Antioquia Gold Inc. Closes Private Placement

CALGARY, ALBERTA--(Marketwire - May 17, 2012) - Antioquia Gold Inc. ("Antioquia Gold" or "the Company") (TSX VENTURE:AGD)(OTCQX:AGDXF) is pleased to announce that it has closed its previously announced non-brokered Private Placement for aggregate gross proceeds of $2,365,800 (the "Placement") via the issuance of 23,658,000 units (each a "Unit") at a price of
.10 per Unit. Each Unit consists of one common share and one-half of one common share purchase warrant exercisable at
.20 for a period of six months from the date of issuance.

In connection with the Placement, Desafio Minero S.A.C. ("Desafio"), a current insider and "control person" of the Company, subscribed for 19,500,000 Units bringing its total ownership in the Company to 44.3% (on a non-diluted basis).

The proceeds from the Placement will be used to continue the exploration program at the Company's Cisneros project in Colombia.

All securities issued in connection with the Placement are subject to a four-month hold period that expires on September 16, 2012. Completion of the Placement is subject to TSX Venture Exchange final approval.

"As a testament to the potential of our Cisneros Project we have been able to raise exploration funds under the current difficult market conditions," commented Rick Thibault, President and CEO. "We are pleased that Desafio, along with several other long term investors, continue to show their support for the Cisneros Project as we advance on our 2012 goals and the road to production."

About Antioquia Gold Inc.