AGA

Argonaut Exploration Inc. (the "Company" or "Argonaut") (TSX VENTURE:AGA)
announces that, in accordance with the Company's stock option plan, it has
granted to its directors, officers, advisors, employees and consultants
incentive stock options to purchase up to an aggregate of 1,230,000 common
shares exercisable on or before May 2, 2015 at a price of $0.10 per common
share.


The Company also announces the resignations of directors Brad Bakuska and
Jeffrey Dawson for personal reasons as of May 2nd, 2012. Mr. Bakuska will remain
a valued advisor to the Company as Argonaut undertakes to advance the Terrace,
B.C. Mineral projects. Ray Cook, President and C.E.O. states; "Brad Bakuska is a
close personal friend, co-founder and exemplary director in guiding Argonaut
since the Company's beginning in 2008. We are pleased that Brad will continue to
assist Argonaut from an advisory role as the Company continues to build value
for shareholders. I would also like to thank Jeffrey Dawson for his valuable
support and contributions to Argonaut. We wish them both well in all their
future endeavours." 


About Argonaut Exploration Inc.

Argonaut is a junior mineral exploration company focused on the acquisition,
exploration and development of mineral properties. For more information on the
Company 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.

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