OPTIONS ANNOUNCED

December 28, 2006                                                                           Symbol: TSX-V:AZG
Shares issued: 65,794,137
CALGARY, ALBERTA – Matthew Russell, President of Azteca Gold Corp. (the "Company") announces that the board granted yesterday a total of 4,500,000 options pursuant to its stock option plan to directors and officers.  These options are for 5 years and are exercisable at Cdn$0.50 per share.  1,200,000 of these options vest one third immediately, one third on the first anniversary date and the balance on the second anniversary of the date of grant.  The balance of the options vest one third in 6 months, one third in 18 months and one third in 30 months from the date of grant.

For further information, please contact:

Matthew Russell, President
Telephone: 1-509-464-0172
Email: info@azteca-au.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

WARNING: the Company relies upon litigation protection for “forward looking” statements. The information in this release may contain forward-looking information under applicable securities laws.  This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information.  Factors that may cause actual results to vary material include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing.  Readers are cautioned not to place undue reliance on this forward-looking information.  The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.