Infinito Announces Release of Q1 2011 Results and Noteholders Waive Defaults
Arising From Delay in Costa Rican Court Proceedings

Trading Symbol: TSX-V: IG

CALGARY, Aug. 30 /CNW/ - Infinito Gold Ltd. (the "Company") announces that on August 30, 2010 Exploram Enterprises Ltd. ("Exploram") and Auro Investments Ltd. ("Auro", and together with Exploram, the "Noteholders") who in turn hold the outstanding $50.5 million Secured Convertible Notes (the "Notes") of the Company granted a waiver of a termination event (the "Waiver") under the Standstill Agreement executed on June 30, 2010 between the Company and the Noteholders.

Specifically, the Noteholders granted the Company a waiver to September 30, 2010 with respect to the proceedings related to the Tribunal Contencioso Adminastrativo (the "Tribunal") which otherwise would have been a Termination Event on August 31, 2010 under the Standstill Agreement.

In conjunction with executing the Waiver, the Company also announces that it has publicly filed on SEDAR (www.sedar.com) it's Consolidated Interim Financial Statements and Management Discussion and Analysis for the three month period ended June 30, 2010.

Furthermore, on July 27, 2010 the Government of Costa Rica published a letter affirming a variety of points, including: its intent to respect the results of the current legal process; that the Company has met and in all cases exceeded its health, safety and environmental obligations under the existing mine plan; discounting the impact of cyanide contamination; acknowledging the thoroughness of the work conducted by the Constitutional Court of Costa Rica; acknowledging the right of the Company to claim for compensation in the event the project was halted by the government; and reaffirming the government's intent to modify the mining laws to exclude all future open pit metal mining projects.

The Company interprets the release of this document as a positive step, and management is using all available avenues to press its case with the Tribunal and the Costa Rican government in order to expedite the resolution of these matters. The Company has been notified that a Tribunal hearing date has been set for Tuesday, September 14, 2010.

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 timing related to the Tribunal decision and the nature of any conditions contained therein, any changes made to the Tribunal hearing dates, the impact of the recent injunction on development at the Costa Rican mine site and the timing and nature of the ruling rendered with respect to this injunction, the timing and availability of short-term financing and the Noteholders intentions with respect to their continued financial support of the Company, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, the possibility that all necessary governmental and regulatory approvals will not be received, and the availability of a qualified workforce and third party contractors necessary for the development and operation of a mine. The 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

"The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release."


SOURCE Infinito Gold Ltd.

For further information: For further information:

INFINITO GOLD LTD.
216, 102 - 8thAvenue S.W.
Calgary, Alberta T2P 1B3
Telephone: (403) 444-5191

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Infinito Gold Ltd.

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