Mr. Robert Eadie reports

CORTEZ GOLD CORP.: NEW DIRECTOR APPOINTED

Cortez Gold Corp. has appointed Ilaria Grifoni as a director of the company. Domiciled in Arezzo, Italy, Ms. Grifoni is a graduate of the University of Siena, with a bachelor of commerce and economics degree and a master's degree in management and governance. After an internship followed by senior audit work with KPMG in Milan, she moved to private industry and is now head of the accounting department of a leading Italian company that trades in precious metals and owns a long-established refinery in Italy.

"We are extremely fortunate to have Ilaria as a member of our board, as she will play a vital role in helping us build our asset base," said Robert Eadie, president of the company. "With the start-up of our gold and silver processing plant now within sight, Ilaria's expertise in working with an international refinery will add great depth to Cortez. She will play a central part in our plans for growing this industry for Cortez."

Cortez has been focused on completing construction of the company's gold and silver processing plant in Matehuala, Mexico, the Altiplano plant, which is owned by the company's Mexican subsidiary, Altiplano Goldsilver SA de CV. Financing for the facility was bolstered earlier in the year with the completion of over $3.1-million in debt and equity financings.

Ms. Grifoni's appointment follows the recent resignation of Andrew de Verteuil as a director of the company. The company extends its gratitude to Mr. de Verteuil for his years of service on the board and wishes him success in his future endeavours.