First Mexican Intersects 33.4 M of 4.27 g/t Au, 395 g/t Ag & 1.24% Cu in Sonoro, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 21, 2011) -First Mexican Gold Corp. (TSX VENTURE:FMG) is pleased to provide the results from the first three holes of the planned 10 diamond drill holes for +/- 1250 metre drill program on the corporations property package in the Guadalupe - Santa Anna area of Sonora State, Mexico. The Company's property package (known as Guadalupe Property, 1566 hectares) is contiguous to Corex Gold Corp. (TSX VENTURE:CGE) Santana Property where consistently good exploration results have been demonstrated.

The initial three holes, all from the Karen zone, returned very good grade intersections from surface or near surface occurrences over potential mineable widths as highlighted in Hole HDH 11-05 where beginning at surface, drilling intersected 33.4 meters averaging 4.27 g/t Gold, 395 g/t Silver, and 1.24% Copper.

Results

Holes HDH 11-04 and HDH 11-05 were collared at the same location with hole four having an azimuth of 70 degrees and a dip of -66 degrees. Hole 5 had the same azimuth and a dip of -50 degrees. Both holes were drilled to approximately 100 metres and were mineralized throughout. These Holes were not believed to be perpendicular to the mineralization on the Karen Zone.

Hole HDH 11-06 was collared 45 metres to the NW and 23 metres higher in elevation with an azimuth of 140 degrees and a dip of 54 degrees effectively cross cutting holes 4 & 5 on an 85 degree angle.

"We are very pleased with the results of this initial drilling of our 2011 drill program at the Karen zone of the Guadalupe property and look forward to further drill results," said Jim Voisin, President and Chief Executive Officer of First Mexican. Mr. Voisin adds: "These initial holes for 2011 have confirmed the higher grade potential of this project and provide a good start to our 2011 program which has just barely begun."

Having now completed 5 diamond drill holes to date on the Karen zone, with 2 still to report, the company will now take the time to model and interpret these very positive results to date before advancing the next phase of drilling on this zone. The next step planned for the Karen zone is an IP (Induced Polarization) survey program.

The drill rig is presently being moved approximately one kilometre west to Hilda 38 and the Diana zone where we expect to drill two or three holes into what we consider a lower grade higher tonnage mineralized target. The final holes of this program are intended to be drilled on the Bailey zone, a recently acquired property with a very interesting display of azurite laden rock, where assays of initial rock samples from the adit of the historic copper mine has confirmed the significance of this high potential drill target.

SJ Geophysics Ltd. of Delta B.C. has been contracted to mobilize an IP (Induced Polarization) crew to the Guadalupe project as quickly as possible to begin a 25 kilometre program. This 3D IP program is designed to enhance the drill targeting over future multiple target rich areas and provide follow-up data to assist in the next phase of drilling the initial discoveries within our continually expanding property package.

In addition to completion of the present drill program, construction of the new camp and the IP program, the company will continue to focus on extensive soil and rock chip sampling/mapping across the Guadalupe property. Precious metal results to date have been very encouraging and support the company's view of the positive exploration potential of this prospective gold/silver/copper bearing area.

John Archibald, PGeo, of Billiken Management Services Inc., 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.

First Mexican Gold Corp. is an active explorer for precious metals in Mexico and holds an option to acquire 80% interest in the Guadalupe property package (now 1566 hectares) from (MIMSA) a wholly owned subsidiary of International Millennium Mining Corp. (TSX VENTURE:IMI).

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.