Argonaut Gold Announces New Chief Operating Officer

TORONTO, ONTARIO -- (Marketwire) -- 12/14/11 -- Argonaut Gold Inc. (TSX: AR) ('Argonaut Gold', 'Argonaut' or the 'Company') has named Mr. Richard Rhoades as the new Chief Operating Officer for the Company. This is in conjunction with the retirement of Mr. Edgar Smith, the current COO. Mr. Rhoades is the former General Manager of the Mission Complex in Sahuarita, AZ for Asarco LLC. He will take over duties as Argonaut's COO on January 3, 2012.

Mr. Rhoades has over 35 years' experience in mine development, operations and corporate management roles. In addition to diverse operational experience, he has managed responsibilities in a corporate capacity, serving as the Assistant to the Vice President of Mining and the Director of Mine Planning for Asarco. Throughout his career, Mr. Rhoades has focused on productive operations, safety, training, process optimization, efficient capital allocation and ore reporting. Mr. Rhoades holds a bachelor's degree in mining engineering from the University of Arizona. He is also a Registered Professional Engineer (mining).

Mr. Peter Dougherty, President & Chief Executive Officer of Argonaut Gold in regards to Edgar Smith's retirement stated: 'Edgar has been instrumental in the development and growth of the Company since its inception. On behalf of Senior Management and the Board, I thank Edgar for his enormous contribution to the formation of Argonaut Gold. Edgar will continue to provide guidance in an advisory role for Argonaut's future growth and development.'

Mr. Dougherty also noted, in reference to adding Mr. Rhoades to the Argonaut team, 'We are very pleased to have Richard join Argonaut Gold. We welcome his addition to the senior management team, and appreciate the unique versatile technical expertise his experiences will contribute to Argonaut.'

About Argonaut Gold

Argonaut is a Canadian gold company engaged in exploration, mine development and production activities. Its primary assets are the production-stage El Castillo Mine in the State of Durango, Mexico, the development stage and past producing La Colorada project, the advanced exploration San Antonio project, and several exploration stage projects, all of which are located in Mexico.

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Cautionary Note Regarding Forward-looking Statements

This news release contains forward-looking statements that involve risks and uncertainties that could cause results to differ materially from management's current expectations. Actual results may differ materially due to a number of factors. Except as required by law, Argonaut Gold Inc. assumes no obligation to update the forward-looking information contained in this news release.

Contacts:

Argonaut Gold Inc.

Nichole Cowles

Investor Relations Manager

(775) 284-4422 x 101
nichole.cowles@argonautgoldinc.com
www.argonautgoldinc.com