Batero Enters Into Definitive Agreements With Consorcio Minero Horizonte S.A. to Raise $20 Million

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THE UNITED STATES


Batero Gold Corp. (TSX VENTURE:BAT)(FRANKFURT:68B) ("Batero" or the "Company")
is pleased to announce that, further to its news release dated November 1, 2012,
the Company has entered into a definitive strategic alliance agreement (the
"Strategic Alliance Agreement") with Consorcio Minero Horizonte S.A.
("Horizonte") and certain of Horizonte's shareholders. Concurrently, the Company
has also entered into a definitive subscription agreement (the "Subscription
Agreement") with shareholders of Horizonte in connection with the subscription
and sale of (a) 8,913,000 common shares of the Company at a price of $0.65 per
share and (b) 18,456,000 subscription receipts of the Company at a price of
$0.65 per subscription receipt, for aggregate gross proceeds of $17,789,850 (the
"Offering"). The subscription receipts will automatically convert into an
aggregate 18,456,000 common shares and 5,000,000 common share purchase warrants
of the Company, each bearing an exercise price of $0.90, on satisfaction of
certain escrow release conditions, including, among others, receipt of the
required shareholder approval, in accordance with policies of the TSX Venture
Exchange. 


Before giving effect to the completion of the Offering and the conversion of
subscription receipts, Horizonte, together with its affiliates and shareholders
(the "Horizonte Group") directly or indirectly owns or controls approximately
8.9% of Batero's issued and outstanding shares, on a partially diluted basis.
Following completion of the Offering and conversion of the subscription
receipts, the Horizonte Group is expected to directly or indirectly own or
control approximately 35% of Batero's issued and outstanding shares. 


Together with the gross proceeds of the Offering and a loan of up to $2,210,150
to be provided by Horizonte to the Company under the terms of the Strategic
Alliance Agreement, Batero will raise an aggregate $20,000,000 in this
transaction dedicated to the development of the Batero-Quinchia Project.


Closing of the Offering is expected to occur in early December, 2012. The
conversion of the subscription receipts is expected to follow in January, 2013,
subject to receipt by Batero of the requisite approval from shareholders and TSX
Venture Exchange. The Company has scheduled an annual and special general
meeting of shareholders of December 31, 2012 for the purposes of, among other
things, approving the conversion of the subscription receipts. 


In connection with the 8,913,000 common shares being sold as part of the
Offering (the "Share Offering"), Batero will pay a finder's fee to a third party
comprised of both a cash fee equal to 3% of the gross proceeds from the Share
Offering and non-transferable share purchase warrants (the "Finder's Warrants")
that will entitle the finder to acquire 6% of the number of common shares issued
in the Share Offering. Each Finder's Warrant will entitle the finder to purchase
one common share of the Company at a price of $0.65 per share for a period of 24
months from date of issuance. 


About Batero Gold

Batero Gold Corp. is a Vancouver-based precious and base metals exploration and
development company focused on its 100% owned Batero-Quinchia project in the
Quinchia district of Colombia's emerging Mid-Cauca porphyry gold and copper
belt. The Company is evaluating the most efficient mine scenario at the La
Cumbre deposit, one of three porphyry deposits at the Batero-Quinchia Project.
Batero plans to leverage its strong management team, regional relationships, and
strategic partnership, to develop its prospective project into Colombia next
major mining venture. 


About CMH Group

The CMH Group is a group of private companies dedicated to exploration,
exploitation and the metallurgy of gold. The CMH Group owns the Parcoy mine in
the Pataz Batholith in northern Peru, the second largest underground gold mine
in Peru; and the Untuca open pit mine in southern Peru. The CMH Group is the
fifth largest gold producer in Peru having produced more than 200,000 ounces of
gold in 2012, for an accumulated gold production to date of 2.1 million ounces.
The CMH Group also controls over 150,000 hectares of mining prospects in Peru
and elsewhere in South America. With this agreement, the CMH Group consolidates
its position in Colombia, a country with important gold mining opportunities. 


ON BEHALF OF THE BOARD OF BATERO GOLD CORP.

Brandon Rook, President & CEO

Batero Gold Corp.

FORWARD-LOOKING STATEMENTS: 

Certain of the statements and information in this press release constitute
"forward-looking statements" or "forward-looking information." Any statements or
information that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions or future
events or performance (often, but not always, using words or phrases such as
"expects", "anticipates", "believes", "plans", "estimates", "intends",
"targets", "goals", "forecasts", "objectives", "potential" or variations thereof
or stating that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved, or the negative of any of
these terms and similar expressions) are not statements of historical fact and
may be forward-looking statements or information. Forward looking statements or
information related to, among other things the proposed terms of the Strategic
Alliance Agreement and the Offering, the proposed terms of the securities
issuable in connection therewith, the proposed terms of the finder's fee payable
in connection with the Share Offering, the expected shareholdings of the CMH
Group, the expected closing date of the Offering, the expected date of
conversion of the subscription receipts and the planned use of proceeds from the
Offering.


Forward-looking statements or information are subject to a variety of known and
unknown risks, uncertainties and other factors that could cause actual events or
results to differ from those reflected in the forward-looking statements or
information, including, without limitation, the need for additional capital by
the Company through financings in order to continue its operations and the
planned exploration and development of the Batero-Quinchia Project, and the risk
that such funds may not be raised; the ability for the Company and Horizonte to
successfully complete the transactions as described above; the ability for the
Company to obtain the requisite regulatory and shareholder approval for the
transaction; the speculative nature of exploration and the stages of the
Batero-Quinchia Project; the effect of changes in commodity prices; regulatory
risks that development of the Batero-Quinchia Project will not be acceptable for
social, environmental or other reasons and the efforts and abilities of the
senior management team. This list is not exhaustive of the factors that may
affect any of the Company's forward-looking statements or information. Although
the Company has attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause results not
to be as anticipated, estimated, described or intended. Accordingly, readers
should not place undue reliance on forward-looking statements or information.


The Company's forward-looking statements and information are based on the
assumptions, beliefs, expectations and opinions of management as of the date of
this press release, and other than as required by applicable securities laws,
the Company does not assume any obligation to update forward-looking statements
and information if circumstances or management's assumptions, beliefs,
expectations or opinions should change, or changes in any other events affecting
such statements or information. For the reasons set forth above, investors
should not place undue reliance on forward-looking statements and information.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Batero Gold Corp.
604.568.6378
[e-mail]
www.baterogold.com