Argosy Minerals Inc.
ASX : AGY

Argosy Minerals Inc.

June 01, 2005 13:44 ET

Argosy Does Not Exercise Option Over St Elmo, Elko County, Nevada

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 1, 2005) - Argosy Minerals Inc. (ASX:AGY) has advised the owner of the St Elmo Mine - Rosebud Mine group of claims that it will not exercise the option to purchase entered into on the 17 November 2003.

Argosy has completed an initial appraisal of the property and has elected not to continue with the option agreement.

ON BEHALF OF THE BOARD

Peter Lloyd, Chairman

CAUTIONARY STATEMENT

This News Release includes certain "forward-looking statements" within the meaning of Section 21E of the U.S. Securities and Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Argosy, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Argosy's expectations are disclosed under the heading "Risk Factors" and elsewhere in Argosy's documents filed from time to time with the Australian Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities. All subsequent written and oral forward-looking statements attributable to Argosy or persons acting on its behalf are expressly qualified in their entirety by this notice.


The Australian Stock Exchange has neither approved nor disapproved the contents of this News Release.

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