TORONTO - Argonaut Gold Inc. (TSX: AR) (the 'Company', 'Argonaut Gold' or 'Argonaut') is pleased to announce it continues to discover high-grade gold mineralization in three distinct veins - North, Central and South - below the El Creston open pit at its La Colorada mine in Sonora, Mexico.

High-grade gold intercepts include: South Vein: Drill hole 21-LCRC-667 intersected 38.1 metres at 9.1 g/t Au and 126.6 g/t Ag, including 4.6 metres of 51.9 g/t Au and 28.5 g/t Ag

North Vein: Drill hole 21-LCRC-657 intersected 29.0 metres at 3.62 g/t Au and 10.1 g/t Ag, including 4.6 metres of 17.4 g/t Au and 29.0 g/t Ag

Central Vein: Drill hole 21-LCRC-673 intersected 22.9 metres at 6.7 g/t Au and 30.1 g/t Ag, including 1.5 metres of 90.0 g/t Au and 14.8 g/t Au

The latest phase of drilling was a follow-up program to the initial discovery of high-grade gold veins below the El Creston open pit, which included 12.2 metres at 98.9 g/t Au and 30.3 g/t Ag and 21.3 metres at 44.6 g/t Au and 274.9 g/t Ag. Following the initial discovery of high-grade gold zones, a phase two program of approximately 6,900 metres was designed to test lateral continuity and down-dip extensions of the gold-silver system. Argonaut has confirmed the discovery of three distinct high-grade gold veins (North, Central and South) extending at least 250 metres below the planned bottom of the El Creston pit. The drill results announced today represent approximately 80% of the phase two drilling program and assays are pending for the remaining 20% of the program.

Pete Dougherty, President & CEO commented: 'In April of this year, we announced the discovery of high-grade gold veins below the El Creston open pit at our La Colorada mine. We were excited to increase our exploration program at La Colorada to test the continuity and down-dip extension of these veins and are encouraged by the phase-two drill results. Not only are we encountering additional high gold grades, but we are also pleased with the estimated average true width of the high-grade in the three veins discovered thus far.'

The high-grade zones occur in three distinct oxide low sulphidation quartz veins - North, Central and South - extending below the current El Creston open pit mine operations and are part of a larger low sulphidation system with gold and silver hosted in quartz and quartz-breccia zones. Drilling and mine operations have currently defined over 800 metres of strike length along the veins. The veins remain open along strike and at depth and are known to go well below the planned open pit.

For the phase-two program, two reverse-circulation ('RC') drill rigs were utilized due to the speed of which the program could be completed to work around active mining operations. A diamond drill rig was utilized in both phase one and two drill programs to twin select holes for grade and width confirmation. Assays received to date from core twin holes during the phase one and two programs confirmed good sample quality in the RC drilling.

Cautionary Note Regarding Forward-looking Statements

This press release contains certain 'forward-looking statements' and 'forward-looking information' under applicable Canadian securities laws concerning the business, operations and financial performance and condition of Argonaut Gold Inc. ('Argonaut' or 'Argonaut Gold'). Forward-looking statements and forward-looking information include, but are not limited to statements with respect to the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; estimated production and mine life of the various mineral projects of Argonaut; timing of approval for modifications to existing permits; permitting and legal processes in relation to mining permitting and approval; the benefits of the development potential of the properties of Argonaut; the future price of gold, copper, and silver; the estimation of mineral reserves and resources; success of exploration activities and currency exchange rate fluctuations. Except for statements of historical fact relating to

Argonaut, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as 'plan,' 'expect,' 'project,' 'intend,' 'believe,' 'anticipate', 'estimate' and other similar words, or statements that certain events or conditions 'may', 'should' or 'will' occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Argonaut and there is no assurance they will prove to be correct.

Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include variations in ore grade or recovery rates, changes in market conditions, risks relating to the availability and timeliness of permitting and governmental approvals; risks relating to international operations, fluctuating metal prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.

These factors are discussed in greater detail in Argonaut's most recent Annual Information Form and in the most recent Management's Discussion and Analysis filed on SEDAR, which also provide additional general assumptions in connection with these statements. Argonaut cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Argonaut believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.

Although Argonaut has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Argonaut undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed. Comparative market information is as of a date prior to the date of this document.

About Argonaut Gold

Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production. Its primary assets are the El Castillo mine and San Agustin mine, which together form the El Castillo Complex in Durango, Mexico, the La Colorada mine in Sonora, Mexico and the Florida Canyon mine in Nevada, USA. The Company also holds the construction stage Magino project, the advanced exploration stage Cerro del Gallo project and several other exploration stage projects, all of which are located in North America.

Contact:

Dan Symons

Tel: 416-915-3107

Email: dan.symons@argonautgold.com

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