Metallurgical Testing Demonstrates High Recovery Rates for Gold & Silver on First Mexican, Karen Zone

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/05/12 -- First Mexican Gold Corp. (the 'Company' or 'FMG') (TSX VENTURE: FMG)(FRANKFURT: 21M) is pleased to report results of some recent metallurgical testing conducted on the high grade Karen zone from the Guadalupe property in Sonora State, Mexico.

The metallurgical bottle roll recovery tests have been performed on the high grade material extracted from the Karen Zone where the company now holds a 100% ownership interest having recently completed a transaction with its former JV partner. This continues the efforts to build not only a resource but develop the data base needed to further enhance development of the project. This zone may be amenable to low cost extraction methods.

Laboratorio Tecnologico De Metalurgia LTM S.A. de C.V. of Hermosillo, Mexico, conducted the bottle roll test in an effort to determine the recoverability of the material obtained from drilling. The recovery testing provided an 81.34% recovery of gold and 88.61% recovery of silver with copper recovery not tested.

As a follow-up, the company is considering leach pad testing on the Karen zone material once enough material has been gathered. Leach pad testing is also being considered on the brecciated material of the Diana zone that can easily be removed from a road cut in large enough quantities for the test to be meaningful.

The Diana zone is visible on surface at the crest of a mountain ridge that extends in excess of 450 metres, plus exposure on road cuts in the area extend the exposed zone to a minimum of 750 metres in length. A 32 diamond drill hole program comprising 5000 metres of closely spaced holes has been designed to define mineralization resource calculation along 400 metres of the exposed zone. The Diana target is a strongly altered breccia zone that appears to be standing near vertical with widths near surface of 30 to 50 metres.

Please refer to previously reported assay results below.

Diana zone drill highlights to date: all near surface intervals, see news release March 10, 2011.

--  HDH 11-09, 15.7 metres of .77 g/t Au, 105 g/t Ag (143.7 silver eq. g/t)
--  HDH 11-10, 39.0 metres of .40 g/t Au, 135 g/t Ag (154.9 silver eq. g/t)
--  HDH 11-11 49.5 metres of .42 g/t Au, 86 g/t Ag (107 silver eq. g/t)
    including 13.3 metres of .75 g/t Au, 195 g/t Ag (232.7 silver eq. g/t)

Karen zone drill highlights to date: all near surface intercepts, see news release April 28, 2011 & news release February 27, 2012.

--  DDH #1: 5.8 metres of 3.67 g/t Au, 753 g/t Ag
--  DDH #2: 15.2 metres of 2.58 g/t Au, 47 g/t Ag
--  DDH #3: 39.2 metres of 6.06 g/t Au, 669 g/t Ag, .94% Cu (1046 silver eq.
    g/t)
--  RC hole #2: 2 metres of 1.48 g/t Au & 1330 g/t Ag
--  RC hole #3: 18 metres of 6.52 g/t Au & 61 g/t Ag
--  HDH 11-04: 15.2 metres of 1.57 g/t Au, 335 g/t Ag, 0.18% Cu
--  HDH 11-05: 33.4 metres of 4.27 g/t Au, 395 g/t Ag, 1.24% Cu (706 silver
    eq. g/t)
--  HDH 11-06: 21.6 metres of 4.90 g/t Au, 104 g/t Ag, 0.73% Cu
--  HDH 11-27: 9.7 metres of 6.33 g/t Au, 1853 g/t Ag, 12.62% Cu (3105
    silver eq. g/t)
--  HDH 11-29: 12.2 metres of 1.86 g/t Au, 70 g/t Ag, .14% Cu

'The company intends to continually build the data base associated with both the Karen zone and Diana zone so that all options for future development can be considered,' said Jim Voisin, President and Chief Executive Officer of First Mexican. Mr. Voisin adds: 'the company has defined zones on Diana with the potential to build a significant resource, whereas many juniors do not have this option at this early a stage in their development and this helps differentiate FMG from others.'

John Archibald, PGeo, a qualified person pursuant to NI 43-101, has reviewed and approved the technical information in this press release on behalf of the company.

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.

Contacts:

First Mexican Gold Corp.

Jim Voisin

President & CEO

519 699 5352
www.fmgoldcorp.com