First Mexican Announces Equity Financing

VANCOUVER, Oct. 22, 2012 /CNW/ - First Mexican Gold Corp. (the `Company` or `FMG`) (TSX-V: FMG, Frankfurt: 21M) has entered into a letter of engagement with Euro Pacific Canada Inc. (the Agent), pursuant to which the Agent has agreed to place, on a commercially reasonable best efforts basis, up to ten million units of the company at a price of $0.10 per unit for gross proceeds of up to $1.0 million dollars. Each unit consists of one common share plus one-half of one common share purchase warrant, with each whole purchase warrant exercisable into a common share at a price of $0.14 for a period of 24 months from closing.

The agents will receive a cash commission of 8 per cent of the gross proceeds raised, as well as 8 percent broker warrants.

The company intends to use the net proceeds of the offering to fund a 3000 meter drill program testing the Diana zone mineralization over an 900 meter strike length as well as the Ann zone over a 400 meter area plus one hole planned to intercept an area of high chargeability on the Linda zone and for working capital and other general corporate purposes.

First Mexican Gold Corp is an active explorer for precious metals in Mexico and has now completed the acquisition of a 100% interest in the Guadalupe property package. The Company now holds extensive exploration rights in this high potential exploration area that is now attracting attention from major mining companies.

About Euro Pacific Canada Inc.

Euro Pacific Canada is an IIROC registered brokerage headquartered in Toronto, with offices in Montreal andVancouver, specializing in foreign markets, precious and strategic metals investing. The firm offers an integrated platform of investment banking, institutional sales and trading, research, and private client services following the advice laid out by Euro Pacific Capital's Chief Global Strategist Peter Schiff, an internationally recognized and market strategist. Additional information is available at www.europac.ca.

For more information on this offering contact Tarek Mnaimne at Euro Pacific Canada at 416-649-4271 x308.

On behalf of the Board of Directors,

Jim Voisin

President & CEO

First Mexican Gold Corp.

519 699 5352

We seek safe harbour.