ARGONAUT GOLD ANNOUNCES UPDATED MINERAL RESERVES AT ITS OPERATING MINES AND FILES UPDATED NATIONAL INSTRUMENT 43-101 TECHNICAL REPORTS

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Toronto, Ontario – (March 27, 2018) Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) is pleased to announce updated Mineral Reserves at its El Castillo Complex, which is made up of the El Castillo and San Agustin Mines in Durango, Mexico, and its La Colorada Mine in Sonora, Mexico as of July 1, 2017.  The El Castillo Mineral Reserve increased approximately 74% from December 31, 2016 to July 1, 2017, primarily due to the acquisition of, and exploration success on, the San Juan mineral concession that was acquired in February of 2017.  The Mineral Reserves at the San Agustin Mine and the La Colorada Mine are maiden Mineral Reserves, as the Company had previously reported Mineral Resources only.

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