Ms. Judy Baker reports

ARGO INCREASES ITS URANIUM MINERAL CLAIM POSITION IN THE ATHABASCA BASIN, SASKATCHEWAN

Argo Gold Inc. has increased its uranium mineral claim position at Thunderclap in the Athabasca basin, Saskatchewan. Argo Gold's 100-per-cent interest at Thunderclap now covers 264 hectares of prospective uranium mineral claims in the Athabasca basin. Argo Gold also has a 100-per-cent interest in three other uranium areas in the Athabasca basin -- Parker Lake, Thunderbolt and ZigZag -- which altogether total 15,962 hectares and are considered prospective for uranium mineralization.

Thunderclap is located 16 kilometres south-southwest of the McLean Lake uranium mine and mill, 18 kilometres southwest of the Rabbit Lake mine and mill, 30 kilometres northeast of Cameco's Cigar Lake high-grade uranium mine, 12 kilometres south of the Points North Landing camp and airstrip, and 17 kilometres south of Denison Mine's Midwest Lake ISR (in situ recovery) uranium deposit. Thunderclap is surrounded by Cameco Corp., with Uranium Energy Corp. (UEC) to the immediate east.

To the east of the Thunderclap mineral claim, drilling by Asamera in 1982 returned 0.13 per cent eU3O8 over four metres (m) in sheared, reduced yellow brown to olive green chlorite schist from the diamond drill hole Q12a-9. The unconformity lies at a depth of 182 m with bleaching, hematite and chlorite alteration in basement rocks (reference: SMDI 1969, located 600 m east of Thunderclap). A second drill hole (SHA-042) intersected the unconformity at 197.2 m returning 0.021 per cent U3O8 over 4.0 m from 306 to 310 m and 0.071 per cent U3O8 over 7.0 m from 499 to 506 m at the contacts of semi-pelitic gneisses and pegmatites (reference: SDMI 3480, located 1,500 m east of Thunderclap).

To the northwest of Thunderclap and 5.28 kilometres (km) south of the Midwest Lake uranium deposit, historical drilling intersected 0.25 per cent eU3O8 over 4.0 m in DDH Q8-24 from 166.3 to 170.3 m in the lower sandstone and regolith in black pyritic sandstone, and 1.1 m in the lower sandstone of 14.8 per cent nickel (Ni), 7.2 per cent cobalt (Co), 1.44 per cent copper (Cu), 1.14 per cent arsenic (As) and 0.16 per cent lead (Pb) (reference: SMDI 2551). Historical drilling 3.5 km to the southwest of Thunderclap returned 0.34 per cent U3O8 over 0.5 m, as well as anomalous nickel arsenide, cobalt, copper, lead and zinc (reference: SMDI 2751). The anomalous polymetallic mineralization is considered to be very significant, as the Cigar Lake high-grade uranium mine carries similar polymetallic mineralization along with the uranium and gold/silver. The Thunderclap property is considered highly prospective and has never been drill tested.

The Fraser Institute's annual survey of mining companies ranked Saskatchewan as third in the world for mineral exploration and mining investment attractiveness. Argo is well positioned to advance mineral exploration with high-quality assets in a mining-friendly jurisdiction.

National Instrument 43-101 disclosure

The technical information in this news release has been reviewed and approved by Michael Guo, who is a qualified person as defined in National Instrument 43-101. Historical geochemical, drilling results and geological descriptions quoted in this news release were taken directly from news releases by other mineral explorers and from information provided by the government of Saskatchewan. Management cautions that results reported by other parties on adjacent properties have not been verified nor confirmed by its qualified person, but Argo believes they create a scientific foundation for the exploration in the district. Management further cautions that historical results or discoveries on adjacent or nearby mineral properties are not necessarily indicative of the results that may be achieved on Argo's mineral properties.

Note on U3O8 equivalence

Some of the reported U3O8 results represent equivalent uranium or eU3O8, which is determined through downhole probing techniques. These methods estimate the uranium content in situ by measuring gamma radiation, which is then converted into an eU3O8 value based on standard calibration factors. It is important to note that this is an indirect measurement and the actual uranium species may vary. The eU3O8 values provide an estimate of uranium concentrations in the mineralization, but further assaying and metallurgical testing would be needed to confirm the precise uranium species and chemical grade.

About Argo Gold Inc.

Argo Gold is a Canadian mineral exploration and development company, and an oil producer.

We seek Safe Harbor.