Argonaut Gold Executes Fixed Bid Contract for Magino Construction and Extends Ana Paula Sale Closing

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TORONTO, Jan. 4, 2021 /CNW/ – Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) is pleased to announce that it has executed a fixed bid engineering, procurement, construction and commissioning contract (the “EPC contract”) with Ausenco Engineering Canada Inc. (“Ausenco”), a leading engineering and construction management company, for the construction of the Magino processing facility and other parts of the Magino construction project.  The EPC contract totals approximately 40% of Magino’s initial capital estimate of between C$480 million and C$510 million (approximately US$360 million and US$380 million at a 0.75 Canadian dollar to US dollar exchange ratio, which was the approximate ratio when the construction decision was made October 2020).

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