Argonaut Gold Announces Q3 Production of 32,122 Oz Au-eq

Toronto, Ontario – (October 15, 2014) Argonaut Gold Inc. (“Argonaut”, “Argonaut Gold” or the “Company”; TSX: AR), announced today that the Company produced 32,122 gold equivalent ounces (“GEOs” or “GEO”) during the third quarter (“Q3”) ended September 30, 2014. This included 22,980 GEOs at its 100% owned El Castillo Mine (“El Castillo”) located in Durango, Mexico and 9,142 GEOs at its 100% owned La Colorada Mine (“La Colorada”) located near Hermosillo, Mexico. Additionally, the Company reported record GEOs loaded to the pads in Q3, which will be reflected in the fourth quarter (“Q4”) production numbers.

¹ GEOs are based on conversion ratio of 55:1 for silver to gold and is the referenced ratio throughout this release.
² Recoverable ounces – see tables titled Third Quarter 2014 El Castillo Operating Statistics and Third Quarter 2014 La Colorada Operating Statistics.

THIRD QUARTER 2014 HIGHLIGHTS:
At both mines, operational improvements resulted in record GEOs being loaded to the pads. These improvements made in the third quarter are expected to result in significantly increased gold and silver production being realized in the fourth quarter, which has been demonstrated in first days of October. Tonnes mined and processed continue to show steady improvement year over year. However, seasonal rains during the third quarter caused dilution of the leaching solutions, thereby reducing the recovered ounces. Due to these seasonal effects, the Company is adjusting full year production guidance to 130,000 to 135,000 GEOs, from previous guidance which was at the lower end of the range of 135,000 to 150,000 GEOs. Management anticipates higher production in the fourth quarter, as the Company begins to recover the record ounces loaded during the third quarter coupled with drier weather.

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