CALGARY, ALBERTA — (Marketwire) — 05/22/12 — Argonaut Exploration Inc. (the “Company” or “Argonaut”) (TSX VENTURE:AGA) announces that it intends to complete a non-brokered private placement (the “Offering”) of up to 10,000,000 units (“Units”) at a price of $0.05 per Unit for gross proceeds of up to $500,000. Each Unit shall be composed of one common share in the capital of the Company (“Common Share”) and one flow-through Common Share purchase warrant (“Warrant”). Each Warrant shall be exercisable into one Common Share issued on a tax “flow-through” basis (“Flow-Through Share”) at an exercise price of $0.10 per Flow-Through Share until December 31, 2012.

The Company may pay commissions or finder’s fees in accordance with the TSX Venture Exchange policies. The completion of the Offering is subject to TSX Venture Exchange acceptance and other regulatory approval.

Proceeds of the Offering will be used for exploration activity primarily directed at accessing tunnels and preparing underground diamond drill stations at the Columario Gold Mine near Terrace, British Columbia.

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 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 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.