🕐24.10.11 - 15:54 Uhr

ARGONAUT EXPLORATION INC. SAMPLES WIDESPREAD SURFACE AND UNDERGROUND GOLD TO 72
GRAMS PER TONNE AT TERRACE, B.C.




Argonaut Exploration Inc. Samples Widespread Surface
And Underground Gold To 72 Grams Per Tonne At Terrace, B.C.

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Calgary, Alberta, October 24th, 2011, Argonaut Exploration Inc. TSX-V; AGA ("Argonaut" or "the Company") is pleased to release the Companys 2011 exploration program chip and channel sample results from surface outcrops and underground workings at the Columario property, Terrace, British Columbia (Table 1, 2 and 3).

The objective of the 2011 field program was to explore, through geologic mapping, rock sampling and diamond drilling, the historically documented vein systems reported from the Columario property and mine. Argonauts 2011 program included re-building the overgrown and damaged 2.8 kilometre (km) access road to the mine portals. Re-building the road puts the mine workings 1.6 km from the nearest power line, 6 km from the road junction with the Yellowhead Highway and 18 km from the City of Terrace.

Six separate veins were sampled during the 2011 exploration program. The veins sampled are historic veins 4, 5, 6, 7, the Tenderfoot vein and the Victor vein. With the exception of vein 5, 100% of the vein sample results are posted in the contained tables. The veins were all sampled at surface in outcrop with the exception of vein 7 which was sampled underground.

TABLE 1. COLUMARIO MINE: ROAD VEIN CHANNEL SAMPLES

Sample
Number Sample Type Location
(West to East) Vein Elevation
(m) Width
(m) Au
(g/t) Ag
(g/t) G0750891 chip/channel Adit 5, Site 1 4 655 0.7 37.0 103.0 G0750895
G0750896 chip/channel Adit 5, Site 2 4 655 1.55 2.3 7.4 G0750896 Including Adit 5, Site 2 4 655 0.8 2.68 7.7 G0750898
G0750899 chip/channel Adit 4, Site 1 4 630 1.25 10.6 28.1 G0750898 Including Adit 4, Site 1 4 630 0.35 36.4 93.7 G0750885 chip/channel Adit 3, Site 2 5* 630 0.9 2.34 20.2 G0750878
G0750879 chip/channel Adit 2, Site 1 Dakota adit 6 640 0.85 1.39 4.8 G0750878 Including Adit 2, Site 1 6 640 0.25 2.6 9.4 G0750897 chip/channel Adit 11, Site 1
Tenderfoot Adit
@ 338 m NNE
from Dakota portal ? 550 0.35 10.9 32.6

*Vein 5 yielded only one significant gold value from four samples taken at three sites.

The historic Columario mine is located on veins 4, 5 and 6 (Dakota vein) with vein 7, Tenderfoot, Victor and several other veins peripheral to the mine workings. Vein 4 is the only vein developed over three separate levels, approximately 25 meters (m) vertically apart along adits 4, 5 and 6. The location of sampled veins external to the Columario mine include vein 7 at 84 m northeast of the mine, Tenderfoot vein at 338 m north-northeast and the Victor vein at 2.1 km to the south. The adit numbers and vein numbers are independent of each other.

Surface mapping in the mine area indicates that the Columario veins occupy a series of sub-parallel, en echelon fault structures that trend northwest to southeast (NW � SE) and dip moderately at 35 to 65 degrees to the northeast (NE). The horizontal distance from vein 4 to the Tenderfoot vein is approximately 380 m to the NE and 105 m lower in elevation. The greatest strike distance between a surface vein outcrop and the same veins underground exposure is 150 m.

Vein 7

Vein 7 was targeted for underground sampling due to the adits accessibility and absence of an historic sample record. Vein 7 was known to have been selectively high-graded in 1939, and Argonaut wanted to determine if significant gold remained in the adit. All of the vein 7 sample results are documented in Table 2.

TABLE 2. VEIN 7: TOTAL UNDERGROUND VEIN SAMPLES

Sample
Number Sample Type Location
(Elevation 628 m) Width
(m) Au
(g/t) Ag
(g/t) G0750919 Chip sample Portal 0.5 7.16 16.8 G0750920 Chip sample 5 m from portal 0.5 16.1 7.8 G0750921 Chip sample 5 m from portal 0.3 22.3 21.9 G0750923 Chip sample 8 m from portal 0.42 31.7 35.9 G0750925 Chip sample 11 m from portal 1.0 8.88 20.3 G0750926 Chip sample 12 m from portal 0.13 18.9 16.0 G0750928 Chip sample 14.5 m from portal 0.36 0.34 1.3 G0750930 Chip sample 17 m from portal 0.15 50.6 143.0 G0750931 Chip sample 17 m from portal 0.5 8.05 11.3 G0750933 Chip sample 18.5 m from portal 0.18 38.6 51.8 G0750936 Chip sample 20 m from portal 0.16



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