CALGARY, ALBERTA–(Marketwire – March 19, 2012) – Argonaut Exploration Inc. (the “Company” or “Argonaut”) (TSX VENTURE:AGA), a junior mineral exploration company focused on the exploration and development of its British Columbia mineral properties is pleased to announce the appointment of director Oleh Wowkodaw, B.Sc. Geological Engineering, M.B.A., P. Geol. as Chief Financial Officer and Chief Operating Officer of the Company effective March 15^th, 2012. Mr. Wowkodaw replaces Dale Hansen who has held the Chief Financial Officer position since December 9^th, 2010. Argonaut wishes to thank Mr. Hansen for his financial administrative services to the Company.

Mr. Wowkodaw’s professional experience includes mining exploration with a focus on precious metals (gold, silver) in various gold and silver mining camps in Manitoba, Ontario, Quebec and Nova Scotia with senior mining exploration companies including Esso Minerals Canada Ltd. and St. Joseph Explorations Ltd. Mr. Wowkodaw founded and successfully listed on the Toronto Stock Exchange, Silverwing Energy Inc., a western Canada based oil and gas exploration and production company, that produced over 1,000 barrels of oil per day (Boepd). Oleh Wowkodaw raised approximately $100 million in financings from domestic and international sources to support Silverwing’s growth. Currently, Oleh Wowkodaw is the managing director of SilverStar Management Ltd., an asset evaluation and management company focused on resources (mining, oil, gas and alternative energy projects).

President and C.E.O. Ray Cook states; “Oleh Wowkodaw is an important addition to Argonaut’s board of directors and management team. Mr. Wowkodaw has long been interested in the Company and is dedicated to advancing the future of Argonaut in both a national and international market. Mr. Wowkodaw was drawn to Argonaut by the development potential of the Terrace precious and base metal assets in conjunction with the future opportunities presented by improving the Company’s market profile”.

Argonaut Exploration Inc. is in the early stages of exploring the Terrace Properties including the Columario Property and historic gold mine. A new comprehensive business plan that advances the value of the mineral property assets for the Company through sufficient financings is central to the changes being implemented by the new board of directors.

About Argonaut Exploration Inc.

For more information on the Corporation 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 Corporation’s disclosure documents on the SEDAR website at www.sedar.com. The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.