Mr. Michael Collins reports

ARGUS METALS CLOSES 1ST TRANCHE OF PRIVATE PLACEMENT

Further to the news release dated June 2, 2016, Argus Metals Corp. has received TSX Venture Exchange approval to close the first tranche of its private placement. The first tranche comprises 268,500 units at a price of 10 cents per unit and 34,000 flow-through shares at a price of 15 cents per FT share for gross proceeds of $31,950. A second tranche of 312,000 units and 299,000 FT shares is still subject to TSX Venture Exchange approval of documentation. In aggregate, the company has raised gross proceeds of $108,000.

Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share of the company for a period of 24 months from the closing date at a price of 15 cents per share.

No finders' fees were paid in connection with the private placement closing.

The securities issued in relation to this private placement are subject to a regulatory four-month hold period expiring Dec. 18, 2016, and Dec. 24, 2016.

"Argus has focused on conserving cash and share capital for the past three years. It is clear that the public market is once again rewarding exploration and development success, and so Argus is excited to close this financing and move aggressively to develop Ike and potentially other projects," said president and chief executive officer Michael Collins. "With only 8.8 million shares issued and outstanding pending the second tranche close, Argus is well placed to take advantage of a focused board and management and a receptive market."

Proceeds from the private placement will be used to continue exploration on the company's Ike exploration project and for general working capital purposes and project generation.

We seek Safe Harbor.