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Argonaut Gold Announces Second Quarter 2014 Revenue of $40.9M, Net Income of $2.0M, $13.5 M in Cash Flow from Operations Before Changes in Non-Cash Operating Working Capital and Other Items

Current San Agustin Resource Estimate Expected to Be Released in the Third Quarter of 2014

TORONTO, ONTARIO -- (Marketwired) -- 08/14/14 -- Argonaut Gold Inc. (TSX: AR) (the "Company", "Argonaut Gold" or "Argonaut") is pleased to announce its financial and operating results for the second quarter ended June 30, 2014. All dollar amounts are expressed in United States dollars unless otherwise specified.

                          3 months ended             6 months ended
                                 June 30                    June 30
                      ------------------         ------------------
                           2014     2013  Change      2014     2013  Change
Financial Data (000s except for earnings per share)
Revenue               $  40,943 $ 44,930      -9% $ 79,997 $ 88,010      -9%
Gross profit          $   7,358 $ 16,850     -56% $ 15,376 $ 37,809     -59%
Net income            $   2,022 $  6,494     -69% $  4,838 $ 18,109     -73%
Earnings per share -
 basic                $    0.01 $   0.04     -75% $   0.03 $   0.12     -75%
Cash flow from
 operating activities
 before changes in
 non-cash operating
 working capital and
 other items          $  13,543 $ 16,756     -19% $ 26,477 $ 36,107     -27%
Cash and cash
 equivalents                                      $ 52,655 $139,752     -62%
Gold Production and Cost Data
GEOs loaded to the
 pads1                   56,451   43,843     +29%  109,056   86,294     +26%
GEOs projected
 recoverable 1,2         31,849   25,344     +26%   61,174   50,348     +22%
GEOs produced1           30,310   34,572     -12%   61,273   64,453      -5%
GEOs sold1               31,723   32,424      -2%   61,888   59,010      +5%
Average realized sales
 price                $   1,296 $  1,388      -7% $  1,300 $  1,492     -13%
Cash cost per gold
 ounce sold3          $     756 $    643     +18% $    744 $    621     +20%
1 Gold equivalent ounces ("GEOs") are based on conversion ratio of 55:1 for
 silver to gold
2 Recoverable ounces - see tables titled Second Quarter 2014 El Castillo
 Operating Statistics and Second Quarter 2014 La Colorada Operating
3 Non-IFRS measure, see note below


--  Gold equivalent ounces loaded to the pads increased by 29% quarter over
--  Cash cost per gold ounce sold of $756. The 6 month cash cost is $744,
    below original 2014 guidance of $750 to $775 (cash cost per gold ounce
    sold is a non-IFRS measure, see note below).


El Castillo

--  GEO production of 21,359 ounces consisting of 21,041 gold ounces and
    17,474 silver ounces (GEOs at 55:1 conversion rate).
--  37,352 gold ounces loaded on the leach pads equating to 21,424 projected
    recoverable gold ounces.
--  Mining:
    --  The daily mining rate for the quarter increased from 87 thousand
        tonnes per day ("ktpd") in the first quarter to 91 ktpd in the
        second quarter, an increase of 5% quarter over quarter (23% year
        over year). The mine plan incorporated mostly oxidized ore,
        increasing from 75% to 87% of total ore placed on the pads for the
        second quarter over the first quarter. This is expected to result in
        improved recoveries in the coming quarter.
    --  Strip ratio increased slightly in the quarter to 1.2:1 which is
        consistent with mine plan expectations.
--  Crushing and conveying:
    --  West crusher conveyor moved a record 1,468,000 tonnes to the pads.
    --  East crusher conveyor moved a record 1,616,000 tonnes to the pads.
--  West side pad expansion:
    --  Construction of Cell 2a was completed in May and over liner
        placement is nearly complete, well ahead of schedule.
    --  Cell 3b the rock fill was completed in June and the cell
        construction is expected to be finalized in the third quarter, which
        is also ahead of schedule.

La Colorada

--  GEO production of 8,951 ounces, consisting of 8,420 gold ounces and
    29,224 silver ounces (GEOs at 55:1 conversion rate).
--  15,651 gold ounces and 189,621 silver ounces loaded on the pad; equating
    to 10,425 projected recoverable GEOs to leach pad.
--  The Company is ahead on stripping for the year. The strip ratio of
    4.49:1 fell in comparison to the 7.22:1 strip ratio realized during the
    first quarter, as ore shipments to the crusher increased.
--  Record 880,000 tonnes of crushed ore was loaded to the leach pad which
    is an increase of 182% year over year. A new rate of 10 ktpd of crushed
    ore to the pads has now been established. Since first quarter of this
    year we have achieved nearly a 40% improvement in crushing.
--  An additional tertiary crusher was added to the crushing circuit and
    commissioned at the beginning of July in an effort to further increase
    crushing capacity.


