Argonaut Gold Announces 43% Increase in Mineral Reserves to 6.8 Million Contained Gold Ounces and 26% Increase in Measured and Indicated Mineral Resources to 13.1 Million Contained Gold Ounces Year-over-Year

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TORONTO, March 29, 2021 /CNW/ – Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) is pleased to announce it has increased its Mineral Reserves by 43% and its Measured and Indicated (“M&I”) Mineral Resources by 26% from December 31, 2019 to December 31, 2020.  The majority of the increase to Mineral Reserves and Mineral Resources are in relation to the acquisition of Alio Gold Inc. (see press release date July 1, 2020).  Both the San Agustin mine and the La Colorada mine increased their respective Mineral Reserves net of depletion, while the Florida Canyon mine essentially replaced the Mineral Reserves that were depleted.  Mineral Reserves and Mineral Resources were not updated at the Company’s non-producing projects.

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