Mr. Jim Voisin reports

METALLURGICAL TESTING DEMONSTRATES HIGH RECOVERY RATES FOR GOLD & SILVER ON FIRST MEXICAN, KAREN ZONE

First Mexican Gold Corp. has released results of some recent metallurgical testing conducted on the high-grade Karen zone from the Guadalupe property in Sonora state, Mexico.

The metallurgical bottle-roll recovery tests have been performed on the high-grade material extracted from the Karen zone where the company now holds a 100-per-cent ownership interest, having recently completed a transaction with its former joint venture partner. This continues the efforts to build not only a resource but develop the database needed to further enhance development of the project. This zone may be amenable to low-cost extraction methods.

Laboratorio Tecnologico De Metalurgia LTM SA de CV of Hermosillo, Mexico, conducted the bottle-roll test in an effort to determine the recoverability of the material obtained from drilling. The recovery testing provided an 81.34-per-cent recovery of gold and 88.61-per-cent recovery of silver with copper recovery not tested.

As a follow-up, the company is considering leach-pad testing on the Karen zone material once enough material has been gathered. Leach-pad testing is also being considered on the brecciated material of the Diana zone that can easily be removed from a road cut in large-enough quantities for the test to be meaningful.

The Diana zone is visible on surface at the crest of a mountain ridge that extends in excess of 450 metres, plus exposure on road cuts in the area extend the exposed zone to a minimum of 750 metres in length. A 32-hole diamond drill program comprising 5,000 metres of closely spaced holes has been designed to define mineralization resource calculation along 400 metres of the exposed zone. The Diana target is a strongly altered breccia zone that appears to be standing near vertical with widths near surface of 30 to 50 metres.

Please refer to previously reported assay results as follows.

Diana zone drill highlights to date (all near-surface intervals, see news release dated March 10, 2011):

• HDH 11-09: 15.7 metres of 0.77 gram per tonne gold and 105 grams per tonne silver (143.7 grams per tonne silver equivalent);
• HDH 11-10: 39.0 metres of 0.40 gram per tonne gold and 135 grams per tonne silver (154.9 grams per tonne silver equivalent);
• HDH 11-11: 49.5 metres of 0.42 gram per tonne gold and 86 grams per tonne silver (107 grams per tonne silver equivalent), including 13.3 metres of 0.75 gram per tonne gold and 195 grams per tonne silver (232.7 grams per tonne silver).

Karen zone drill highlights to date (all near-surface intercepts, see news releases dated April 28, 2011, and Feb. 27, 2012):

• DDH No. 1: 5.8 metres of 3.67 grams per tonne gold and 753 grams per tonne silver;
• DDH No. 2: 15.2 metres of 2.58 grams per tonne gold and 47 grams per tonne silver;
• DDH No. 3: 39.2 metres of 6.06 grams per tonne gold, 669 grams per tonne silver and 0.94 per cent copper (1,046 grams per tonne silver equivalent);
• RC hole No. 2: Two metres of 1.48 grams per tonne gold and 1,330 grams per tonne silver;
• RC hole No. 3: 18 metres of 6.52 grams per tonne gold and 61 grams per tonne silver;
• HDH 11-04: 15.2 metres of 1.57 grams per tonne gold, 335 grams per tonne silver and 0.18 per cent copper;
• HDH 11-05: 33.4 metres of 4.27 grams per tonne gold, 395 grams per tonne silver and 1.24 per cent copper (706 grams per tonne silver equivalent);
• HDH 11-06: 21.6 metres of 4.90 grams per tonne gold, 104 grams per tonne silver and 0.73 per cent copper;
• HDH 11-27: 9.7 metres of 6.33 grams per tonne gold, 1,853 grams per tonne silver, 12.62 per cent copper (3,105 grams per tonne silver equivalent);
• HDH 11-29: 12.2 metres of 1.86 grams per tonne gold, 70 grams per tonne silver and 0.14 per cent copper.

"The company intends to continually build the database associated with both the Karen zone and Diana zone so that all options for future development can be considered," said Jim Voisin, president and chief executive officer of First Mexican. Mr. Voisin added, "The company has defined zones on Diana with the potential to build a significant resource, whereas many juniors do not have this option at this early a stage in their development and this helps differentiate FMG from others."

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.

We seek Safe Harbor.