CALGARY, ALBERTA -- (Marketwire) -- 12/21/12 -- Argonaut Exploration Inc. (the "Company") (TSX VENTURE:AGA), a company engaged in the exploration and development of precious and base metals near Terrace, British Columbia, is pleased to announce that it has closed its previously announced non-brokered private placement. The placement returned gross proceeds of $68,995 and the Company has issued an aggregate of 1,379,900 Units. Each Unit consists of one common share ("Common Share") and one flow-through common share purchase warrant ("Warrant") of the Corporation. Each Warrant will entitle the holder to acquire one Common Share to be issued on a "flow-through" tax basis at a price of $0.10 until December 31, 2012.

The securities issued pursuant to the Offering are subject to a four (4) month hold period. Completion of the Offering is subject to the final approval of the TSX Venture Exchange.

Proceeds of the financing will be used to advance the business of the Company.

Finders acting in connection with this private placement received a finder's fee in the total amount of $ 6,899.

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.