Argonaut Gold Confirms Southern Extension of Gold Mineralization on the Recently Acquired Fresnillo Mineral Concession Adjacent to the El Castillo Mine

Toronto, Ontario – (June 1, 2017) Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) is pleased to provide drill results for the South Target area that lies within the 420 hectare mineral concession recently acquired from a wholly-owned subsidiary of Fresnillo Plc (“Fresnillo”) (see press release dated February 23, 2017). The South Target drill program, consisting of 71 reverse circulation (“RC”) drill holes totaling 6,990 metres, tested projected mineralization immediately south of the current El Castillo open pit. The recently announced North Target (see press release dated May 8, 2017) and the South Target drilling programs, totaling 18,530 metres in 146 RC drill holes, were designed to evaluate the economic potential of the recently acquired Fresnillo concession where mineralization is known to extend
along a recognized mineral trend that projects beyond the Company’s previous concession limits.

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