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