AZTEC MINERALS CLOSES PRIVATE PLACEMENT

Aztec Minerals Corp. has closed a non-brokered private placement of 7,333,333 units at a price of 15 cents per unit for aggregate gross proceeds of $1.1-million. Each unit comprised one common share of the company and one transferable common share purchase warrant. Each warrant is exercisable to purchase one common share of the company at a price of 22.5 cents per share for a period of three years from the date of issuance. No finders' fees were payable with respect to the private placement.

Two insiders of the company subscribed for a total of 283,333 units for aggregate gross proceeds of $42,500 under the private placement. Participation by the insiders constitutes a related party transaction as defined under Multilateral Instrument 61-101. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the private placement by insiders does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101.

The company intends to use the proceeds of the private placement for exploration activities on its Tombstone gold-silver and CRD silver-lead-zinc-copper-gold project in Arizona, United States, and for general working capital purposes.

All securities issued under the private placement are subject to a statutory hold period of four months and one day from the closing date in accordance with applicable Canadian securities laws.

About Aztec Minerals Corp.

Aztec is a mineral exploration company focused on two emerging discoveries in North America. The Cervantes project is an emerging porphyry gold-copper discovery in Sonora, Mexico. The Tombstone project is an emerging gold-silver discovery with high-grade CRD (carbonate replacement deposit) silver-lead-zinc potential in southern Arizona.

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