Argonaut Exploration Inc.
TSX VENTURE : AGA

November 25, 2014 09:00 ET

Argonaut Exploration Inc. Releases AGM Results and Reviews Recent Trading Suspension

CALGARY, ALBERTA--(Marketwired - Nov. 25, 2014) - Argonaut Exploration Inc. (TSX VENTURE:AGA) ("Argonaut" or "the Company") reports the November 7th, 2014 AGM results with 13,853,843 shares (27.8%) voted of issued and outstanding shares of the Company. All resolutions proposed to shareholders were duly passed, including setting the number of directors at three (3), the election of the following individuals with their percentage of votes as directors of the Company: Ray Cook at 91.73%, Dale Vitone at 91.88%, Guillermo Salazar at 91.73% and the appointment of Kenway Mack Slusarchuk Stewart LLP Chartered Accountants as the auditors of the Company at 97.79% and the approval of the Company's rolling Stock Option Plan at 54.85%.

Trading Suspension

The Company has been placed under a trading suspension as of 8 am eastern November 3rd, 2014. The suspension is due to failing to file the following:

  1. Audited annual financial statements for the year ended June 30, 2014
  2. Management's discussion and analysis relating to the audited annual financial statements for the year ended June 30, 2014
  3. Certification of the foregoing filings as required by National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings

Non-payment of High Gold Option Payment

The Company decided not to pay by October 22nd, 2014 the obligatory $40,000 option payment as required by the Option Agreement on the Hidden Valley project described in the Company's news release dated November 01, 2013. The expired option agreement pertains to 5 claims with an area of 5,115 hectares from a total of 24 contiguous claims with an area of 7,832 hectares. Argonaut retains 19 contiguous High Gold property claims with the area of 2,717 hectares which remain in good standing until the year 2020.

Ray Cook, President and C.E.O. states: "Argonaut has been continuously pursuing financing and asset sale or option agreement opportunities for the past 3 years. Interest has been expressed in the Company and its' assets, however, funding opportunities remain elusive and highly dilutive within the current historically low evaluations of junior exploration resource company markets and assets. Every effort will be continued by the board to re-establish the viability of the Company and the value of its assets in the months and years to come."

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.

Contact Information

  • Ray Cook
    President and C.E.O.
    Argonaut Exploration Inc.
    Tel: (403) 969-7903
    Email: ray@argoexp.com