AR Argonaut Gold Inc

Argonaut Gold Ltd. (TSX:AR) is pleased to announce that its 2010 Phase I
Resource Expansion Program at El Castillo was completed on April 22nd. This
program was designed to extend and identify the approximate limits of the El
Castillo mineral system to the south and east of the reported gold resource.
This program consisted of completing a minimum 100 meter drill grid as a means
to better identify the approximate size of the El Castillo mineral system.
Results of the 121 hole drill program, spanning 16,250 meters, have
significantly increased the dimensions of the gold zone by upwards of 500 meters
to the south and 300 to 400 meters to the east. Several areas remain open and
will require additional step-out drilling. (Please refer to contour map of
mineral distribution & supporting cross section location map and cross sections
on Company website, www.argonautgoldinc.com).


Pete Dougherty, President and CEO for Argonaut noted, "All indications continue
to support the probability that the El Castillo resources are expected to double
from what was reported at the end of 2009." He also stated that "El Castillo was
acquired, in part, for its exploration upside and it is gratifying to see the
exploration success at the project. It is also important to note that the
drilling was completed ahead of schedule and on budget."


Subsequent to the Company's last press release on March 31, 2010 an additional
30 holes were completed with the best results tabulated as follows:




Table 1                                                                    
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Summary Assay Results - El Castillo Phase 1 Reverse Circulation Drill      
Program Holes                                                              
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                                   From         To  Thickness              
Hole Number       Hole Depth   (meters)   (meters)   (meters) Au Values g/t
---------------------------------------------------------------------------
CA-333                 144.4          0         36         36         0.326
---------------------------------------------------------------------------
CA-335                 159.6        4.6       47.1       42.6         0.391
---------------------------------------------------------------------------
CA-338                   155       36.5      53.22       16.7         0.569
---------------------------------------------------------------------------
CA-341                 180.9       1.52       30.4       28.9         0.436
---------------------------------------------------------------------------
CA-343                   199          0       13.7       13.7         0.466
---------------------------------------------------------------------------
CA-344                 202.2          3       71.4       68.4         0.354
---------------------------------------------------------------------------
CA-346                 220.4          0       51.7       51.7         0.339
---------------------------------------------------------------------------
CA-349                 199.2       21.3       59.3         38         0.214
---------------------------------------------------------------------------
CA-354                   158       1.52       74.5         73         0.558
---------------------------------------------------------------------------
CA-356                 235.6       24.3       94.2         70         0.566
---------------------------------------------------------------------------
CA-360                  56.2          0       42.6       42.6         0.282
---------------------------------------------------------------------------



(i)Note: Reported mineral widths have not been verified as true widths as more
drilling will be required to identify the orientation of the mineralization. All
distances shown are in meters.


(For a full table of drill results please refer to the Company website,
www.argonautgoldinc.com).


Phase 2 in-fill drill Program

Immediately upon the conclusion of the Phase I, 100 meter drill-spacing program,
the Company embarked on an aggressive in-fill drill program that is expected to
bring much of the known mineralization into a measured and indicated category.
The objective of the in-fill program is to drill-out the resource on 50 meters
or less spacing. This program commenced on April 23 and will consist of an
estimated 140 drill holes totaling approximately 16,000 meters. This program is
scheduled for completion by the end of September. The results of the 2010 drill
programs will be incorporated into a new 43-101 report that is scheduled for
completion by the end of 2010. 


Other work currently in the planning stages on the project for 2010 includes the
completion of at least six core holes within the ore body to obtain
metallurgical samples. These samples will be utilized to better determine
potential heap leach recoveries of partially oxidized gold bearing material
(Transition Ore) and sulfide mineralization. Both the transition and sulfide
zones occur below the oxide mineralization and represent considerable tonnages
of gold mineralized material that could add significantly to the long term
economics of the El Castillo Mine. (See Castle Gold Corporation press release
May 7, 2009).


La Fortuna, Llano Colorado and La Compa

With the acquisition of Castle Gold and the El Castillo Mine, the Company also
acquired the advanced exploration stage La Fortuna gold-silver project in
western Durango State and the La Compa and Llano Colorado gold-silver
exploration properties in Sonora State, Mexico. 


Sufficient drilling at the La Fortuna project has been completed to produce a
compliant NI-43-101 report, with a measured and indicated resource of 4.8
million tons grading 2.96 g/t for 308,000 ounces of gold at a 0.5 gpt cutoff
(Toren Olson Consulting, National Instrument 43-101 (October 21, 2008).  Prior
to Argonaut acquiring the property the most recent emphasis on the project was
metallurgical studies where both heap leach and conventional milling
possibilities were being studied. Argonaut is reviewing the results and
recommendations of this work. In addition, the Company is considering additional
step-out and in-fill drilling of the resource area. The La Fortuna property also
hosts at least 20 other known mineral occurrences. Six of these were recommended
for drilling by independent geologists contracted by the previous owner of the
property. Argonaut is in the process of prioritizing these various targets and
will conduct further field evaluations leading to specific exploration planning.


On the La Compa and Llano Colorado properties field visits are scheduled to
gauge the potential of both land holdings with additional project work
contingent on these initial exploration results.


As stated by Vice President of Exploration Tom Burkhart, "The ongoing in-fill
and step out drilling at El Castillo continues to increase our knowledge and
understanding of the mineral system. This work is providing increased confidence
in the predictability and continuity of mineralization that bodes well for
significantly expanding economic mineralization and prioritizing exploration
activity. Additionally, I look forward to further evaluating the economic
potential of other properties within the company's portfolio that, based on
preliminary reviews, show attractive potential."


To view the El Castillo Project, please visit the following link:
http://media3.marketwire.com/docs/AR0513S.jpg


About Argonaut 

Argonaut is a Canadian gold company engaged in exploration, mine development and
production activities. Its primary assets being the production-stage El Castillo
Project and the exploration-stage La Fortuna Project, both located in the State
of Durango, Mexico. Argonaut is a new venture created by former executive
management team members of Meridian Gold Inc. Creating the Next Quality Mid-Tier
Gold Producer in the Americas. 


Qualified Person Comments/Quality Control Procedures

This Press Release was reviewed and approved by Thomas Burkhart, B.Sc. in
Geology, Argonaut Gold's Vice President of Exploration. Mr. Burkhart is a
Qualified Person as defined in National Instrument 43-101.


Mr. Burkhart reviewed the reverse circulation drill program and on-site sample
preparation procedures at El Castillo. 

All drill hole samples were composited at site into 1.5 meter intervals and
split with half the sample transported to ALS-Chemex's sample preparation lab in
Hermosillo, Mexico. Pulps are prepared in Hermosillo and then sent to
ALS-Chemex's Laboratories in Vancouver, Canada where gold assays are completed
using a fire assay procedure with an Atomic Absorption Spectroscopy finish. The
Company utilizes a system of check assays and sample blanks consistent with
industry standards.


To be reported here there must be a minimum of 5 meters of material where each
sample interval is equal to or exceeds a .15 gram per tonne cutoff (which is
representative of the current AC Howe pit design).


Cautionary Note Regarding Forward-looking Statements

This news release contains forward-looking statements that involve risks and
uncertainties that could cause results to differ materially from management's
current expectations. Actual results may differ materially due to a number of
factors. Except as required by law, Argonaut Gold Ltd. assumes no obligation to
update the forward-looking information contained in this news release.

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