Ms. Judy Baker reports

ARGO ACQUIRES SASKATCHEWAN URANIUM MINERAL CLAIMS

Argo Gold Inc. has entered into two agreements to acquire additional mineral claims in Saskatchewan pursuant to which Argo Gold can acquire a 100-per-cent interest in certain mineral claims located in the Athabasca basin: the Parker Lake claims and the Thunderbolt and ZigZag claims, which altogether total 15,962 hectares and are considered prospective for uranium mineralization.

The Parker Lake claims are being purchased in exchange for the granting by Argo Gold of a 2-per-cent net smelter return royalty in favour of the vendors of the mineral claims. The Thunderbolt and ZigZag claims are being purchased together for an aggregate of $5,000 in cash and the issuance to the vendors of 500,000 common shares of the company. The common shares will be subject to a statutory hold period of four months and one day from the date of issuance.

The Parker Lake mineral claims total 11,644 hectares covering the up ice extension of 69 radioactive boulders (1,000 to 10,000 counts per second) along the Needle Falls shear zone, a cluster of untested airborne radioactive anomalies (1969), and a 30-kilometre stretch of the Parker Lake shear zone coincident with uranium, vanadium and molybdenum in lake sediments. The geological setting is thought to be similar to that of the Rabbit Lake/Eagle Point mine with the shear structure along a large dome. Parker Lake is located outside of the eastern edge of the Athabasca basin, 72 kilometres east of Cameco's Key Lake mill with the target being a shallow basement-hosted deposit.

The Thunderbolt mineral claims total 3,692 hectares covering weakly conductive magnetic zones extending into the basement from historical airborne surveys. Thunderbolt is located approximately 15 kilometres north of ISO Energy's Hurricane deposit (48 million pounds triuranium octoxide at 34.5 per cent U3O8). Thunderbolt is also located 15 kilometres northeast of the Bell Lake uranium occurrence where drilling by Denison Mines hit up to 42 metres of bleached and altered rock above the unconformity. The claims are located within the Athabasca basin near the eastern edge, 40 kilometres northwest of Orano's McLean Lake mill.

The Zig Zag mineral claims total 626 hectares along the Patterson Lake shear zone where an airborne electromagnetic conductor runs down the centre of the Zig Zag claim, modelled to extend into the basement. In addition, an airborne survey flown by SPI delineated several mag low anomalies on the claim, coincident with the conductor. Zig Zag is on trend with the NexGen Energy Arrow deposit, the Fission Uranium Triple R (Rook) deposit and the F3 Uranium discoveries. The Zig Zag mineral claims are located 25 kilometres north of Hook Lake (a joint venture between Cameco, Orano Canada and Purepoint Uranium).

The Fraser Institute's annual survey of mining companies ranked Saskatchewan as No. 3 in the world for mineral exploration and mining. Argo Gold is well positioned to advance mineral exploration with high-quality assets in a mining-friendly jurisdiction.

National Instrument 43-101 disclosure

The technical information in this news release has been reviewed and approved by Bill Kerr, who is a qualified person as defined in National Instrument 43-101. Historical geochemical, drilling results and geological descriptions quoted in this news release were taken directly from news releases by other mineral explorers and from information provided by the government of Saskatchewan. Management cautions that results reported by other parties on adjacent properties have not been verified nor confirmed by its qualified person, but Argo Gold believes they create a scientific foundation for the exploration in the district. Management further cautions that historical results or discoveries on adjacent or nearby mineral properties are not necessarily indicative of the results that may be achieved on Argo Gold's mineral properties.

About Argo Gold Inc.

Argo Gold is a Canadian mineral exploration and development company and an oil producer. Argo Gold is listed on the Canadian Securities Exchange, as well as quoted on the OTC and on the XFRA, XSTU and XBER.

We seek Safe Harbor.