Argonaut Gold Announces First Quarter 2016 Production of 32,154 Gold Equivalent Ounces

Toronto, Ontario – (April 14, 2016) Argonaut Gold Inc. (TSX: AR) (“Argonaut”, “Argonaut Gold” or the “Company”) is pleased to announce production of 32,154 gold equivalent ounces (“GEO” or “GEOs”) during the first quarter ended March 31, 2016. All dollars in this news release are expressed in U.S. dollars, unless otherwise noted.

1 GEOs are based on conversion ratio of 65:1 for silver to gold for 2016 and 55:1 for 2015. This is the referenced ratio throughout this release
2 Recoverable ounces – El Castillo expected gold recovery rates: ROM oxide 50%, crushed oxide 70%, ROM transition 40%, crushed transition 60%, crushed sulphides argillic 30% and crushed sulphides silicic 17%; La Colorada expected recovery rates: gold 60% and silver 30%

Pete Dougherty, President and CEO, stated: “First quarter 2016 GEO production was in line with guidance at El Castillo, exceeded guidance at La Colorada and showed a 6% improvement over the fourth quarter of 2015 yielding 32,154 GEOs, primarily as a result of increased crusher throughput at La Colorada. As we look toward the second quarter of 2016, we anticipate further advancement in crusher throughput. Moreover, we continue to advance our development projects and capital programs including being on schedule with leach pad construction at La Colorada.”

To read the complete news release, please see the following link:
http://www.argonautgold.com/_resources/news/nr_2016_04_14.pdf