Argonaut Gold Inc. has entered into a $30 million revolving credit facility. Bank of Montreal ("BMO") acted as lead arranger, bookrunner and the administrative agent for the Facility. In addition to BMO, The Bank of Nova Scotia is also participating as a lender. The three-year Facility remains undrawn at present but is immediately available. The Facility includes customary terms and conditions, will initially bear interest of LIBOR plus 2.50% and subsequently on a sliding scale between 2.25% to 3.25%. Standby fees for the undrawn portion of the Facility are also on a similar scale basis between 0.51% and 0.73%. The uses of proceeds are for general corporate purposes and future project development, possibly including, San Agustin.

Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production activities. Its primary assets are the production stage El Castillo mine in Durango, Mexico and La Colorada mine in Sonora, Mexico. Advanced exploration stage projects include the San Antonio project in Baja California Sur, Mexico, the Magino project in Ontario, Canada and the San Agustin project in Durango, Mexico. The Company also has several exploration stage projects, all of which are located in North America.