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Toronto, Ontario – (May 8, 2017) Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) is pleased to announce that it has completed approximately 11,540 metres in 75 reverse-circulation (“RC”) drill holes on the North Target area that lies adjacent to the El Castillo open pit mine. The North Target lies within a 420 hectare mineral concession recently acquired from a wholly-owned subsidiary of Fresnillo Plc (“Fresnillo”) (see press release dated February 23, 2017). The North Target drilling is part of an ongoing US$2 million infill RC drill program within areas of projected mineralization outward from the currently operational El Castillo open pit mine. Previous wide-spaced drilling by Fresnillo established the gold potential in the area and was valuable in the design of the current drilling program. The Company’s objective was to increase drill-hole density within mineralized areas to approximately 35 metre spacing, which is consistent with the current modeling practices at El Castillo. These new drill hole results of the North Target area display strongly oxidized gold bearing rocks with the same chemical and structure characteristics as the El Castillo open pit mine. Potential to extend the current El Castillo pit limits and extend mine life is highly promising. Drilling continues on the South Target area where Fresnillo’s prior work supports further drilling to possibly extend pit limits there as well, and the results are expected to be released during the second half of 2017. The Company anticipates publishing an updated National Instrument 43-101 Technical Report for the El Castillo mining complex during the first quarter of 2018, where the drill results from the North and South Target areas will be incorporated into an updated mineral reserve and resource estimates.