--  The purchase agreement with Richmont Mines Inc. was finalized in June
    2014; an operating agreement covering all land transfers has been put in
    place allowing full access while the title recording process proceeds.
--  The Company is developing a budget and detailed exploration plan for
    these additional lands.
--  Argonaut has identified additional material for further heap leach
    column test work to be performed, and expects to begin this
    metallurgical test work in the third quarter.
--  The Company continues to advance the permitting studies on the project.

San Antonio

The Company continues to work on advancing the permitting process. The activities are focused on creating a mutually beneficial project for all stakeholders by working with local and federal agencies and officials, local communities and also pursuing legal alternatives which are available to the Company.

San Agustin

--  The Phase I drill program of 22,114 metres has been completed as of July
    15, 2014, including 21,115 metres of reverse circulation ("RC") in 217
    drill holes and 999 metres of PQ core in 13 drill holes. For further
    information on these drilling results, please see our press release
    dated July 15, 2014.
--  Initiated Phase II drill program, to date 3,050 meters of the 16,000
    metres planned have been completed.
--  Metallurgical test work continues with column tests being run by
    independent laboratory Kappes, Cassiday & Associates in Reno, Nevada and
    bulk run of mine column tests at El Castillo.
--  Argonaut Gold purchased Geologix Explorations Inc. claims for the
    Nuestra Senora del Carmen II property, and has an agreement to acquire
    the Consejo 1 title.
    --  These concessions total 489 hectares immediately to the west and
        east of the current drill program for the Company.
--  A cash payment of $10.0 million was made to Silver Standard Resources
    Inc. ("Silver Standard"), as well as a $1.6 million value added tax
    payment, related to the transaction to acquire San Agustin.

CEO Commentary

Pete Dougherty, President and CEO of Argonaut Gold, stated, "Improvements made by the operations teams quarter over quarter have positioned the projects for a stronger second half of the year. Operationally, the increase of the tonnes hauled and crushed has led to more GEOs loaded to the pad to date; it is anticipated that our production ounces will improve during the second half of the year and that we will meet the lower end of our guidance of 135,000 to 150,000 GEOs for the year at a updated cash cost of $740 to $760 per gold ounce sold, net of silver credits.

On the exploration front, we are very pleased with the drilling done as well as the project development work at the newly acquired San Agustin project. The team continues to work towards a resource statement for the project for the third quarter and a preliminary economic assessment by year end.

"The team is focused on delivering on the 2014 goals. In terms of our three development projects (San Antonio, San Agustin and Magino), we are advancing these projects towards permitting and construction decisions."

Financial Results - Second Quarter 2014

During the second quarter of 2014, revenue was $40.9 million from gold sales of 30,822 ounces, compared to $44.9 million from gold sales of 31,756 ounces in the second quarter of 2013. Cash cost per gold ounce sold in the quarter was $756, compared to $643 in the same period of the prior year reflecting a decrease in capitalized stripping and higher mining costs (cash cost per gold ounce sold is a non-IFRS measure, see note below).

During the second quarter of 2014, gross profit was $7.4 million, compared to $16.9 million in the second quarter of 2013. The decrease in gross profit is largely reflective of an increase in operating expenses resulting from a decrease in capitalized stripping, and lower gold price. During the quarter, profit from operations was $4.5 million, compared to $12.8 million in the same period of the prior year. Net income for the period was $2.0 million, or $0.01 per basic share, versus $6.5 million, or $0.04 per basic share, in the second quarter of 2013.

Cash and cash equivalents was $52.7 million at June 30, 2014. Cash spent towards capital expenditures in the second quarter was $13.0 million, primarily spent on capitalized stripping, mining equipment purchases and equipment overhauls.

