Trading Symbol: TSX-V: IG

CALGARY, Sept. 30 /CNW/ - Infinito Gold Ltd. (the "Company") announces that it has received waivers of events of default under the outstanding $50,500,000 Secured Convertible Notes (the "Notes") of the Company held by Exploram Enterprises Ltd. ("Exploram") and Auro Investments Ltd. ("Auro", and together with Exploram, the "Noteholders").

When the Notes were issued, the Company and the Noteholders expected the current Costa Rican legal challenge to the grant of a change of land use permit for the Crucitas mine before the SALA IV in Costa Rica would be resolved in time to permit the Company to complete the drawdown of funds under a project debt financing facility to finance commencement of construction at the Crucitas project by September 30, 2009. Consistent with this view, the Notes provided that it would be an Event of Default if the Sala IV proceedings had not been resolved favourably by June 30, 2009 and if the first drawdown under a project debt financing facility did not occur by September 30, 2009 and the first interest payment due under the Notes was payable on September 30, 2009.

As the court proceedings have not been resolved, the Company has not completed a drawdown under a project debt financing facility and does not have the funds to fund payment of interest due on September 30, 2009. The Noteholders have granted the Company a waiver of the events of default associated with its non-compliance with each of these provisions until October 30, 2009. In addition, structuring fees of $510,000 payable to the Noteholders were due on September 30, 2009, and the Noteholders have agreed to defer payment of these fees by the Company (and waived the defaults related to non-payment) until October 30, 2009. These waivers represent the fourth time since June 30, 2009 the Noteholders have waived events of default relating to the delay in receipt of a decision by the SALA IV, each previous waiver having been given for a period of approximately one month.

Exploram is the controlling shareholder of the Company and Auro is a company associated with Steven Dean, the Company's Chairman.

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