VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 10, 2011) - First Mexican Gold Corp. (TSX VENTURE:FMG - News) is pleased to announce that it has closed a non-brokered private placement for a total of 687,999 units at $0.45 per unit to raise gross proceeds of $309,600. Each unit was comprised of one common share and one-half of a warrant. Each full warrant entitles the holder thereof to purchase an additional share at a price of $0.55 for two years from the date of closing. All of the shares, warrants and any shares issued upon exercise of the warrants comprising the units, are subject to resale restrictions expiring July 10, 2011. The Company intends to use the proceeds from the private placements to expand its planned drilling program in Mexico and for general corporate purposes.

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 from (MIMSA) a wholly owned subsidiary of International Millennium Mining Corp (TSX VENTURE:IMI - News). 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.

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