Mr. Pete Dougherty reports

ARGONAUT GOLD DRILLS HIGH-GRADE INTERCEPTS OF 12.4 METRES AT 10.6 G/T GOLD, INCLUDING 2.0 METRES AT 48.7 G/T GOLD AND 9.0 METRES AT 13.4 G/T GOLD, INCLUDING 2.0 METRES AT 55.6 G/T GOLD; CENTRAL ZONE SHOWS PROMISING CONTINUITY AND POTENTIAL CONNECTION TO ELBOW ZONE

Argonaut Gold Inc. has released drill results from its continuing drill campaign targeting high-grade mineralization below the proposed open-pit mine at its 100-per-cent-owned Magino property in Ontario, Canada.

Highlights include:

• MA20-043 with 9.0 metres at 13.4 grams per tonne gold, including 2.0 m at 55.6 g/t Au;
• MA20-044 with 3.0 m at 46.8 g/t Au, including 1.0 m at 140.0 g/t Au;
• MA20-045 with 12.4 m at 10.6 g/t Au, including 2.0 m at 48.7 g/t Au;
• MA20-046 with 11.0 m at 4.4 g/t Au, including 1.0 m at 22.8 g/t Au;
• MA20-047 with 5.0 m at 11.0 g/t Au, including 1.0 m at 37.0 g/t Au.

Pete Dougherty, president and chief executive officer, stated: "The continuous high-grade nature of gold mineralization observed in the Elbow zone is now also observed in the Central zone. We continue to encounter high-grade gold intercepts below and adjacent to the proposed open pit, and now believe there is potential for a possible connection between the Elbow and Central zones that we will be testing. We also have several other high-grade structures to test at depth within and below the current mineral resource model at Magino west of the Elbow and Central zones."

Recent drilling has focused on testing continuity and depth extent in the Central zone, a steeply plunging ore shoot dominated by high-grade gold veins within a broad lower-gold-grade halo. Results indicate the high-grade gold mineralization shows good continuity and extends to depths of at least 750 metres below surface. In addition, the geologic model shows the Central zone has good lateral continuity and has potential to connect westward to the Elbow zone.

The associated table highlights select drill results from the Central zone from the continuing drill program. A three-dimensional model of the Magino deposit and the Elbow and Central zones in relation to the proposed pit and property boundaries is available on the company's website.

                         SELECT DRILL RESULTS -- PHASE 2 CENTRAL ZONE
  
Hole                From            To        Length          Grade     Estimated true width
                (metres)      (metres)      (metres)       (Au g/t)                 (metres)

MA20-043           312.9         316.0           3.1           6.41                      2.2
including          314.0         315.0           1.0           12.6                      0.7
and                476.0         485.0           9.0           13.4                      6.3
including          477.0         479.0           2.0           55.6                      1.4
and                540.6         559.0          18.4            2.6                     12.9
including          540.6         542.2           1.6           15.4                      1.1
MA20-044           307.0         310.0           3.0           46.8                      2.1
including          308.0         309.0           1.0          140.0                      0.7
and                398.0         400.0           2.0            7.1                      1.4
including          399.0         400.0           1.0           13.9                      0.7
MA20-045           327.0         365.0          38.0            4.3                     26.6
including          328.6         341.0          12.4           10.6                      8.7
including          339.0         341.0           2.0           48.8                      1.4
MA20-046           285.0         301.0          16.0            3.4                     12.8
including          290.0         298.0           8.0            5.2                      6.4
including          290.0         291.0           1.0           22.8                      0.8
and                433.0         434.0           1.0           15.4                      0.8
MA20-047           406.0         423.0          17.0            4.1                     12.8
including          412.0         417.0           5.0           11.0                      3.8
including          414.0         415.0           1.0           37.0                      0.8
MA20-048           349.0         361.0          12.0            3.3                      9.0
including          355.0         358.0           3.0            7.0                      2.3
MA20-049           644.0         654.0          10.0            4.3                      7.5
including          644.0         646.0           2.0           17.2                      1.5
and                724.0         728.0           4.0            5.8                      3.0
including          727.0         728.0           1.0           20.2                      0.8
 

All Central zone drill results as well as maps and sections are available on the company's website.

Brian Arkell, vice-president, exploration, stated: "These drill results in the Central zone were designed to offset an earlier Central zone intercept, MA19-012, which returned 18.1 metres of 8.3 g/t Au, and to test the continuity of gold mineralization in this zone. We are very pleased to see similar gold mineralization plus, gangue minerals, deformation and alteration when compared to the Elbow zone. These assay results suggest continuity of high-grade gold mineralization exists between the Elbow and Central zones and will be the focus of further drilling to test this theory."

Qualified person comments/quality control procedures

The preparation of this press release was supervised and approved by Mr. Arkell, a qualified person under National Instrument 43-101. Mr. Arkell also reviewed the diamond drilling, sampling and on-site sample preparation procedures at Magino.

For sample analysis, the company utilizes a system of quality assurance/quality control (QA/QC) that includes insertion and verification of standards, blanks and duplicates consistent with industry standards.

The company has implemented a QA/QC program to ensure sampling and analysis of all exploration work is conducted in accordance with the CIM (Canadian Institute of Mining, Metallurgy and Petroleum) Exploration Best Practices Guidelines. The entire drill hole is sampled and tagged by geologic personnel. Cores are then photographed and sawn in half by experienced geotechnicians, placed in numbered plastic bags and gathered in rice bags, which are sealed with tamper-proof security tags under the supervision of the project geologists. The other half of the core is retained for future assay verification and/or metallurgical testing. Other QA/QC procedures include the insertion of coarse blanks and Canadian reference standards for every 10th sample in the sample stream. Samples are bagged, sealed with numbered security tags and shipped to the Activation Laboratories facility, Thunder Bay, Ont., for sample preparation and assaying. The laboratory has its own QA/QC protocols, running standards, blanks and duplicate samples in each batch stream. Gold analysis is conducted by lead collection, fire assay with a gravimetric finish on a 50-gram sample. Metallic screen fire assaying is now completed using a 1.0-kilogram sample and two 50-gram fire assays of the pass (minus-100 mesh) pulverized material on all samples containing visible gold. Check assays are conducted at a secondary International Organization for Standardization-certified laboratory.

About Argonaut Gold Inc.

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, United States. Advanced exploration projects include the Magino project in Ontario, Canada, the Cerro del Gallo project in Guanajuato, Mexico, and the Ana Paula project in Guerrero, Mexico. The company holds several other exploration-stage projects, all of which are located in North America.

We seek Safe Harbor.