Argonaut Exploration Inc. Comments on Recent High Trading Volume

Argonaut Exploration Inc. (the "Company") (TSX VENTURE:AGA) is publicly
responding to inquiries received from several market participants and
shareholders regarding the unusually large volume of common shares of the
Company traded on October 29 and 30, 2012. On each of October 29 and 30,
respectively, 3,790,600 and 1,224,300 shares were traded, whereas between
October 1 and October 25, 2012 the volume of shares traded on a daily basis has
been in the range of zero to 232,000, with an average daily trading volume of
approximately 40,000 shares for that period.


The Company is confirming that it is not aware of any undisclosed material
information regarding the Company that would justify the unusually high volume
of trading in the shares.


About Argonaut Exploration Inc.

Argonaut is a junior mineral exploration company focused on the acquisition,
exploration and development of gold, silver and copper bearing 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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Argonaut Exploration Inc.
Oleh Wowkodaw
C.F.O. and C.O.O.
[phone]
[e-mail]
www.argonautexploration.com