AGD Antioquia Gold Inc

Desafio Minero S.A.C. ("Desafio") announced that on May 15, 2012, Desafio
completed a subscription for 19,500,000 units ("Units"), each comprised of one
common share ("Common Share") of Antioquia Gold Inc. ("Antioquia") (TSX
VENTURE:AGD) and one-half of one common share purchase warrant (a "Warrant") at
a price per Unit of $0.10 (the "Private Placement"). Each whole Warrant will
entitle the holder thereof to purchase one Common Share at a price of $0.20 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. Together with the
35,626,296 Common Shares held by Desafio prior to the Private Placement,
immediately following the closing of the Private Placement, Desafio had
beneficial ownership of, and control and direction over, directly or indirectly
64,876,296 Common Shares (including, for purposes of securities legislation, the
9,750,000 Common Shares for which the 9,750,000 Warrants may be exercised), or
approximately 48% of the Common Shares outstanding on such date. 


For purposes of calculating percentages of Common Shares beneficially owned or
over which control or direction is exercised, directly or indirectly, Desafio
has assumed that there were 124,434,326 Common Shares outstanding as of the date
hereof, as disclosed to Desafio 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.
Immediately prior to the Private Placement, Desafio was entitled to nominate two
directors to the Board of Directors of Antioquia. As a result of the
Subscription, Desafio may be entitled to nominate an additional director to
Antioquia's Board of Directors. 


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.

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