Argonaut Exploration Inc. Announces General and Special Meeting Results

Argonaut Exploration Inc. ("Argonaut" or the "Company") (TSX VENTURE:AGA)
announces the results of its annual general and special meeting (the "Meeting")
of shareholders of the Company held on Saturday, March 3, 2012. The Meeting was
held, in part, to allow shareholders the opportunity to choose between two
slates of directors, the Management Directors' slate and the Concerned
Shareholders' slate. 


An aggregate of 20,870,909 common shares were represented at the meeting either
in person or by proxy, representing approximately 64.24% of the issued and
outstanding common shares of the Company.


Argonaut is pleased to report that the shareholders have decisively elected the
five-member Concerned Shareholders' slate by a margin of nearly 2:1. There were
a total of 13,120,289 votes from shareholders for the Concerned Shareholders'
slate compared to 7,344,650 votes for the Management Directors' slate.
Consequently, the shareholders have elected the slate of directors nominated by
the Concerned Shareholders, being Ray Cook, Brad Bakuska, Tell Stephen, Jeffrey
Dawson and Oleh Wowkodaw (the "New Directors"). The New Directors have been
elected as directors of the Company to hold office until the next annual general
meeting. 


Each of the New Directors are eager to begin the work required to move Argonaut
forward, including the implementation of the Financing Plan as set out in the
Dissident Proxy Circular of the Concerned Shareholders dated February 24, 2012
(available on www.sedar.com). 


The Financial Plan is specifically structured to reverse and improve the
Company's fortunes, provide market liquidity and growth through strategic
financings and a marketed corporate profile to attract new investors.


Additionally, the shareholders also re-appointed Grant Thornton LLP, Chartered
Accountants, as the auditors of the Company and approved the stock option plan
of the Company and an amendment to the bylaws of the Company to allow for
director meetings to be held via telephone and other electronic devices.


About Argonaut Exploration Inc.

Argonaut is a junior mineral exploration company focused on the acquisition,
exploration and development of mineral properties. Argonaut owns 100% interest
in 20,286 hectares of mineral tenures in the Terrace district and 7,832 hectares
in the Terrace/Smithers district. The tenures include: the adjoining Columario
and Bornite Range properties (18,683 hectares), the Fiddler-Dorreen property
(1,602 hectares) located 15 km to the northwest and the High Gold
copper-molybdenum porphyry property (7,832 hectares) located 48 km northeast.
Gold, silver and copper veins are well documented on all of these properties.


This news release may contain certain forward-looking information. All
statements included herein, other than statements of historical fact, is
forward-looking information and such information involves various risks and
uncertainties. There can be no assurance that such information will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such information. A description of assumptions used to
develop such forward-looking information and a description of risk factors that
may cause actual results to differ materially from forward-looking information
can be found in Argonaut's disclosure documents on the SEDAR website at
www.sedar.com. Argonaut does not undertake to update any forward-looking
information except in accordance with applicable securities laws.

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