Argus Options IKE Selwyn Basin Gold Project, Yukon to Great Bear

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 31, 2011) - Argus Metals Corp. (TSX VENTURE:AML) (the "Company" or "Argus"), announces the signing of an Option Agreement with Great Bear Resources, (TSX:GBR) (Great Bear) to earn up to a 75% interest in the IKE Selwyn Basin Gold Project, Hyland District, Yukon.

Option Agreement

• Great Bear has an option to earn a 70% interest in the IKE project by paying to Argus $275,000 in cash payments, issuing a total of 700,000 Shares, and incurring an aggregate of $2,050,000 of exploration expenditures on the Property over a 3 year period. A further 5% interest may be earned through completion of a prefeasibility study within 2 years of the initial earn-in.

• Argus will manage the summer 2011 exploration program on behalf of Great Bear.

IKE Gold Project

• The IKE Gold Project is located in the Selwyn Basin of the Yukon, an emerging highly prospective gold district characterized by recent major Carlin-type sediment hosted gold discoveries made by ATAC Resources Ltd. at the Rau Gold project.

• Analytical work by Argus in 2010 defined an 80 square kilometer area with discrete areas of coincident anomalous arsenic and gold in regional stream sediment samples. The project area is underlain by carbonate lithologies and an intrusive suite.

• The phase I exploration program will commence in June and will consist of detailed stream and soil sampling, mapping and trenching to quantify drill targets.

The IKE project has the potential to host a sediment-hosted gold system similar to Nevada style gold deposits in the Carlin District. In addition to positive reconnaissance geochemical survey results and favourable rock types, the IKE property also hosts spatially related lead-zinc showings (MINFILE # 105A 030).

President Michael Collins comments, "Argus is pleased to have Great Bear as Joint Venture partner on the IKE Claim Block. The staff and management of Great Bear bring significant Nevada exploration experience to the program that will complement our knowledge base and maximise the potential for discovery in the IKE Claim Block. This joint venture will leverage Argus's strategy of defining and developing gold resources in the Yukon's Selwyn Basin."

Paul D. Gray, P.Geo. is the Company's Qualified Person with respect to the IKE Selwyn Basin Gold Project and has reviewed and approved this press release.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael Collins, President and CEO