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To: LoneClone who wrote (41959)	8/24/2009 4:34:28 PM
From: LoneClone	Read Replies (1) \| Respond to of 193039

Argonaut Exploration Inc. Drilling Underway at Terrace, BC Mon Aug 24, 9:10 AM ca.news.finance.yahoo.com August 24, 2009 Calgary, AB – Argonaut Exploration Inc. (TSX-V; AGA, “the Company” or “Argonaut”) is pleased to announce its drilling and geological work programs have commenced. The 2009 work program is planned to include 800 to 1600 metres of diamond drilling targeting the Golconda showing Induced Polarization (IP) Chargeability Anomaly discovered in 2008. The anomaly is a minimum length of 1000 metres with a variable width of up to 300 metres. The Golconda Geophysical Anomaly is benefited with excellent infrastructure and it traverses a logging road 5 kilometres from the road’s entrance to a major highway. Subsequent diamond drilling may also include additional drill testing of the Company’s M&K massive sulphide deposit. In addition to the planned diamond drilling, gold, silver and copper mineralized epithermal vein plus brecciated Manto-style deposits will be explored and sampled to determine the potential for future drill targets. The mineral showings lie within an 8 kilometre long east-west trending zone along the margin of the Lower Jurassic Kleanza Pluton. Together the showings may form part of the Zona May Vein Complex which has been traced over a 3 kilometre east-west trending strike length. The “Terrace Properties” host approximately 40 documented precious and base metal showings that include or adjoin 5 small past producing mines. The main economic metals present on the property are Silver (Ag), Gold (Au), Copper (Cu), Lead (Pb) and Zinc (Zn). The regional geology of the Terrace area includes island-arc volcanic assemblages with associated intrusions of the Mesozoic Stikine Terrane to the east and intrusions with metamorphic rocks of the Cenozoic Coast Plutonic Complex to the west. The Terrace Bornite Range property is underlain by the Lower Jurassic Kleanza Pluton. The Pluton intrudes and is co-magmatic with the Telkwa Formation, an andesite – dacite subaqueous to subaerial volcanic succession. A number of felsic accumulations occur within the property and indicate proximity to eruptive centres. The spatial distribution of mineral occurrences strongly suggests that the Kleanza Pluton and the Coast Plutonic Complex play key roles in the formation of the numerous metallic mineral deposits located on the Company’s Properties. The 2009 exploration program will be serviced from the cities of Terrace and Smithers located in northwestern British Columbia. Terrace is a modern community of 20,000 residents and is the major transportation centre for highway, rail and air traffic throughout northwestern British Columbia. The Company’s Bornite Range and Fiddler Creek properties are located twenty kilometres and 30 kilometres respectively northeast of Terrace each with good logistical location. The main Bornite Range property is bordered to the west by the Yellowhead Highway, CN railroad and major power lines with forest service plus logging roads accessing all of the property valleys. Argonaut Exploration Inc. has 19,516,474 shares issued and outstanding. The Company is well funded with an experienced management team. The Company trades on the TSX Venture exchange with the trading symbol AGA. Kris Raffle, P. Geol., APEX Geosciences Ltd. is a qualified person as defined by National Instrument 43-101 and is responsible for the preparation and approval of the technical information disclosed in the News Release. On behalf of the Board of Directors, Ray Cook, President and CEO For further information please visit: www.argonautexploration.com or contact: Ray Cook, B.Sc., M.Sc., Geology President and C.E.O, Tel: 403-969-7903; email: ray@argoexp.com Charles Chebry, B.Sc., CMA C.F.O. and Director Tel: (403) 454-1297; email: charles@argoexp.com This news release has neither been approved nor disapproved by the TSX Venture Exchange. The TSX Venture Exchange does not accept responsibility for the accuracy or adequacy of the contents of this news release. Certain disclosures in this release, including management's assessment of plans and projects and intentions with respect to listings of securities, use of proceeds and future exploration programs, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Argonaut’s operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects. Readers are cautioned not to place undue reliance on forward-looking statements. Argonaut expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.