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Reserves & Resources

Table 1: Mineral Reserve and Mineral Resource Statement
Argonaut Gold Inc.
Property Totals at December 31, 2008

Classification Location Argonaut Gold Interest Tonnes Grade (g/t) Ounces Equity Ounces
Mineral Reserves            
Castillo - Proven and Probable Oxide(1) Mexico 100% 46,800,000 0.50 752,000 752,000
Total Proven and Probable Reserves     46,800,000   752,000 752,000
Measured and Indicated Mineral Resources            
Fortuna - Measured and Indicated Mexico 100% 4,800,000 1.98 308,000 308,000
Castillo - Measured and Indicated Oxide Mexico 100% 94,300,000 0.39 1,180,000 1,180,000
Total Measured and Indicated Resources(2)   99,100,000   1,488,000 1,488,000
Inferred Mineral Resources            
Castillo - Inferred Oxide Mexico 100% 4,500,000 0.38 55,000 55,000
Castillo - Inferred Transition(3) Mexico 100% 11,071,000 0.73 261,479 261,479
Castillo - Inferred Sulphide(3) Mexico 100% 16,818,000 0.67 363,233 363,233
Total Inferred Resources   32,389,000   679,712 679,712

(1) Reserves have been estimated using a gold price of US$625 per ounce as of 7/31/2008 by ACA Howe.
(2) Measured and Indicated includes Proven and Probable Reserves per 7/31/2008 ACA Howe.
(3) Inferred Resources have been estimated by Castle Gold Corp. at a .5 cutoff grade.


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This page was created on Sun Sep 5, 2010 at 11:42:43 AM Pacific Time.