Argus Metals Corp.
TSX VENTURE : AML

Argus Metals Corp.

August 11, 2011 15:07 ET

Argus Metals Corp.: Diamond Drilling Underway at Hyland Gold Project, Selwyn Basin Yukon-Assays Pending

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 11, 2011) - Argus Metals Corp. (the "Company" or "Argus") (TSX VENTURE:AML), reports that the $CDN 1.7 million diamond drilling program on the Hyland Gold Project, located in the Selwyn Basin, Yukon Territory is underway with 3 drill holes currently in for assay as drilling continues on the SE Zone. Assays will be reported as they are received.

President Michael Collins comments, "Argus is pleased with the progress at the Hyland project to date; with a new structural model, focused exploration of historic anomalies and development of new targets on a daily basis. We are confident that we have the tools to address the full potential of the 24km strike length of the Quartz Lake Fault and the look alike IKE and TINA project."

Current drilling is testing the new structural interpretation of the mineralization in the Main Zone, a new conductor identified in this summer's Abitibi TEM geophysical survey, and is currently focused on the SE Zone soil anomaly target. Upon completion of this first phase of drilling at the SE Zone, the drill will be moved to test the newly identified THAS Zone. Further drilling this season includes the untested historic CUZ zone and the newly identified CUZ SUR targets.

The regional program in the Yukon continues to advance while assay results are pending with over 1800 soil samples and 185 stream sediment samples collected to date. The Company is using XRF technology to advance the delineation of soil and stream anomalies as an effective use of newer technology to advance subsequent targets quickly. An infill sampling program is being effected midseason to map out potential drill programs for the early fall.

Paul D. Gray, P.Geo. is the Company's Qualified Person with respect to the Hyland Gold Project and has reviewed and approved this press release.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael Collins, President and CEO

We seek safe harbour.

Certain statements set out in this News Release constitute forward-looking statements. Forward-looking statements (i) are often, but not always, identified by the use of words such as "expect", "may", "could", "anticipate", or "will", and similar expressions; (ii) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties, or upon the opinions, expectations and estimates of management of the Company as at the date the statements are made; (iii) are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements, including, but are not limited to risks, uncertainties and other factors that are beyond the control of the Company, risks associated with the industry in general, commodity prices and exchange rate changes, operational risks associated with exploration, development and production operations, delays or changes in plans, risks associated with the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. In light of the risks and uncertainties associated with forward-looking statements, readers are cautioned not to place undue reliance upon forward-looking information. In particular, there is no assurance that (i) mineralization on the Iron Mountain Project will be as projected; (ii) the 2011 work program will proceed as projected, or that any positive results will result from such program. Although the Company believes that the expectations reflected in the forward-looking statements set out in this press release or incorporated herein by reference are reasonable, it can give no assurance that such expectations will prove to have been correct. The forward-looking statements of the Company contained in this press release, or incorporated herein by reference, are expressly qualified, in their entirety, by this cautionary statement.

Neither the 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 news release.

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