Mr. Peter Dougherty reports

ARGONAUT GOLD ANNOUNCES NEW MAGINO DRILL RESULTS; MAGINO MINERALIZATION EXTENDS 250 METRES FURTHER EAST ON RICHMONT ZONE

Argonaut Gold Inc. is providing an update on the 2015 drill campaign on ground being acquired from Richmont adjacent to the Magino deposit, located near Wawa, Ont.

Drilling on the newly acquired Richmont ground was initiated in order to explore the eastern extension of Magino deposit mineralization. The latest mineral resource statement for the Magino deposit hosts an indicated mineral resource of 127.8 million tonnes at 1.01 grams per tonne gold for 4.2 million ounces and an additional inferred mineral resource of 30.0 million tonnes at 1.08 g/t gold for one million ounces. (The current drilling as detailed in this release has not been incorporated into an updated resource.)

Peter Dougherty, president and chief executive officer of Argonaut Gold, stated: "I am pleased with the progress the company is making at Magino. This project hits on so many of the key evaluation metrics we look for in a project. It is a multimillion-ounce deposit that greatly benefits from the advantages that come with being located in one of the top mining countries of the world. These drill results show both extended mineralization and higher grades. As we continue to test the extensions of the deposit, we are excited about the potential to increase the resource and value of this project."

Richmont Extension highlights

The company completed 12 wide-spaced NQ core holes totalling 4,067 metres. This drilling was positioned to explore mineralization along the eastern projection of the Magino deposit. Drilling identified mineral potential over more than 250 additional metres from the prior property boundary and successfully demonstrated eastern continuity to the Magino deposit. Listed in the table is a summary of key drill results.

                        MAGINO DRILL RESULTS

Hole ID             From        To     Width      Au           Au
                      (m)       (m)       (m)   (g/t) (40 g/t cap)

MA15-435             174       228        54    0.97
including            190       211        21    2.00
MA15-436             356       401        45    1.00
including            373       383        10    3.39
MA15-437             420       506        86    0.74
including            459       472        13    2.69
MA15-438             273       373       100    0.93
including            273       276         3    7.13
MA15-439            64.2       163      98.8    1.69         1.42
including             91        99         8    3.21
including            130       138         8    9.74         6.36
including            157       163         6    4.47         4.47
MA15-440             381       448        67    1.56         1.48
MA15-441              40        82        42    0.99
MA15-442             394       444        50    0.71

True widths are not known at this time.

Vice-president of exploration Tom Burkhart said: "We are excited and encouraged by the drilling results from the Richmont Extension zone. As predicted we extended mineralization easterly an additional 250 metres. We look forward to continuing to advance this project and incorporating this information into an updated mineral resource."

Path forward

Additional infill drilling has been completed in the heart of the Magino deposit to improve the company's understanding of the mineralization surrounding the historic underground mined. These data are being assayed and compiled, and are expected to be released early in the third quarter. The 2015 Magino drilling results will be incorporated into an updated resource and preliminary economic assessment for the project, which is expected to be released in late 2015.

Technical information, mineral properties reports and quality control

Thomas Burkhart, Argonaut's vice-president of exploration, is the company's qualified person responsible for the contents of this press release and has reviewed approved the information in the release pursuant to National Instrument 43-101. For further information on the Magino gold project please refer to "Preliminary Feasibility Study Technical Report for the Magino Project, Wawa, Ontario, Canada," dated Jan. 30, 2014, and with an effective date of Dec. 17, 2013, on the company's website or SEDAR.

Argonaut Gold used Activation Laboratories in Thunder Bay as the primary laboratory for its analysis. The samples were analyzed using a fire assay method with a 50-gram pulp size. All results greater than five grams per tonne were subsequently analysed using a metallic screen. Samples that were strongly mineralized or altered were selected for additional metallic screen analysis. Certified reference materials (standards) or blanks were inserted every 10 samples and preparation duplicates were taken every 50 samples.

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