VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 02/27/12 — First Mexican Gold Corp. (the `Company` or `FMG`) (TSX VENTURE:FMG) (FRANKFURT:21M) is pleased to report results of drilling on its Guadalupe property in Sonora State, Mexico.

—  Drills 9.7 metres of 3105 silver equivalent g/t comprised of 9.70 metres

    of 6.22 g/t gold, 1853 g/t silver & 12.62% copper

A drill program based on recommendations provided by SJ Geophysics Ltd. of Delta, B.C. was carried out under the supervision of First Mexican geological team and conducted by Falcon Drilling of Hermosillo, Sonora. The geophysical targets selected for testing on Erica and Diana did not provide significant mineralization in holes HDH-11-18 to 23 with some isolated 1-2 metre single showings of .746 g/t Au, .622 g/t Au, .329 g/t Au, .384 g/t Au, and 55.5 g/t Ag.

However, one of the road cuts, completed after drilling on the Diana zone, has revealed the continuation of the Diana intrusive which was a target that was not hit during the drilling program. This opening of the breccia zone now extends the known visual occurrence to 700 metres.

The Diana zone has now been prepared with two parallel roads along 400 metres of the at least 700 metres of surface exposed visual strike length. A 5000 metre drill program comprising some 32 holes has been designed to provide an initial resource calculation in an effort to provide a solid foundation for future growth, provide solid evidence of the resource potential and enhance shareholder value prior to continued further expansion of the Diana zone which the company considers highly likely. 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.

In recent trench results a zone 300 metres north-west of the Diana zone has identified a silicified structure of quartz Seri cite alteration associated with tourmaline breccia. This trench sample location has provided interesting results and is believed to be running parallel to the Diana zone on the next ridge north. Further sampling will be required in this area prior to drill testing in the future.

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

—  HDH 11-09, 15.7 metres of .77 g/t Au, 105 g/t Ag (143.7 silver eq. g/t)

—  HDH 11-10, 39.0 metres of .40 g/t Au, 135 g/t Ag (154.9 silver eq. g/t)

—  HDH 11-11 49.5 metres of .42 g/t Au, 86 g/t Ag (107 silver eq. g/t)

    including 13.3 metres of .75 g/t Au, 195 g/t Ag (232.7 silver eq. g/t)

Holes HDH-11-24 and HDH-11-25 that were drilled on the Bailey zone will require re-drilling with a reverse circulation drill. Both holes intersected what is believed to be interesting mineralized zones however the brittle condition of the mineralized rock prevented reportable recovery for the drill core. The drill mud collected and assayed during the two holes delivered higher assay grades than that of the core recovered, see table below.

Current & Past Bailey zone sample results (see press release Feb 16, 2011)  

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Zone Sample Depth Length Au Ag

Number (m) (m) (g/t) (g/t) Cu (%) Bi ppm Sb ppm

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BAILEY

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HDH-11-24 573964-67 20.7 5.72 .42

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573984 43.1 .40 2.76 99.5

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573985 43.5 1.35 .804 29.9

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HDH-11-25 574005-7 23.5 4.5 2.8 .78

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574026 43.85 .60 .99 34.4

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Mud sample 574034 43.85 .60 1.9 48.6

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Past samples

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Ore Dump 479157 2.74 166 .25 3610 1770

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479158 2.84 2700 .29 358 4750

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479159 0.07 8.8 3.78 9 38

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Rock Face

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479109 0.115 7.5 .17 5 216

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479110 0.148 7.7 .29 5 581

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479111 0.438 6.5 .17 29 792

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479118 0.57 22.3 .96 19 579

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479119 7.69 110 .16 352 2080

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479120 13.75 262 .25 1715 4250

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479121 2.07 60.1 .11 246 2550

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479122 0.198 14.1 .06 14 313

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479123 0.238 10.4 .11 54 238

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479124 0.097 9.2 .08 17 128

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479128 0.134 18.6 7 252

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479129 3.2 99 333 2880

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479130 2.51 50.6 129 2430

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479131 1.085 22.4 78 1335

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479133 2.15 34.5 702 5750

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greater

than

479134 3.88 425 2.54 916 10000

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479138 0.105 2.7 .015 3 28

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479139 0.447 11.1 .12 63 218

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479140 0.477 4.5 .097 31 219

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Four holes were drilled with the onsite resident JKS-300 drill. The intent was to chase the mineralization on the Karen zone and test the vertical extent of the high grade zone. Results for holes HDH-11-27 to 30 are summarized below. The holes were mineralized throughout with highlighted sections reported below with one hole, HDH-11-27 hitting the high grade mineralization. As a result of the positioning of these new holes into the Karen zone, down-hole IP is now possible and will be conducted in the coming months. This down-hole IP will assist in following this very high grade zone along both strike and plunge to better target future drilling of this high grade occurrence.

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Zone                                  Length     Au     Ag            Ag Eq.

         Drill Hole  From (m)  To (m)     (m)  (g/t)  (g/t)  Cu (%)      g/t

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KAREN

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          HDH 11-27     49.2    58.9    9.70   6.22   1853   12.62      3105

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          HDH 11-28    21.35   22.85    1.50    .56   20.4     .20      63.5

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          HDH 11-29    16.75   28.95   12.20   1.86     70     .14     173.6

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                       35.05   86.90   51.85    .16   6.15     .52

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          HDH 11-30    27.45   51.85   24.40    .34   25.8     .42        74

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          including                     1.50   4.44    380    1.64     724.7

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                       82.35   88.45    6.10    .43     31     .12      61.6

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Karen zone drill highlights to date: all near surface intercepts, see news

release April 28, 2011. 
— DDH #1, 5.8 metres of 3.67 g/t Au, 753 g/t Ag

— DDH #2, 15.2 metres of 2.58 g/t Au, 47 g/t Ag

— DDH #3, 37.8 metres of 6.51 g/t Au, 678 g/t Ag

— RC hole #2: 2 metres of 1.48 g/t Au & 1330 g/t Ag

— RC hole #3: 18 metres of 6.52 g/t Au & 61 g/t Ag

— HDH 11-04, 15.2 metres of 1.57 g/t Au, 335 g/t Ag, 0.18% Cu

— HDH 11-05, 33.4 metres of 4.27 g/t Au, 395 g/t Ag, 1.24% Cu

— HDH 11-06, 21.6 metres of 4.90 g/t Au, 104 g/t Ag, 0.73% Cu

“Building a firm baseline resource estimate for the Diana zone is a high priority for 2012 to establish market credibility allowing First Mexican to critically differentiate from other junior explorers,” said Jim Voisin, President and Chief Executive Officer of First Mexican. Mr. Voisin adds: “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.”

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.

First Mexican Gold Corp is an active explorer for precious metals in Mexico and has now completed the acquisition of 100% interest in the Guadalupe property package. 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.

519 699 5352

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.