Argonaut Exploration Inc. Update and Closure of Private Placement First Tranche

Argonaut Exploration Inc. ("the Company") (TSX VENTURE:AGA), a company engaged
in the exploration and development of precious and base metals near Terrace
British Columbia, is pleased to announce that it has closed the first tranche of
its previously announced non-brokered private placement of up to 10 million
Units priced at $0.05 per Unit. Pursuant to this closing, the Company will issue
an aggregate of 4,637,500 Units for gross proceeds of $231,875. Each Unit
consists of one common share ("Common Share") and one flow-through common share
purchase warrant ("Warrant") of the Corporation. Each Warrant will entitle the
holder to acquire one Common Share to be issued on a "flow-through" tax basis at
a price of $0.10 until December 31, 2012. Additional tranches under this private
placement will close shortly.


The securities issued pursuant to the Offering are subject to a four (4) month
hold period. Completion of the Offering is subject to the final approval of the
TSX Venture Exchange.


Proceeds of the financing will be used to advance the business of the Company in
particular the exploration and development of the Columario Property and
historic mine. 


Finders acting in connection with the first tranche of this private placement
received a finder's fee in the total amount of $7,600.


In additional news; the Company has filed the Columario Property technical
report on the 2011 work program with British Columbia Mineral Titles on August
1, 2012. The newly released report can now be viewed on SEDAR and the Company's
website at www.argonautexploration.com. The value of the technical work has been
applied to maintain in good standing the Company's adjoining Terrace and
Columario mineral tenures until the years 2020 to 2022.


Argonaut acquired, on July 29, 2012, mineral tenure 980323 which contains the
Silver Bow mineral zone. The Silver Bow mineral tenure adjoins the Columario
property thus adding several new mineralized vein systems to the company's
Terrace holdings. Documented historic surface production from the Silver Bow
zone are detailed in a report stating that 14.8 tons of ore was processed from
two shipped lots:




                  Au        Ag                              
Lot        (oz./ton) (oz./ton)    Cu (%)    Pb (%)    Zn (%)
------------------------------------------------------------
7.4 tons       0.173      41.6       1.1      21.1      13.0
7.2 tons        0.15      15.0       1.6      15.0      14.0



Historic report G.S.C. Memoir 329, describes the Silver Bow showing as a number
of quartz veins containing silver, lead and zinc located in moderately steep
dipping fissures adjacent to feldspar porphyry dykes that intrude volcanic and
granitic country rock. A vein located at an elevation of 2000 feet (610 meters)
returned historic assays to: gold, 0.08 oz./ton; silver, 6.3 oz./ton; lead, 7.6
% and zinc, 2.4 %. 


The Silver Bow zone is located 1.3 km east of a major highway and power lines.

About Argonaut Exploration Inc.

Argonaut is a junior mineral exploration company focused on the acquisition,
exploration and development of mineral properties. For more information on the
Corporation visit its website at www.argonautexploration.com.


This news release may contain certain forward-looking information. All
statements included herein, other than statements of historical fact, are
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 the Company's disclosure documents on the SEDAR website at
www.sedar.com. The Company does not undertake to update any forward-looking
information except in accordance with applicable securities laws.
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