Argus Metals Corp.: Close of Banyan Transaction, and Distribution of Shares

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES


Argus Metals Corp. (the "Company") (TSX VENTURE:AML) announces that further to
its news releases of September 10, 2012, October 9, 2012, December 5, 2012, and
December 21, 2012 the sale by the Company of its Hyland Property in the Yukon to
Banyan Gold Corp. ("Banyan") has closed, and the Company received 4,000,000
common shares of Banyan as partial consideration for the sale. The Company has
agreed to distribute all 4,000,000 of the Banyan shares to the Company's
shareholders as a dividend-in-specie.


The Company has received TSX Venture Exchange ("Exchange") confirmation that:
(i) the Banyan shares are to be released from escrow; and (ii) the 4,000,000
Banyan shares are to be distributed pursuant to the Exchange's new due bill
trading policy. The Banyan shares will remain subject to a four month hold
period expiring June 15, 2013. 


The Company had earlier set a record date of January 4, 2013 for this
distribution (see news release of December 21, 2013). That notice is cancelled;
and instead the Company announces that:




i.  the Record Date to determine shareholders of the Company entitled to
    receive Banyan shares is 
    March 18, 2013;
     
ii. the date due bill trading will commence is March 16, 2013 (two days
    prior to the Record Date);
     
iii.the payment or distribution date is estimated as March 29, 2013;
     
iv. the ex-distribution date will be the next trading day following the
    Payment Date (April 1, 2013); and
     
v.  the due bill redemption date will be the second trading day following
    the Payment Date (April 2, 2013). 



For clarification, "due bills" will represent the Banyan shares that the
Company's shareholders will be entitled to receive. The due bills will be deemed
to attach to the Company's common shares two trading days prior to the Record
Date, and will continue to attach to the Company's shares until the end of the
Payment Date. 


The Company is expected to have 3,618,113 common shares outstanding on the
Record Date, such that for each common share of the Company held, a shareholder
can expect to receive approximately 1.1055 Banyan shares. No fractional Banyan
shares will be issued, and will instead be rounded to the nearest whole number.


The Company's joint venture with San Lorenzo DV Consulting S.C.R. Ltda (SLVD) in
Peru, pertaining to the Iron King property, has been terminated. Claims held in
the name of SLVD have been returned to SLVD and Argus has no retained interest.
Claims held in Argus' name remain in the name of Argus and SLVD has no retained
interest. The Company had earlier written down its investment in the Peruvian
joint venture project. 


ON BEHALF OF THE BOARD OF DIRECTORS 

Paul D. Gray, President, CEO

FOR FURTHER INFORMATION PLEASE CONTACT: 
Argus Metals Corp.
Paul D. Gray
President, CEO
[e-mail]
www.argusmetalscorp.com