Argonaut Exploration Inc. Comments on Recent High Trading Volume

CALGARY, ALBERTA--(Marketwire - Oct. 30, 2012) - Argonaut Exploration Inc. (the "Company") (TSX VENTURE:AGA) is publicly responding to inquiries received from several market participants and shareholders regarding the unusually large volume of common shares of the Company traded on October 29 and 30, 2012. On each of October 29 and 30, respectively, 3,790,600 and 1,224,300 shares were traded, whereas between October 1 and October 25, 2012 the volume of shares traded on a daily basis has been in the range of zero to 232,000, with an average daily trading volume of approximately 40,000 shares for that period.

The Company is confirming that it is not aware of any undisclosed material information regarding the Company that would justify the unusually high volume of trading in the shares.

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.