Infinito Gold Ltd. Announces Additional Financing

Trading Symbol: TSX-V: IG

CALGARY, Dec. 21, 2011 /CNW/ - Infinito Gold Ltd. (the 'Company') announces that it has accepted an offer of a demand loan facility (the 'Loan') for up to $830,000 from Exploram Enterprises Ltd. ('Exploram'), its major shareholder, and that all of the $830,000 has been advanced under the Loan.   The closing occurred promptly upon acceptance of the offer of the Loan by Infinito as the funds were required urgently.

The indebtedness under the Loan is to be secured under the existing General Security Agreement between the Company and Exploram delivered in connection with the sale of convertible notes of the Company on February 10, 2009 (the 'Prior Notes').  Interest is payable on the outstanding balance of the Loan monthly in arrears at a rate of 19.0% per annum.

The Loan is in addition to $16.1 million of principal in other demand loans (other 'Demand Loans') that are also payable to Exploram, and is in addition to $50.5 million in principal owed under the Prior Notes.

All indebtedness under the Loan is repayable on demand at any time and may be prepaid in whole or in part without penalty. In addition, all indebtedness under the Loan shall rank equally with the other Demand Loans and senior to all other indebtedness of the Company. There are no structuring fees to be paid by the Company in conjunction with the Loan.

The funds advanced under the Loan are expected to satisfy the Company's working capital requirements until mid-January 2012 as the Company continues with the strategic review announced on November 28, 2011.

The Company also wishes to announce that it has received the full, detailed decision of the Administrative Law Chamber of the Supreme Court of Costa Rica ('SALA I') and is currently translating and evaluating its impact on the Company's future actions.

Caution Regarding Forward-Looking Information and Statements

Certain statements in this press release address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. These factors include, among others, the extent of the Company's working capital requirements the nature of any conditions contained in the complete, detailed SALA I decision, the timing and nature of further legal action initiated by the Company and the possibility of appeals or new litigation by parties opposed to the project. These statements are made as of the date of this release but Company undertakes no obligation to update these forward-looking information or statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking information or statements.

INFINITO GOLD LTD.

John Morgan

President and CEO

'Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and accuracy of this release.'

Infinito Gold Ltd.

CONTACT: INFINITO GOLD LTD.

600, 1100 1stStreet S.E.

Calgary, Alberta T2G 1B1

Telephone: (403) 444-5191