Desafio Minero S.A.C. Subscribes for Shares and Warrants of Antioquia Gold Inc.

LIMA, PERU--(Marketwire - Oct. 31, 2012) - Desafio Minero S.A.C. ("Desafio") announced that on October 31, 2012, Desafio completed a subscription for 11,075,383 units ("Units"), each comprised of one common share ("Common Share") of Antioquia Gold Inc. ("Antioquia") and one-half of one common share purchase warrant (a "Warrant") at a price per Unit of $0.12 (the "Private Placement"). Each whole Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.25 at any time until the date that is 6 months from the date of the issuance of the Units. Fasken Martineau DuMoulin LLP acted as legal advisor to Desafio in connection with the Private Placement.

The securities of Antioquia issued to Desafio in the Private Placement were issued by way of a private agreement in reliance on the accredited investor exemption under applicable Canadian securities laws. Immediately following the closing of the Private Placement on October 31, 2012, Desafío had beneficial ownership of, and control and direction over, directly or indirectly: (i) 66,201,679 Common Shares, or approximately 48.9% of the Common Shares outstanding at such time; or (ii) 81,489,371 Common Shares, or approximately 54.0% of the Common Shares that would have been outstanding at such time if the 15,287,692 Warrants which Desafío beneficially owned and over which it had control or direction, directly or indirectly, immediately following the completion of the Private Placement, were exercised for 15,287,692 Common Shares.

9,750,000 of the Warrants that Desafío beneficially owns, and over which it exercises control and direction, directly or indirectly, will expire on November 15, 2012.

For purposes of calculating percentages of Common Shares beneficially owned or over which control or direction is exercised, directly or indirectly, Desafío has assumed that there were 135,509,709 Common Shares outstanding as of the date hereof after giving effect to the Private Placement, as disclosed to Desafío by the Antioquia in connection with the Private Placement.

Other Information

Desafio acquired beneficial ownership, and control or direction, directly or indirectly, of the Common Shares that are the subject of this press release for investment purposes.

Desafio intends to review its investment in Antioquia on a continuing basis. Depending on various factors including, without limitation, Antioquia's financial position, the price levels of the Common Shares, conditions in the securities markets and general economic and industry conditions, Desafio's business or financial condition and other factors and conditions Desafio deems appropriate, Desafio may in the future take such actions with respect to its investment in Antioquia as Desafio deems appropriate including, without limitation, making proposals to Antioquia concerning changes to the capitalization, board of directors, ownership structure or operations of Antioquia, acquiring Common Shares or selling or otherwise disposing of some or all of the Common Shares held by either of them. In addition, Desafio may formulate other purposes, plans or proposals regarding Antioquia or any of Antioquia's securities to the extent deemed advisable in light of general investment and trading policies, market conditions or other factors or may change its intention with respect to any and all matters referred to above. Desafio is currently entitled to nominate three directors to the Board of Directors of Antioquia.

Neither the issuance of this news release in connection with the matters disclosed herein nor the filing by Desafio of the report in accordance with applicable Canadian securities laws is an admission that an individual or entity named or otherwise referred to in this news release owns or controls any described securities or is a joint actor with another entity named or otherwise referred to in this news release.

Desafio's address is set out below. For further information, including to obtain a copy of the report filed by Desafio in accordance with applicable Canadian securities laws, contact Desafio at the address specified below or its Canadian counsel at the number specified below.