First Mexican and Buenaventura Sign A Non-Binding Agreement for Guadalupe Property in Mexico

TSX-V Trading Symbol: FMG

VANCOUVER, Feb. 1, 2013 /CNW/ - First Mexican Gold Corp. (the "Company" or "FMG") (TSX-V: FMG, Frankfurt: 21M) reports that the Company has closed and the TSX Venture Exchange (the "TSXV") has accepted the amendments to the $250,000 convertible loan agreement described in the Company's news release of January 21, 2013.

The convertible loan agreement, as amended, now provides that:

1. The convertible loan will automatically be convertible into 2,500,000 (decreased from 2,777,778) common shares of FMG in the event a definitive agreement with Buenaventura is not concluded within the 60-day period ending March 26, 2013.  In the event a definitive agreement is concluded within the 60-day period, the convertible loan will be terminated and credited towards the first cash payment payable to FMG
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2. The conversion price has been increased to $0.10 from $0.09 per share.
   
   

Any shares issued on conversion of the convertible loan, will be subject to a hold period expiring on June 1, 2013.

The Company is an active explorer for precious metals in Mexico and holds a 100% interest in the Guadalupe property package.  The Company holds extensive exploration rights in this area that is attracting attention from major mining companies.

On behalf of the Board of Directors,

Jim Voisin
President & CEO
First Mexican Gold Corp.
519 699 5352

We seek safe harbour.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.