| ||January 25, 2012|
Argonaut Exploration Inc. Closes Private Placement
| ||Vancouver, BC - Argonaut Exploration Inc. ("the Company"; TSX-V symbol "AGA"), a company engaged in the exploration and development of the Columario high grade gold and silver mine in north western British Columbia's 'Golden Triangle', is pleased to announce that further to its news release of January 10, 2012, the Company has closed a non-brokered private placement of 10 million units priced at $0.05 per unit for gross proceeds of $500,000.|
Interest in the placement exceeded the amount raised.
The proceeds will be used to:
Each unit consists of 1 common share and 1 whole common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional share of the Company at a price of $0.10 per share for a period of 18 months from date of issue. The units have a hold period that expires 4 months from the date of issue.
- Analyze, digitize, and model historic data for the Columario gold and silver mine located 11 km. from Terrace, B.C. and prepare a summary report on the property;
- Review exploration potential of the Company's assets;
- Plan exploration and development activity for the coming season; and
- General corporate purposes.
Further information about Argonaut Exploration can be found on the Company's website at >a href="http://www.argonautexploration.com" target="_blank">www.argonautexploration.com.
ON BEHALF OF THE BOARD OF DIRECTORS
ARGONAUT EXPLORATION INC.
David Jensen, P.Eng.
President and CEO
Argonaut Exploration Inc.
Tel: (604) 269-0380
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.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is 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 Corporation's disclosure documents on the SEDAR website at www.sedar.com. The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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