Vancouver, BC - January 31, 2012 - Mexigold Corp. ("Mexigold" or the "Company") (TSX-V: MAU) is pleased to report that an initial five hole drill program has commenced at the Pedernal Project in Durango, Mexico. The main target focus of the program will be the Tablones Norte Vein, where the recent trenching and soil sampling returned encouraging results. The program also proposes to test the Milpas Vein structure with at least a single drill hole. Drill holes will vary from 200 to 400 metres in depth with angles of -50° to -60°.

"Our joint venture with Riverside Resources continues to progress well. Drilling at Pedernal is on schedule and will test our second property as we also look forward to upcoming drill results from the Catrina Property program. These properties are both in favorable gold-silver regions and show great promise," stated Praveen Varshney, President and CEO of MexiGold Corp.

Drill Program Objectives and Details:
The large vein sets at the Pedernal Project show indications of the upper portion of a low-sulphidation epithermal precious metal system. The proposed drill program aims to test the Tablones Norte and Milpas structures in zones where the structural setting along with the geochemistry sampling (rock and soils), IP resistivity survey and fluid inclusions study confirms coincident anomalies.

Ken MacDonald, PGeo, technical adviser, is the designated qualified person as defined by National Instrument 43-101 and is responsible for the technical information contained in this release.

ON BEHALF OF THE BOARD OF DIRECTORS

Praveen Varshney, CA
President and CEO