First Mexican Completes Drilling at Guadalupe Property in Mexico

TSX-V Trading Symbol: FMG

VANCOUVER, Sept. 4, 2012 /CNW/ - First Mexican Gold Corp. (the 'Company' or 'FMG') (TSX-V: FMG, Frankfurt: 21M) would like to announce that additional drilling has been completed at its Guadalupe property in Sonora State Mexico.

The company completed 5 short holes into and around the Karen zone in an effort to better characterize the area of the mineralized zone. The mineralization in the Karen zone has historically been drill indicated to be a high grade area that starts at surface and with strong intensity at shallow depths.

The rationalization for this 281 meter drill program was to test the outer reaches of the known mineralized area in an effort to establish a direction to the source of this occurrence prior to extracting material for possible heap leaching. Following of the mineralized zone to the source may best be successful by way of tunneling through the mineralized zone and following it to the source. All options are being considered at this time for further work on the Karen zone.

Sampling of the core was conducted by halving the core and keeping half of the core in a plastic sack for future lab leach testing. The other half was then cut in half once again and one quarter of the core sent for assay leaving the remaining core in secure storage. The company is aware this may add some variability to the final assays due to the smaller sample mass being sent to the laboratory however the full half core was required to be certain to reach the minimum requirements for possible heap leach testing in the future, as outlined to the company.

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

• DDH #1, 5.8 meters of 3.67 g/t Au, 753 g/t Ag
• DDH #2, 15.2 meters of 2.58 g/t Au, 47 g/t Ag
• DDH #3, 37.8 meters of 6.51 g/t Au, 678 g/t Ag
• RC hole #2: 2 meters of 1.48 g/t Au & 1330 g/t Ag
• RC hole #3: 18 meters of 6.52 g/t Au & 61 g/t Ag
• HDH 11-04, 15.2 meters of 1.57 g/t Au, 335 g/t Ag, 0.18% Cu
  plus 22.3 meters of .35 g/t Au, 200 g/t Ag, 1.21% Cu
• HDH 11-05, 33.4 meters of 4.27 g/t Au, 395 g/t Ag, 1.24% Cu
• HDH 11-06, 21.6 meters of 4.90 g/t Au, 104 g/t Ag, 0.73% Cu
• HDH 11-27, 9.7 meters of 6.22 g/t Au, 1853 g/t Ag, 12.62% Cu
• HDH 11-29, 12.2 meters of 1.86 g/t Au, 70 g/t Ag, .14% Cu
• HDH 11-30, 24.4 meters of .34 g/t Au, 25.8 g/t Ag, .42% Cu

"The company is considering numerous possible options for future exploration/development at the high grade Karen zone" said Jim Voisin, President and Chief Executive Officer of First Mexican.  Mr. Voisin adds: "in these difficult market times for junior exploration companies all options must be on the table to help increase shareholder value and we remain committed to our shareholders to build a good resource base in what we believe to be the high potential Guadalupe property package."  In addition, "I would be remiss if I didn't draw shareholder attention to the potential amount of money that a major mining company is preparing to invest in our neighbour Corex Gold's property; this provides some indication of the value of properties in this area."

Our Diana zone still remains drill ready for an exposed distance of some 700 meters, and funding is being sought to execute the delineation drilling of this zone.

First Mexican Gold advises that it has issued 1,975,000 options to directors and staff at an exercise price of $0.13 with a five year term.

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. Samples were prepared and assayed by an accredited lab, ALS Chemex, Vancouver, BC.  Quality control is monitored on a continual basis and utilizes a system of standards, blanks and duplicates to ensure analytical accuracy.

First Mexican Gold Corp is an active explorer for precious metals in Mexico and has now completed the acquisition of a 100% interest in the Guadalupe property package.  The Company now holds the exploration rights to 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.
519 699 5352

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.

SOURCE First Mexican Gold Corp.