Argonaut Exploration Announces Appointment of New President and Chief Executive Officer

Argonaut Exploration Inc. (the "Company" or "Argonaut") (TSX VENTURE:AGA), a
junior mineral exploration company focused on the exploration and development of
its northern British Columbia mineral properties is pleased to announce the
appointment of Ray Cook, Honours B.Sc., M.Sc., Geology as President and Chief
Executive Officer of the Company effective March 15th, 2012. Mr. Cook replaces
David Jensen who has held the position since December 20th, 2011. 


Mr. Cook is the co-founder, past President and C.E.O. of Argonaut Exploration
Inc. Currently, Mr. Cook is president and co-owner of the private consulting
company Rhamco Resource Explorations and Consultants Inc., incorporated in 1982.



Ray Cook located and acquired all of the Company's properties in the Terrace,
B.C. area including the Columario Gold property and historic mine at an
approximate cost to the Company of $200,000 most of which was financed through
the issuance of shares in the Company. The mineral claims adjoin and include 4
historic mines and in excess of 40 separate mineral occurrences in a 202 square
kilometre land area. Ray Cook negotiated all required government work permits
with the assistance of professional geologists and has established the current
healthy relationships that exist for the Company with the First Nations
stakeholders on their traditional lands. 


Argonaut is in the early stages of exploring the Terrace Property including the
Columario Property and historic gold mine. Argonaut's Terrace Property precious
and base metal asset potential has been under-appreciated in the marketplace at
a time when these metals are in global demand. The need for a new comprehensive
business plan including financing and use of assets are central to the changes
immediately being implemented by Ray Cook and the new board of directors. Ray
Cook states; "Past internal differences within the Argonaut boardroom have
harmed the growth of an exceptional exploration company strategically located in
British Columbia's western Mining Corridor. A common growth-oriented goal for
Argonaut, directed by a new boardroom team, can turn the Company's market
position around quickly and decisively to benefit all shareholders. The changes
needed for a strong corporate future are now underway." 


At the Annual General and Special Shareholders' Meeting ("AGM") on March 3rd,
2012, the shareholders of Argonaut elected the Ray Cook slate of directors which
included serving directors Ray Cook, Brad Bakuska and Tell Stephen with new
directors Jeffrey Dawson and Oleh Wowkodaw. The AGM vote was 13,120,289 votes
for the Ray Cook slate - "Concerned" Group of directors compared to 7,344,650
votes for the "Management" directors slate. 


The elected Ray Cook slate of directors have a broad range of skills, experience
and expertise in the mineral resources industry, public companies, corporate
governance, corporate finance, capital markets and other matters that are
critical in ensuring that Argonaut has the necessary leadership to steward and
develop the assets of the Company.


For more information on the Corporation visit its website at
www.argonautexploration.com.


This news release may contain certain forward-looking information. All
statements included herein, other than statements of historical fact, are
forward-looking information and such information involves various risks and
uncertainties. There can be no assurance that such information will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such information. A description of assumptions used to
develop such forward-looking information and a description of risk factors that
may cause actual results to differ materially from forward-looking information
can be found in the Corporation's disclosure documents on the SEDAR website at
www.sedar.com. The Corporation does not undertake to update any forward-looking
information except in accordance with applicable securities laws.