VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 16, 2012) - First Mexican Gold Corp. (the 'Company' or 'FMG') (TSX VENTURE:FMG)(FRANKFURT:21M) -

First Mexican Gold Corp., on a best efforts basis, is arranging a non-brokered private placement of up to $300,000 through the sale of one million units at 10 cents per unit. Each unit consists of one common share and one-half of one non-transferable share purchase warrant, with each whole warrant being exercisable at a price of 12 cents per share, for a period of two years. The financing is subject to regulatory approval.

Proceeds from the private placement is planned to finance a down hole induced polarization program on the high grade Karen Zone (9.7 metres of 3,105 grams per tonne silver equivalent comprised of 6.33 g/t gold, 1,853 g/t silver and 12.62% copper. See news release Feb 22, 2012) and further investigate the occurrence of a potential parallel zone on the Diana outcrop area. The Diana zone remains open on both strike and depth and drill stations have been prepared to start the drill investigation of resource tonnage on this target. For qualified investors who are interested in participating, please contact Jim Voisin at 519-699-5352 or [ drift@golden.net ].

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

First Mexican Gold Corp.

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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