Argonaut Exploration Inc. Mobilizes Drill Program and Closure of Private Placement

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 its second tranche
and finished the previously announced non-brokered private placement. The
placement returned gross proceeds of $291,875 and the Company will issue an
aggregate of 5,837,500 Units. 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. 


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 this private placement received a finder's fee
in the total amount of $12,000.


Drill Mobilization

Argonaut has mobilized Titan Diamond Drilling to the Columario property to
commence a 700 to 1000 metre exploration drill program targeting the gold
bearing Victor vein on the southern part of the property. The program will be
supervised by Dr. Mathias Westphal, P.Geol. of Smithers, B.C. Dr. Westphal is an
internationally experienced geoscientist who has consulted extensively on both
precious metal vein and porphyry system projects throughout north central
British Columbia.


Victor Vein

The Victor and associated neighbouring veins were historically described as the
potential extension of the Columario mine vein system. In 1935, a newspaper
article (The Omineca Herald, no.43, 1935) described that the management of the
Columario mine were planning a separate tram line to the mine from the Victor
vein area if gold values and tonnage justified development. 


The Victor vein is located 2.1 kilometres south of the Columario mine workings
on the Columario property. The vein is exposed intermittently over a strike
length of 150 metres with a width ranging from 0.3 to 2 metres, averaging 0.5
metres. The host rock is lower Jurassic Hazelton volcanic andesite, the same as
that exposed with diorite at the Columario mine. The vein appears to be faulted
at both ends requiring exploration to determine its projected offsets and gold
content.


In 2011, nine channel samples were collected by the Company along the full
exposure of the Victor vein. The average assay results of the 9 samples returned
15.0 g/t (0.44 oz/tonne) gold and 6.0 g/t (0.18 oz/tonne) silver over an average
width of 0.48 metres. The best result of the sample program was 72.4 g/t (2.1
oz/tonne) gold and 10.2 g/t (0.3 oz/tonne) silver over 0.3 metres.


Ray Cook, President of Argonaut, states: "The Victor vein drill program is the
first step in potentially creating a 43-101 compliant gold resource on the
Columario property. Argonaut continues to work at obtaining a significant
precious metal asset base in the area and the necessary larger financing needed
to drill test our assets with a priority on the underground workings of the gold
mine to the north."


About Argonaut Exploration Inc. 

Argonaut is a junior mineral exploration company focused on the acquisition,
exploration and development of gold, silver and copper bearing 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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