Argonaut Exploration Inc. Announces General and Special Meeting Results

CALGARY, ALBERTA--(Marketwire - March 5, 2012) - Argonaut Exploration Inc. ("Argonaut" or the "Company") (TSX VENTURE:AGA) announces the results of its annual general and special meeting (the "Meeting") of shareholders of the Company held on Saturday, March 3, 2012. The Meeting was held, in part, to allow shareholders the opportunity to choose between two slates of directors, the Management Directors' slate and the Concerned Shareholders' slate.

An aggregate of 20,870,909 common shares were represented at the meeting either in person or by proxy, representing approximately 64.24% of the issued and outstanding common shares of the Company.

Argonaut is pleased to report that the shareholders have decisively elected the five-member Concerned Shareholders' slate by a margin of nearly 2:1. There were a total of 13,120,289 votes from shareholders for the Concerned Shareholders' slate compared to 7,344,650 votes for the Management Directors' slate. Consequently, the shareholders have elected the slate of directors nominated by the Concerned Shareholders, being Ray Cook, Brad Bakuska, Tell Stephen, Jeffrey Dawson and Oleh Wowkodaw (the "New Directors"). The New Directors have been elected as directors of the Company to hold office until the next annual general meeting.

Each of the New Directors are eager to begin the work required to move Argonaut forward, including the implementation of the Financing Plan as set out in the Dissident Proxy Circular of the Concerned Shareholders dated February 24, 2012 (available on www.sedar.com).

The Financial Plan is specifically structured to reverse and improve the Company's fortunes, provide market liquidity and growth through strategic financings and a marketed corporate profile to attract new investors.

Additionally, the shareholders also re-appointed Grant Thornton LLP, Chartered Accountants, as the auditors of the Company and approved the stock option plan of the Company and an amendment to the bylaws of the Company to allow for director meetings to be held via telephone and other electronic devices.

About Argonaut Exploration Inc.

Argonaut is a junior mineral exploration company focused on the acquisition, exploration and development of mineral properties. Argonaut owns 100% interest in 20,286 hectares of mineral tenures in the Terrace district and 7,832 hectares in the Terrace/Smithers district. The tenures include: the adjoining Columario and Bornite Range properties (18,683 hectares), the Fiddler-Dorreen property (1,602 hectares) located 15 km to the northwest and the High Gold copper-molybdenum porphyry property (7,832 hectares) located 48 km northeast. Gold, silver and copper veins are well documented on all of these properties.

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is 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 Argonaut's disclosure documents on the SEDAR website at www.sedar.com. Argonaut does not undertake to update any forward-looking information except in accordance with applicable securities laws.