First Mexican and Buenaventura Sign A Non-Binding Agreement for Guadalupe Property in Mexico

  First Mexican and Buenaventura Sign A Non-Binding Agreement for Guadalupe
                              Property in Mexico

PR Newswire

VANCOUVER, Jan. 21, 2013

TSX-V Trading Symbol: FMG

VANCOUVER, Jan. 21, 2013 /PRNewswire/ - First Mexican Gold Corp. (the
"Company" or "FMG") (TSX-V: FMG, Frankfurt: 21M) is pleased to announce that
it has signed a non-binding letter agreement with Compañía de Minas
Buenaventura S.A.A. ("BVN") (NYSE: BVN, BVL: BVN), pursuant to the terms of
which BVN has been granted the right, for a period of 60 days from the
signing, to complete due diligence and the right, at BVN's discretion, to
negotiate terms and sign a definitive agreement with FMG to earn a 70%
interest in the Company's 100% owned Guadalupe project. The objective of this
proposed transaction is to further develop the Guadalupe property in Mexico,
to provide capital for the Company and significantly expand the exploration
program. The Company retains the Panda claim block for future exploration.

The FMG claim  blocks are  located along  a trend  of producing  mines in  the 
Sierra Madre  Occidental, including  the  Mulatos mine  of Alamos  Gold  Inc., 
Dolores mine of  Pan American Silver  Corp and Ocampo  mine of Minera  Frisco, 
S.A.B. de  C.V. The  property is  also  contiguous to  Corex Gold  Corp  (CGE 
-TSX-V) Santana Property where Corex and  Vale are now drilling subsequent  to 
the option agreement finalized in December 2012.

Terms

Provided that BVN is satisfied  with the results of  its due diligence, it  is 
anticipated the definitive agreement will grant BVN an option to acquire a 70%
undivided interest in  the Guadalupe  project by  BVN making  payments to  FMG 
totaling $5,000,000 within a four year period, and BVN completing the drilling
of 11,000  meters  within a  four  year period.  In  addition to  the  minimum 
required meters to be  drilled BVN will conduct  mapping, sampling and  ground 
geophysics as required to best access the property potential and target  drill 
locations. The  terms of  the  definitive agreement  will  be subject  to  the 
approval of the TSX Venture Exchange. In order to facilitate matters for  the 
Company, BVN has agreed to enter into a convertible loan arrangement, pursuant
to the terms of which BVN has agreed to loan the sum of $250,000 to FMG, which
loan is automatically convertible into 2,777,778  common shares of FMG at  the 
price of $0.09 per share in the event a definitive agreement is not  concluded 
within the 60-day period. The $250,000 will be advanced by BVN to FMG  within 
two business  days of  FMG  obtaining TSX  Venture  Exchange approval  to  the 
convertible loan and will be used to fund general operations. In the event  a 
definitive agreement is  concluded within the  60-day period, the  convertible 
loan will be terminated and credited towards the first cash payment payable to
FMG.

"The Company is  very pleased to  have a company  such as BVN  as a  strategic 
partner to  further  advance the  Guadalupe  property  to its  next  phase  of 
development " said Jim Voisin, President and Chief Executive Officer of  FMG. 
Mr. Voisin adds:  "we remain  committed to our  shareholders to  build a  good 
resource base in what we believe to be the high potential Guadalupe property."

Some Historical Data

Karen zone drill  highlights to  date: all  near surface  intercepts see  news 
releases April 28, 2011, February 27, 2012 & October 15, 2012.

  *DDH #1: 5.8 meters of 3.67 g/t Au, 753 g/t Ag
  *DDH #2: 15.2 meters of 2.58 g/t Au, 47 g/t Ag
  *DDH #3: 37.8 meters of 6.51 g/t Au, 678 g/t Ag
  *RC hole #2: 2 meters of 1.48 g/t Au & 1330 g/t Ag
  *RC hole #3: 18 meters of 6.52 g/t Au & 61 g/t Ag
  *HDH 11-04: 15.2 meters of 1.57 g/t Au, 335 g/t Ag, 0.18% Cu plus 22.3
    meters of .35 g/t Au, 200 g/t Ag, 1.21% Cu
  *HDH 11-05: 33.4 meters of 4.27 g/t Au, 395 g/t Ag, 1.24% Cu
  *HDH 11-06: 21.6 meters of 4.90 g/t Au, 104 g/t Ag, 0.73% Cu
  *HDH 11-27: 9.7 meters of 6.22 g/t Au, 1853 g/t Ag, 12.62% Cu
  *HDH 11-29: 12.2 meters of 1.86 g/t Au, 70 g/t Ag, .14% Cu
  *HDH 11-30: 24.4 meters of .34 g/t Au, 25.8 g/t Ag, .42% Cu
  *HDH 11-32: 7.6 meters of 3.64 g/t Au,
  *HDH 11-33: 10.9 meters of 2.70 g/t Au, 152 g/t Ag, .20% Cu

Diana zone drill  highlights to  date: all  near surface  intervals, see  news 
release March 10, 2011.

  *HDH 11-09: 15.7 meters of .77 g/t Au, 105 g/t Ag (143.7 silver eq. g/t)
  *HDH 11-10: 39.0 meters of .40 g/t Au, 135 g/t Ag (154.9 silver eq. g/t)
  *HDH 11-11: 49.5 meters of .42 g/t Au, 86 g/t Ag (107 silver eq. g/t)
    including 13.3 meters of .75 g/t Au, 195 g/t Ag (232.7 silver eq. g/t)

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. Samples were prepared and assayed by an accredited lab, ALS  Chemex, 
Vancouver, BC. Quality control is monitored on a continual basis and utilizes
a system of standards, blanks and duplicates to ensure analytical accuracy.

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

BVN is Peru's largest,  publicly traded, precious metals  company and a  major 
holder of mining rights in Peru. The company has been listed on the Lima Stock
Exchange (BVL:BVN) since 1971  and on the New  York Stock Exchange  (NYSE:BVN) 
since 1996. It has  over 60 years  of mining tradition and  is engaged in  the 
mining, processing, development and exploration  of gold and silver and  other 
metals via wholly owned  mines as well as  through its participation in  joint 
exploration projects.

BVN currently  operates  several mines  in  Peru (Orcopampa,  Uchucchacua,  La 
Zanja, Tantahuatay,  Mallay,  Julcani/Recuperada, Breapampa,  Cedimin  and  El 
Brocal) and has minority  interests in several  other mining companies.  These 
include a significant ownership interest  in Minera Yanacocha S.R.L  (43.65%), 
in partnership with Newmont Mining, in Sociedad Minera Cerro Verde (19.6%) and
49% of  Canteras del  Hallazgo S.A,  owner  of the  Chucapaca project,  via  a 
partnership with Goldfields.

On behalf of the Board of Directors,

Jim Voisin
President & CEO
First Mexican Gold Corp.
519 699 5352

We seek safe harbour.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange)accepts
responsibility for the adequacy or accuracy of this release.

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  Guadalupeproperty  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.

SOURCE First Mexican Gold Corp.

Contact:

Vancouver Head Office
#1000, 355 Burrard Street Vancouver, B.C. V6C 2G8 Canada
Phone: 604 681 7265
Website:www.fmgoldcorp.com
 
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