Argonaut Exploration Inc. Announces Signing of Financing Engagement with IBK Capital Corp.

CALGARY, 02/28/13 - Argonaut Exploration Inc. (the "Company" or "Argonaut") (TSX VENTURE: AGA) announces that it has engaged IBK Capital Corp. ("IBK Capital") to complete, on terms and conditions acceptable to the Company, a private placement (the "Financing") of up to $550,000 on a best efforts basis following the due diligence requirements of IBK Capital. The Financing will consist of up to 11,000,000 units of the Company ("Units") priced at $0.05 per Unit. Each Unit will consist of one common share in the capital of the Company ("Common Share") and one-half of one Common Share purchase warrant ("Warrant"). Each whole Warrant shall be exercisable into one Common Share at a price of $0.10 per Common Share for a period of eighteen months from the date of issue.

The Company has agreed to pay IBK Capital the following fees:

- On the closing date thereon a commission equal to 9% of the total amount of the Financing (the "Commission").

- A non-refundable work fee of $25,000 (the "Work Fee"). The Work Fee will be deducted from the Commission upon closing of the Financing. The Work Fee is paid to IBK Capital to partially defray its upfront internal costs of providing the services contemplated by this agreement and is not success based and is not refundable.

- Argonaut agrees to issue to IBK Capital non-transferable common share purchase warrants of the Company ("Broker Warrants"). The number of Broker Warrants to be issued to IBK Capital will be equal to 10% of the total number of Units issued pursuant to the Financing to a maximum of 1,100,000 Broker Warrants. Each Broker Warrant shall entitle IBK Capital to acquire one Common Share at a price of $0.05 per Broker Warrant for a period of eighteen months from the date of issue. The Broker Warrants shall expire on the date that is eighteen months from the date of issuance.

- The appointment of IBK Capital pursuant to this agreement is effective until June 17th, 2013. This agreement may, however, be terminated or extended by the Company or by IBK Capital upon notice in writing or otherwise to the other party.

Proceeds of the Offering will be used for the advancement of the Corporation's business, 2013 exploration and a focus on bulk sampling development at selected Terrace Property sites following the required British Columbia permitting requirements.


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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



Contacts:

Argonaut Exploration Inc.
Ray Cook, President and C.E.O.
(403) 969-7903
ray@argoexp.com
www.argonautexploration.com