Vancouver, British Columbia – Further to its press release of June 13, 2011, Cortez Gold Corp. (TSXV:CUT) (“Cortez” or the “Company”) announces that due to current market conditions, it is re-pricing its proposed non-brokered private placement. The proposed financing, which will involve the issuance of up to 10,000,000 units (the “Units”), is now priced at $0.15 per Unit, for gross proceeds of up to $1,500,000.

Each Unit will consist of one common share of the Company and one-half of one share purchase warrant (a “Warrant”) with each whole Warrant entitling the holder thereof to acquire an additional common share of the Company for a period of two years at a price of $0.25 per share. The Company may choose to accelerate the expiry date of the Warrants if the Company’s shares on the TSX Venture Exchange close at a minimum of $0.40 for a period of 20 consecutive trading days.

All other terms and conditions remain unchanged.

A finder’s fee will apply in this transaction in accordance with the policies of the Exchange.

The private placement is subject to Exchange acceptance. All of the securities issued pursuant to this offering will have a hold period expiring four months after the closing date.


ON BEHALF OF THE BOARD
of Cortez Gold Corp.

(sgd.) “Robert Eadie”
President & Chief Executive Officer

For further information please contact:
Robert Eadie, President and CEO
Cortez Gold Corp.
Suite 750, 580 Hornby Street, Box 113
Vancouver, British Columbia V6C 3B6
Tel: (604) 602-4935 • Fax: (604) 602-4936
Email: [email protected]