INFINITO GOLD LTD. - Noteholders Waive Defaults Arising From Delay in Costa
Rican Court Proceedings

Trading Symbol: TSX-V: IG

CALGARY, Oct. 29 /CNW/ - Infinito Gold Ltd. (the "Company") announces that on October 29, 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 November 30, 2010 with respect to the proceedings related to the Tribunal Contencioso Adminastrativo (the "Tribunal") which otherwise would have been a Termination Event on October 31, 2010 under the Standstill Agreement.

This waiver represents the third time since June 30, 2010 that the Noteholders have waived events of default relating to the delay in the proceedings related to the Tribunal.

INFINITO GOLD LTD.

John Morgan
President

"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 or accuracy of this release"

For further information:

INFINITO GOLD LTD.
216, 102 - 8^thAvenue S.W.
Calgary, Alberta T2P 1B3
Telephone: [phone]