Magino expands by purchasing additional ground surrounding project

Toronto, Ontario – (October 16, 2013) Argonaut Gold Inc. (“Argonaut”, “Argonaut Gold” or the “Company”; TSX: AR), announced today that the Company had gold production of 26,690 ounces during the 3rd quarter ended September 30, 2013. This included 22,756 ounces at its 100% owned El Castillo Mine (“El Castillo”) located in Durango, Mexico and 4,234 ounces of gold at its 100% owned La Colorada Mine (“La Colorada”) located in Hermosillo, Mexico.

Argonaut Gold is also pleased to announce that it has entered into a surface and mining rights exchange agreement with Richmont Mines Inc. ("Richmont"; TSX:RIC). Pursuant to this agreement, Argonaut Gold will expand land access associated with its Magino Gold Project by obtaining both surface rights and mining rights up to 400 meters in depth on certain Richmont claims surrounding the project. Argonaut Gold will transfer its interest in certain claims to Richmont, to enable it to expand its exploration potential at its Island Gold Deep project. The terms of this agreement provide a $2 million payment from Argonaut to Richmont.

THIRD QUARTER 2013 HIGHLIGHTS:

El Castillo

• Production of 22,756 gold ounces.
• 39,120 gold ounces loaded on the pad.
• West Side Pad 8 construction is ongoing.
• West Side crusher and overland conveyor project was completed and is operational.
• Permits were received for the new south waste dump.

La Colorada

• Production of 4,234 gold ounces.
• Production of 31,717 silver ounces.
• 5,571 gold ounces and 76,692 silver ounces loaded on the pad.
• La Colorada pit continues to be opened.
• New crushing circuit installation was completed and is operational.

Magino

• Mineral rights and land allows expansion of pit limits and further project development.