Libra Advisors, LLC Acquires Receipts of Argonaut Gold Ltd. for Investment
Purposes

TORONTO , Jan. 4 /CNW/ - Libra Advisors, LLC ("Libra"), announced today that it has acquired 5,710,501 subscription receipts ("Receipts") of Argonaut Gold Ltd. ("Argonaut") at a price of $3.00 per Receipt in connection with Argonaut's private placement. Each Receipt is automatically exercised into Units, each Unit consists of one common share and one half of one common share purchase warrant. Each warrant entitles the holder to acquire one common share, at a price of $4.50 per warrant until December 29, 2012 .

As a result of the acquisition, Libra now holds 5,710,501 common shares, representing approximately 10.2% of the outstanding common shares of Argonaut, and 2,855,250.5 warrants of Argonaut that, if exercised, would result in Libra holding approximately 14.6% of the total outstanding common shares of Argonaut.

Libra acquired these Receipts for investment purposes and may, from time to time, acquire additional securities of Argonaut or dispose of such securities as it may deem appropriate.

Libra is the investment advisor to Libra Fund, LP and Libra Offshore Master Fund, LP with principal offices at 909 Third Avenue, 29th Floor, New York, NY 10022.

For further information: Mr. Ranjan Tandon, Managing Member at [phone]