VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10, 2011) - Argus Metals Corp. (the "Company" or "Argus") (TSX VENTURE:AML), reports sample assays of up to 19.4 g/t gold and greater than 300* g/t silver from the recently completed Phase II reconnaissance program at the Company's Iron King Project, Lima Province, Peru. The program consisted of the collection and analysis of 169 rock samples and identified four discrete areas hosting anomalous gold mineralization within a 12 square kilometers section of the 120 square kilometer license. Highlights include:

Granite-Magnetite Zone - Three grab samples over 200m:

• 3.67 g/t gold
• 14.6 g/t gold
• 16.9 g/t gold

and from:

• 4.9 g/t to 33.8 g/t silver

• 0.07 g/t to 0.3% copper

Marcela Zone - 12 grab and chip samples over square 300m

• 0.022 g/t to 1.64 g/t gold

• 0.1 g/t to 126.4 g/t silver with anomalous copper and zinc

Skarn Zone - Two 30cm chip samples separated by 140m returned:

• 5.4 g/t gold
• 19.4 g/t gold

with

• 3.8 g/t silver
• 23.4 g/t silver

Limonite Gossan Zone, Six 2 m chip samples over a 60m wide gossanous structure:

• 0.014 g/t to 1.4 g/t gold

• 2.3 g/t to >300* g/t silver (*over limit silver assays pending)

• 0.005% to 1.06% lead

• .003% to 0.60% copper

President Michael Collins comments, "These results have demonstrated the presence of high grade gold and silver mineralization on the Iron King Project where the Company has already identified iron, tungsten and bulk tonnage gold targets in the Phase I property reconnaissance program. Argus looks forward to further delimiting and expanding on the gold showings identified in Phase I and II programs and will continue to systematically explore this 120 square km land package that is the Iron King Project."

The Phase II program targeted a 12 km2 section of the >60km2 Iron King Project and was designed to verify and expand upon gold mineralization identified during the Phase I Property reconnaissance program. Four discrete areas within this 12km2 section of the property returned highly anomalous gold assays and the further definition and expansion of these mineralized showings will be the focus of the Company's next exploration campaign on the Iron King Project.

The Iron King Project is a 65/35 joint venture with San Lorenzo DV Consultores where Argus can earn up to a 100% interest with a 2% NSR subject to a buyout clause (see Argus news release of March 7, 2011).

Sample statistics:

All rock samples were delivered to Acme Analytical Laboratories preparation facility in Lima, Peru, where samples were sorted and crushed to appropriate particle size (pulp) and representatively split to a smaller size for shipment to Acme's Vancouver analysis facility where they were analyzed using 1EX ICP with G6 FA finish. Au, Pb, Ag over limits were analyzed with a G6 Gravimetric Finish. A 5% blank and 5% duplicate sample insertion quality control program was conducted on these samples with no problematic results returned.

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

ON BEHALF OF THE BOARD OF DIRECTORS

Michael Collins, President and CEO

We seek safe harbour.