                        3 Months Ended June 30     6 Months Ended June 30
                          2014    2013  % Change     2014    2013  % Change
Tonnes ore (000s)        3,767   3,278       +15%   7,433   6,450       +15%
Tonnes waste (000s)      4,524   3,418       +32%   8,688   6,431       +35%
Tonnes mined (000s)      8,291   6,695       +24%  16,120  12,882       +25%
Tonnes per day (000s)       91      74       +23%      89      71       +25%
Waste/ore ratio           1.20    1.04       +15%    1.17    1.00       +17%
Heap Leach Pad
Tonnes ore direct to
 leach pad (000s)          683   1,710       -60%   1,506   3,440       -56%
Tonnes crushed (000s)    1,616   1,565        +3%   3,113   2,996        +4%
Tonnes overland
 conveyor (000s)         1,468     N/A      +100%   2,814     N/A      +100%
Gold grade (g/t)1         0.31    0.38       -18%    0.32    0.37      - 14%
Gold loaded to leach
 pad (oz)2              37,352  40,169        -7%  77,276  76,192        +1%
Projected recoverable
 gold ounces (oz)3      21,424  23,403        -8%  43,702  44,937        -3%
Gold produced (oz)      21,041  28,075       -25%  43,017  51,200       -16%
Gold sold (oz)          22,292  26,705       -17%  43,198  46,214        -7%
Silver sold (oz)        17,474   8,940       +95%  28,211  17,627       +60%
Cash cost per gold
 ounce sold (see Non-
 IFRS Measures
 section)              $   790 $   691       +14% $   772 $   695       +11%
1 "g/t" is grams per
2 "oz" means troy
3 Recovery rates: ROM oxide 50%, crushed oxide 70%, ROM transition 40%,
 crushed transition 60%, crushed sulphides argillic 30%, and crushed
 sulphides silicic 17%.

Summary of Production Results at El Castillo

Total tonnes mined increased by 24% for the second quarter 2014 over second quarter 2013. The gold ounces loaded to the pads in the second quarter 2014 decreased by 7% over second quarter 2013 due to lower mined grades (-18%).

Gold production of 21,041 ounces in the second quarter of 2014 was 25% lower compared to the second quarter of 2013 due to lower ore grades; production rates are improving and expected to increase in the second half of the year. 2014 production guidance at El Castillo is maintained at 90,000 to 100,000 gold ounces.

The strip ratio of waste to ore increased in the second quarter of 2014 to 1.20 compared to 1.04 in the second quarter of 2013, reflecting the push back on the north side of the pit and in line with expectations for the mine plan this year.


                        3 Months Ended June 30     6 Months Ended June 30
                           2014     2013% Change      2014     2013% Change
Tonnes ore (000s)           700      342    +105%    1,260      898     +40%
Tonnes waste (000s)       3,145    3,802     -17%    7,188    7,600      -5%
Total tonnes (000s)       3,845    4,143      -7%    8,448    8,499      -1%
Waste/ore ratio            4.49    11.12     -60%     5.70     8.46     -33%
Tonnes rehandled
 (000s)                     245        0    +100%      315        0    +100%
Heap Leach Pad
Tonnes ore direct to
 leach pad (000s)           880      312    +182%    1,515      886     +71%
Gold grade mined
 (g/t)1                    0.68     0.29    +134%     0.63     0.28    +125%
Gold loaded to leach
 pad (oz)2               15,651    2,796    +460%   26,463    7,938    +233%
Projected recoverable
 GEOs loaded (oz)3       10,425    1,941    +437%   17,473    5,412    +223%
Gold produced (oz)        8,420    5,511     +53%   15,983   11,293     +42%
Silver produced (oz)     29,224   45,318     -36%   96,803   90,197      +7%
GEOs produced (oz)        8,951    6,335     +41%   17,743   12,933     +37%
Gold sold (oz)            8,530    5,051     +69%   16,263   10,983     +48%
Silver sold (oz)         32,083   27,801     +15%  105,294   82,070     +28%
GEOs sold                 9,113    5,556     +64%   18,177   12,475     +46%
Cash cost per gold
 ounce sold (see Non-
 IFRS Measures
 section)              $    666 $    391     +70% $    670 $    309    +117%
1 "g/t" is grams per tonne
2 "oz" means troy ounce
3 Recovery rates: Gold 60% and Silver 30%

Summary of Production Results at La Colorada

Total tonnes mined decreased by 7% for the second quarter 2014 over second quarter 2013 as we began stripping of antenna hill area. There were 15,651 gold ounces placed on the pad in the second quarter of 2014, compared to 2,796 ounces placed on the pad in the second quarter of 2013 (an increase of 460%).

Second quarter production in 2014 of 8,951 GEOs was an increase of 41% over second quarter 2013 production of 6,335 GEOs. We anticipate gold equivalent ounce production for the full year guidance to be 40,000 to 45,000 ounces for 2014, as we continue to ramp up crushing capacity and mine higher grade ore.

Capital Expenditures for 2014

The Company plans on investing a total of between $50 million and $70 million on capital expenditures and exploration initiatives in 2014. Major capital expenditures in 2014 are expected to include approximately $17 million at El Castillo (including mining service company expenditures and capitalized stripping of $6 million), $14 million at La Colorada (predominately capitalized stripping of $11 million), $4 million at San Agustin, $6 million at Magino, and $3 to $23 million at San Antonio, depending on permitting. Exploration expenditures in 2014 are expected to amount to approximately $6 million.

