, 2010, by Piotr Lutynski, P.Eng. can be viewed on [ www.sedar.com ].

ON BEHALF OF THE BOARD of Cortez Gold Corp.

Robert Eadie, President and CEO

Neither the 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.