Argonaut Exploration Inc. Announces Non-Brokered Private Placement

Argonaut Exploration Inc. (the "Company" or "Argonaut") (TSX VENTURE:AGA)
announces that it intends to complete a non-brokered private placement (the
"Offering") of up to 4,000,000 units ("Units") at a price of $0.05 per Unit for
gross proceeds of up to $200,000. Each Unit shall be composed of one common
share in the capital of the Company ("Common Share") and one flow-through Common
Share purchase warrant ("Warrant"). Each Warrant shall be exercisable into one
Common Share issued on a tax "flow-through" basis ("Flow-Through Share") at an
exercise price of $0.10 per Flow-Through Share until December 31, 2012. 


The Company may pay commissions or finder's fees in accordance with the TSX
Venture Exchange policies. The completion of the Offering is subject to TSX
Venture Exchange acceptance and other regulatory approval. 


Proceeds of the Offering will be used for the completion of the 2012 exploration
activity at Terrace, British Columbia, potential asset acquisitions and the
advancement of the Corporation's business.


About Argonaut Exploration Inc. 

Argonaut is a junior mineral exploration company focused on the acquisition,
exploration and development of mineral properties. 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 Company's disclosure documents on the SEDAR website at
www.sedar.com. The Company does not undertake to update any forward-looking
information except in accordance with applicable securities laws.