Gold Mexico Production Results Argonaut Gold Announces Q2 Production of 29,237 Gold Equivalent Ounces

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TORONTO, ONTARIO–(Marketwired – July 14, 2016) – Argonaut Gold Inc. (TSX:AR) (“Argonaut”, “Argonaut Gold” or the “Company”) announces production of 29,237 gold equivalent ounces (“GEOs”) during the second quarter ended June 30, 2016 (“Q2”). Given the lower than anticipated production during the second quarter, the Company is now guiding toward the lower end of its 2016 production guidance to between 130,000 to 135,000 GEOs (previously 130,000 to 140,000 GEOs). All dollars in this press release are expressed in U.S. dollars, unless otherwise noted.

2nd Quarter Change Year to date Change
2016 2015 2016 2015
Total Gold Equivalent Ounce Production:
GEOs loaded to the pads1 63,724 55,871 14% 114,726 110,125 4%
GEOs projected recoverable ounces1,2 32,125 31,617 2% 59,981 63,251 (5%)
GEOs produced ounces1 29,237 36,529 (20%) 61,391 79,784 (23%)
GEOs ounces sold1 31,230 36,547 (15%) 61,242 78,965 (22%)
1 GEOs are based on conversion ratio of 65:1 for silver to gold for 2016 and 55:1 for 2015. This is the referenced ratio throughout the release
2 Recoverable ounces – El Castillo expected gold recovery rates: ROM oxide 50%, crushed oxide 70%, ROM transition 40%, crushed transition 60%, crushed sulphides argillic 30% and crushed sulphides silicic 17%; La Colorada expected recovery rates: gold 60% and silver 30%

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