Argonaut Announces Incentive Stock Options and Changes to the Board of Directors

CALGARY, ALBERTA--(Marketwire - May 7, 2012) - Argonaut Exploration Inc. (the "Company" or "Argonaut") (TSX VENTURE:AGA) announces that, in accordance with the Company's stock option plan, it has granted to its directors, officers, advisors, employees and consultants incentive stock options to purchase up to an aggregate of 1,230,000 common shares exercisable on or before May 2, 2015 at a price of $0.10 per common share.

The Company also announces the resignations of directors Brad Bakuska and Jeffrey Dawson for personal reasons as of May 2^nd, 2012. Mr. Bakuska will remain a valued advisor to the Company as Argonaut undertakes to advance the Terrace, B.C. Mineral projects. Ray Cook, President and C.E.O. states; "Brad Bakuska is a close personal friend, co-founder and exemplary director in guiding Argonaut since the Company's beginning in 2008. We are pleased that Brad will continue to assist Argonaut from an advisory role as the Company continues to build value for shareholders. I would also like to thank Jeffrey Dawson for his valuable support and contributions to Argonaut. We wish them both well in all their future endeavours."

About Argonaut Exploration Inc.

Argonaut is a junior mineral exploration company focused on the acquisition, exploration and development of mineral properties. For more information on the Company visit its website at www.argonautexploration.com.

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.