SPOKANE, WASHINGTON--(MARKET WIRE)—May 6, 2008 -- Matthew Russell, President of Azteca Gold Corp. (TSXV:AZG.V - News) (the "Company") is pleased to announce that the Company has recently acquired a 100% interest in the Geroe Creek Project, located in the Brooks Range, Alaska.  It has received major and trace element assays from an extensive surface geochemical sampling program, as detailed below. 

The Geroe Creek property consists of 168 contiguous Alaska state mining claims covering approximately 33,000 acres.   The property lies northeast of the Hogatza porphyry copper belt in the eastern Brooks Range of northern Alaska.  It is located within an identified Cu-Pb-Zn metal province and adjacent to a Au (Sb-W) province.  The Cu-Pb-Zn belt hosts at least one major metalliferous lode deposit, as well as a large number of minor deposits.  See Location Map and Pictures on www.azteca-au.com under the Projects section.

Mineralization at the Geroe Creek NNE-trending cirque and glacial valley was initially recognized during helicopter-aided regional reconnaissance conducted by Azteca’s then VP of Exploration in early 2007.  However, the Board of Directors at that time declined to spend the Company’s resources staking the project and conducting any work on it due to its preliminary and unproven stage.  With approval from the independent members of the Board, Company President Matt Russell personally financed approximately $500,000 to stake the area and fund a surface geochemical survey and limited drilling program in order to better inform the Board of the property’s merits.

The geochemical survey and limited diamond drilling was conducted during fall of 2007, and assays indicate the presence of a large, strong Mo-Pb-Zn-Cu anomaly.  Geochemical data, consisting 224 outcrop, 209 stream sediment, and 39 float samples, show strong anomalies for Mo, Pb, Zn, Cu, a moderate anomaly for Ni, and anomalous elevations beyond background for Au, Ag, and Sb.  Mineralization is concentrated within the NNE-trending cirque and glacial valley, but has been traced for at least three miles to the ESE, possibly along a structural zone. 

Based on the geochemical survey, as well as results from two diamond core drill holes drilled prior to the onset of winter, the independent members of the Board of Directors approved the project’s acquisition from Mr. Russell and two other  arms-length owners who  received a total of $60,000 for reimbursement of certain expenses.  The three vendors will receive in total a 1.5% net smelter royalty.  Azteca has no obligation to spend any funds on the property nor make any other payments in respect to the acquisition of the Geroe Creek Project, which it now owns 100%.

Geroe Creek mineralization outcrops over an area measuring approximately 12 square kilometers and preliminary geologic work suggests it is predominantly hosted in Paleozoic metasediments that are locally intruded by Paleozoic- to Mesozoic-aged mafic and granitic intrusives.  Lithologic and alteration characteristics appear to be indicative of porphyry style mineralization. 

 Typical background levels in stream and outcrop samples at Geroe Creek are as follows:

• Mo:  between 0 and 10 ppm;
• Pb:  between 10 and 30 ppm;
• Zn:  between 5 and 100 ppm; and
• Cu:  between 30 and 70 ppm.

Within the main zone of mineralization in the cirque and glacial valley, maximum sampled concentrations at surface are as follows:

• Mo:  588 ppm (outcrop), 68 ppm (stream sediment), 319 ppm (float);
• Pb:   9,010 ppm (outcrop), 181 ppm (stream sediment), 1,910 ppm (float);
• Zn:  5,200 ppm (outcrop), 1,040 ppm (stream sediment), 5,740 ppm (float);
• Cu:  4,710 ppm (outcrop), 385 ppm (stream sediment), 7,400 ppm (float); and
• Ni:  96 ppm (outcrop), 247 ppm (stream sediment).

“Azteca Gold is pleased to acquire full ownership of the Geroe Creek Project, as the extent and strength of mineralization as discovered by the first phase of exploration provides an indication of the property’s exciting unexplored potential,” said Matt Russell.  “This early-stage project was acquired cheaply, has low holding costs, and is located in mining-friendly Alaska relatively close to the Dalton Highway.  While plans have been developed for a second-stage exploration of the property, including a higher resolution geochemical survey and mapping designed to delineate additional drilling targets, Azteca will take the time to consider its options in regards to progressing the property before committing further resources to it.  This includes potentially partnering with an Alaska-focused exploration company or a molybdenum-focused company in some form.”   

An NI 43-101-compliant report on the Geroe Creek Project is presently being prepared and will be available on SEDAR in the near future, as well as the www.azteca-au.com website.
This press release has been reviewed by Edward Schiller, a director of the Company, who is the qualified person for this press release as defined by National Instrument 43-101.

For further information, please contact:

Azteca Gold Corp.
Matthew Russell, President
Telephone: 1-509-464-0172
Email: info@azteca-au.com
Website: www.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.