Noteholders Waive Defaults Arising From Ongoing Costa Rican Court Proceedings

Trading Symbol: TSX-V: IG

CALGARY, Dec. 1 /CNW/ - Infinito Gold Ltd. (the "Company") announces that on November 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 the earlier of January 21, 2011 or three (3) business days subsequent to the receipt of written revocation of the waiver by the Noteholders, with respect to the proceedings related to the Tribunal Contencioso Adminastrativo which otherwise would have been a termination event on November 30, 2010 under the Standstill Agreement.

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

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]