Ms. Judy Baker reports

ARGO GOLD ANNOUNCES SHARES FOR DEBT

Argo Gold Inc. has agreed to settle an aggregate of $250,000 of indebtedness of the company with various arm's-length and non-arm's-length creditors through the issuance of an aggregate of 2.5 million common shares at a price of 10 cents per common share. The common shares issued pursuant to the debt settlement will be subject to a four-month-and-one-day hold period pursuant to applicable securities laws.

The shares-for-debt transaction constitutes a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) as insiders of the company will receive 250,000 common shares of the company in connection with the debt settlement. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the shares-for-debt transaction with the insider does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101. The company did not file a material change report in respect of the related-party transaction at least 21 days before the closing of the debt settlement, which the company deems reasonable in the circumstances as the company wishes to improve its financial position by reducing its existing liabilities.

About Argo Gold Inc.

Argo Gold is a Canadian mineral exploration and development company. Argo Gold is listed on the Canadian Securities Exchange (ARQ), as well as on the OTCQB (ARBTF), and on the Frankfurt Stock Exchange, Stuttgart Stock Exchange and Berlin Stock Exchange (A2ASDS).

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