AR Argonaut Gold Inc

Argonaut Gold Inc. ("Argonaut Gold" or the "Company") (TSX:AR), announced today
that the Company has adopted certain amendments applicable to the business
before its annual and special meeting of shareholders to be held on May 8, 2012
(the "Meeting"). The particulars of the amendments are set out below. 


In reaction to comments of certain proxy advisory services firms, Argonaut Gold
has renamed its Compensation and Governance Committee, the "Nominating,
Compensation and Governance Committee". Argonaut Gold confirms that all members
of this committee are independent directors, and that this committee has
recommended nomination of all of the nominees for election to the Board of
Directors of Argonaut Gold, including Mr. Pete Dougherty, the Company's
President and Chief Executive Officer. 


Further, Argonaut Gold has made the following amendments to its by-law which is
being presented for approval at the Meeting: (i) increasing the quorum
requirement for shareholder meetings to any two persons representing at least
25% of eligible votes, (ii) requiring all members of the audit committee to be
independent directors (which conforms with the current practices of Argonaut
Gold), and (iii) providing that the Chair of the Board of Directors shall not
have a casting or second vote in the event of a tie vote. 


The full text of the amended by-law will be available on the Company's profile
on SEDAR at www.sedar.com. 


About Argonaut Gold 

Argonaut is a Canadian gold company engaged in exploration, mine development and
production activities. Its primary assets are the production-stage El Castillo
Mine in the State of Durango, Mexico, the La Colorada Mine in the State of
Sonora, Mexico, the advanced exploration stage San Antonio project in the State
of Baja California Sur, Mexico, and several exploration stage projects, all of
which are located in Mexico.


Creating Value Beyond Gold 

Cautionary Note Regarding Forward-looking Statements 

This press release contains certain "forward-looking statements" and
"forward-looking information" under applicable Canadian securities laws
concerning the proposed transaction and the business, operations and financial
performance and condition of Argonaut Gold Inc. ("Argonaut"). Forward-looking
statements and forward-looking information include, but are not limited to,
statements with respect to estimated production and mine life of the various
mineral projects of Argonaut; synergies and financial impact of completed
acquisitions; the benefits of the development potential of the properties of
Argonaut; the future price of gold, copper, silver; the estimation of mineral
reserves and resources; the realization of mineral reserve estimates; the timing
and amount of estimated future production; costs of production; success of
exploration activities; and currency exchange rate fluctuations. Except for
statements of historical fact relating to Argonaut, certain information
contained herein constitutes forward-looking statements. Forward-looking
statements are frequently characterized by words such as "plan," "expect,"
"project," "intend," "believe," "anticipate", "estimate" and other similar
words, or statements that certain events or conditions "may" or "will" occur.
Forward-looking statements are based on the opinions and estimates of management
at the date the statements are made, and are based on a number of assumptions
and subject to a variety of risks and uncertainties and other factors that could
cause actual events or results to differ materially from those projected in the
forward-looking statements. Many of these assumptions are based on factors and
events that are not within the control of Argonaut and there is no assurance
they will prove to be correct.


Factors that could cause actual results to vary materially from results
anticipated by such forward-looking statements include changes in market
conditions, variations in ore grade or recovery rates, risks relating to
international operations, fluctuating metal prices and currency exchange rates,
changes in project parameters, the possibility of project cost overruns or
unanticipated costs and expenses, labour disputes and other risks of the mining
industry, failure of plant, equipment or processes to operate as anticipated.
Although Argonaut has attempted to identify important factors that could cause
actual actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions,
events or results not to be anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such
statements. Argonaut undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions should change
except as required by applicable securities laws. The reader is cautioned not to
place undue reliance on forward-looking statements. Statements concerning
mineral reserve and resource estimates may also be deemed to constitute
forward-looking statements to the extent they involve estimates of the
mineralization that will be encountered if the property is developed.
Comparative market information is as of a date prior to the date of this
presentation.

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