Argonaut Gold Produces 34,384 and 122,097 Gold Equivalent Ounces During the Fourth Quarter and Year Ended 2016 Respectively and Provides 2017 Guidance

TORONTO, Jan. 16, 2017 /CNW/ – Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) announces gold equivalent ounce1 (“GEO” or “GEOs”) production of 34,384 during the fourth quarter ended December 31, 2016 (“Q4”) and 122,097 during the year ended December 31, 2016 (“YE”).  During Q4, production was 16,747 GEOs at its 100% owned El Castillo Mine (“El Castillo”) located in the State of Durango, Mexico and 17,637 GEOs at its 100% owned La Colorada Mine (“La Colorada”) located near Hermosillo, Mexico.  During 2016, El Castillo and La Colorada GEO production totaled 62,766 and 59,331, respectively.  Management expects YE consolidated cash costs2 to be below the lower end of the range of revised 2016 guidance of $825 to $875 per gold ounce sold.

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