Guerrero Amends Terms of $1,500,000 Brokered Private Placement, Euro Pacific Canada Acts as Agent

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 20, 2012) - Guerrero Exploration Inc. (TSX VENTURE:GEX) ("Guerrero" or the "Company") announces that the Company has amended the terms the previously announced private placement being brokered by Euro Pacific Canada Inc. ("the Agent"). Subject to regulatory approval, the placement now consists of up to 12,000,000 Units at $0.125 per Unit for total gross proceeds of $1,500,000. Each Unit will consist of one common share and one-half of a common share purchase warrant (a "Warrant"). In addition, the Company will grant the Agent an option to sell up to 15% additional Units under the same terms to raise additional gross proceeds of $225,000. Each whole Warrant will entitle the holder to purchase one common share at $0.25 for a period of 12 months from the date of closing.

The Units issued in connection with the private placement will be subject to a four month hold period from the date of closing. The Company intends to use the net proceeds of the Offering to fund the advancement of the Company's properties in Mexico and for general corporate purposes.

Guerrero attended the recent Guerrero Gold Belt conference in Toronto hosted by the Agent, who has extensive knowledge of the Guerrero Gold Belt and has been involved in recent syndicate financings of companies with properties on the Belt.

About Euro Pacific Canada Inc.

Euro Pacific Canada is an IIROC registered brokerage headquartered in Toronto, Ontario specializing in foreign markets, precious and strategic metals investing. The firm offers an integrated platform of investment banking, institutional sales and trading, research, and private client services following the advice laid out by Euro Pacific Capital's Chief Global Strategist, Peter Schiff, an internationally recognized economist and market strategist. Additional information is available at www.europac.ca.

About Guerrero Exploration Inc.

Guerrero Exploration Inc. is a Canadian based mineral exploration company with a focus on Mexican Gold, Copper and Silver mining areas known as the Guerrero Gold Belt, Southern Mexican Gold Belt and the Sierra Madre Occidental Belt. The Corporation's common shares trade on the TSX Venture Exchange under the symbol (GEX) and the Frankfurt Stock Exchange under the symbol (2GU). For further information please visit www.grxpl.com.

Advisory

Certain statements and information contained in this press release, including but not limited to management's assessment of Guerrero's future plans and operations, geological results and proposed exploration plans contain forward-looking statements. In particular, this press release contains statements concerning the anticipated receipt of government claims approval. All statements other than statements of historical fact may be forward looking statements. These statements, by their nature, are subject to numerous risks and uncertainties, some of which are beyond Guerrero's control including the effect of general economic conditions, industry conditions, changes in regulatory and taxation regimes, government approvals, volatility of commodity prices, escalation of operating and capital costs, currency fluctuations, the availability of services, imprecision of reserve estimates, geological, technical, drilling and processing risks, environmental risks, weather, the lack of availability of qualified personnel or management, stock market volatility, the ability to access sufficient capital from internal and external sources and competition from other industry participants for, among other things, capital, services, acquisitions of reserves, undeveloped lands and skilled personnel that may cause actual results or events to differ materially from those anticipated in the forward looking statements. Such forward-looking statements, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated in the statements made and should not unduly be relied on. These statements speak only as of the date of this press release. Guerrero does not intend and does not assume any obligation to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Guerrero's business is subject to various risks that are discussed in its filings on the System for Electronic Document Analysis and Retrieval (SEDAR).