Argonaut Gold Second Quarter Financial Results Conference Call and Webcast:

The second quarter financial results call is scheduled to take place on August 14, 2014 at 8:30 am EDT.

Second Quarter Conference Call Information:
  Toll Free (North America):                   1-877-223-4471
  International:                               1-647-788-4922

Second Quarter Conference Call Replay:
  Toll Free Replay Call (North America):       1-416-621-4642
  International Replay Call:                   1-800-585-8367
  Passcode:                                    67705385

The conference call replay will be available from 10:30 am EDT on August 14, 2014 until August 28, 2014.

Non-IFRS Measures

The Company has included a non-IFRS measure for "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 management's discussion and analysis ("MD&A") for full disclosure on non-IFRS measures.

This press release should be read in conjunction with the Company's unaudited consolidated financial statements for the quarter ended June 30, 2014 and associated MD&A which are available from the Company's website,, in the "Investors" section under "Financial Filings", and under the Company's profile on SEDAR at

Technical Information and Mineral Properties Reports

The technical information contained in this document has been prepared under supervision of, and reviewed and approved by Mr. Thomas H. Burkhart, Argonaut's Vice President of Exploration, and a qualified person as defined by National Instrument 43-101. For further information on the Company's properties please refer to the reports as listed below on the Company's website or on

El Castillo Mine         NI 43-101 Technical Report on Resources and
                         Reserves, Argonaut Gold Inc., El Castillo Mine,
                         Durango State, Mexico dated February 24, 2011
La Colorada Mine         NI 43-101 Preliminary Economic Assessment La
                         Colorada Project, Sonora, Mexico dated December 30,
Magino Gold Project      NI 43-101 Technical Report and Mineral Resource
                         Estimate on the Magino Gold Project, Wawa, Ontario,
                         Canada dated January 30, 2014
San Antonio Gold Project NI 43-101 Technical Report and Mineral Resource
                         Estimate on the San Antonio Gold Project, Baja
                         California Sur, Mexico dated October 10, 2012

The San Agustin project is not a material property of Argonaut. For further information on the San Agustin project, please see the historic estimates disclosed in the technical report title "San Agustin Resource Estimate" dated March 2009 and available under Silver Standard at Per Silver Standard, the historic mineral reserves estimate was completed by Gilles Arseneau, Ph.D., P.Geo., a Qualified Person, pursuant to NI 43-101, in a technical report completed by Wardrop, a TetraTech company, entitled "San Agustin Resources Estimate" dated March, 2009. The report was reviewed by Thomas Burkhart on behalf of Argonaut Gold, who has concluded that it continues to be relevant and reliable as a basis for understanding the potential resources at the property. To the best of Argonaut Gold's knowledge, information and belief, there is no new material, scientific or technical information that would make the disclosure of the mineral resources inaccurate or misleading. Argonaut Gold has not done sufficient work to classify the historic estimate as current mineral resources or mineral reserves and is not treating the historical estimate as current mineral resources or mineral reserves. The Company has begun a 44,000 metre drill program to update the resource model and verify or upgrade the historic work to support the development of a current estimate.

About Argonaut Gold

Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production activities. Its primary assets are the production stage El Castillo mine in Durango, Mexico, and the La Colorada mine in Sonora, Mexico. Advanced exploration stage projects include the San Antonio project in Baja California Sur, Mexico, and the Magino project in Ontario, Canada. The recently acquired San Agustin project is the primary exploration target for Argonaut in 2014. The Company also has several exploration stage projects, all of which are located in North America.

Creating Value Beyond Gold

Cautionary Note Regarding Forward-looking Statements

This press release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities laws concerning the proposed transaction and the business, operations and financial performance and condition of Argonaut Gold Inc. ("Argonaut" or "Argonaut Gold"). Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to estimated production and mine life of the various mineral projects of Argonaut; synergies and financial impact of completed acquisitions; the benefits of the development potential of the properties of Argonaut; the future price of gold, copper, and silver; the estimation of mineral reserves and resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; success of exploration activities; and currency exchange rate fluctuations. Except for statements of historical fact relating to Argonaut, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Argonaut and there is no assurance they will prove to be correct.

Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions, variations in ore grade or recovery rates, risks relating to international operations, fluctuating metal prices and currency exchange rates, changes in project parametres, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.

These factors are discussed in greater detail in Argonaut's most recent Annual Information Form and in the most recent Management Discussion and Analysis filed on SEDAR, which also provide additional general assumptions in connection with these statements. Argonaut cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Argonaut believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.

Although Argonaut has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Argonaut undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed. Comparative market information is as of a date prior to the date of this document.

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