November 12, 2013 at 23:50 PM EST
Argonaut Gold Clarifies Cash Cost Disclosure

TORONTO, ONTARIO--(Marketwired - Nov. 12, 2013) - In a press release issued earlier today, Argonaut Gold Inc. (TSX:AR) (the "Company") inadvertently carried forward, and published as a third quarter statistic, the cash cost per ounce of gold at its La Colorada operations from the second quarter of the current year. The Company notes that the cash cost per ounce disclosure reflected in the management discussion and analysis was correctly issued. Corrected information for the third quarter appears below. The Company regrets any confusion that may have been caused by this error.

/T/

3 Months Ended 9 Months Ended

September 30 September 30

2013 2012 % Change 2013 2012 % Change

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Prior quarterly cash cost per

ounce sold $391 $578 -32% $309 $578 -47%

Correct Q3 cash cost per ounce

sold $591 $421 +40% $397 $480 -17%

/T/

Non-IFRS Measures

The Company included the non-IFRS measure "Cash cost per gold ounce sold" in this press release to supplement its financial statements which are presented in accordance with International Financial Reporting Standards ("IFRS"). Cash cost per gold ounce sold is equal to production costs less silver sales divided by gold ounces sold. The Company believes that this measure provides investors with an improved ability to evaluate the performance of the Company. Non-IFRS measures do not have any standardized meaning prescribed under IFRS. Therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Please see the MD&A for full disclosure on non-IFRS measures.

Contact Information:

Argonaut Gold Inc.

Nichole Cowles

Investor Relations Manager

(775) 284-4422 x 101

nichole.cowles@argonautgold.com

www.argonautgold.com

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