Argonaut Gold Inc. Completes Resource Expansion Drill Program at El Castillo

Argonaut Gold Inc. (TSX:AR) ("Argonaut" or the "Company") is pleased to present
the final assay results for the 2010 resource expansion drill program at the 100
percent owned El Castillo gold mine in the State of Durango, Mexico.


The 2010 drill program included 308 drill holes spanning over more than 35,400
meters. The drilling, which commenced in December of 2009, was divided into two
phases. Phase I consisted principally of a 100 meter drill grid to define the
approximate limits of the El Castillo gold system. This program was completed in
mid April and consisted of 136 drill holes totaling 15,851 meters. 


A second phase of drilling immediately followed and was designed to fill-in and
better define mineralized zones identified from Phase I. The Phase II program,
which totaled 172 drill holes spanning over 19,500 meters, brought the drill
spacing to approximately 50 meters. Since the last update on October 12, 2010 an
additional 28 holes were completed. All drill results have been compiled and are
being utilized to complete an updated resource estimate as part of a revised
National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI
43-101") compliant technical report which is scheduled for completion by year
end.


Visit www.argonautgoldinc.com for a list of drill hole assay results completed
in 2010.


Core Drilling 

In early November, the Company also completed a small (7 hole) core drilling
program to obtain additional material for metallurgical testing of transition
and sulfide mineralization. It consisted of seven holes totaling 802 meters.
Core material representative of transition and sulfide mineralization has been
shipped to Kappes Cassidy & Associates in Reno where composites are currently
undergoing column leach testing. 


Tom Burkhart, Vice President of Exploration for Argonaut Gold noted, "The
increase in the mineralized envelope at El Castillo provides as a strong
indication of the potential for mine expansion at El Castillo. A new resource
estimate, containing all the drilling, changes in operating costs and
incorporating the overall mine improvements at El Castillo will be completed by
year end."


About Argonaut 

Argonaut is a Canadian gold company engaged in exploration, mine development and
production activities. Its primary assets are the production-stage El Castillo
Project and the exploration-stage La Fortuna Project, both located in the State
of Durango, Mexico. Argonaut is a producing gold company created by former
executive management team members of Meridian Gold Inc. 


Creating the Next Quality Mid-Tier Gold Producer in the Americas. 

Qualified Person Comments 

Preparation of this press release was supervised by Thomas Burkhart, Argonaut
Gold's Vice President of Exploration and a Qualified Person under NI 43-101. Mr.
Burkhart also reviewed the reverse circulation drill program and on-site sample
preparation procedures at El Castillo.


For additional information on the El Castillo gold mine, please refer to the
Technical Report On The El Castillo Project, Durango, Mexico (July 31, 2008).


Cautionary Note Regarding Forward-looking Statements 

This news release contains forward-looking statements that involve risks and
uncertainties that could cause results to differ materially from management's
current expectations. Actual results may differ materially due to a number of
factors. Except as required by law, Argonaut Gold Inc. assumes no obligation to
update the forward-looking information contained in this news release.


To view the "2010 El Castillo Drilling" figure, please visit the following link:

http://media3.marketwire.com/docs/agrdrl2010.pdf

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