Argonaut Gold inches closer to reopening Magino Mine near Wawa

Argonaut Gold Inc. has announced the conclusion of a Schedule 2 amendment, a key project authorization, by the Canadian federal government in connection with the Magino project near Wawa.  The completion of the amendment to Schedule 2 of the Metal and Diamond Mining Effluent Regulations is a significant permitting milestone for Magino.  This regulatory process has been completed following extensive consultations with Indigenous communities and the public.  All dollar amounts are expressed in US dollars unless otherwise stated.     

Pete Dougherty, President & CEO stated: "Magino is truly a valuable and strategic asset given existing project infrastructure, the already-known mineral endowment of the orebody and the existing exploration potential, its location within the mining-friendly jurisdiction of Ontario, Canada and its proximity to other strong cash flowing operations such as the Island Gold mine.  From a permitting perspective, the completion of the Schedule 2 process significantly de-risks the Magino project and makes it much more attractive to potential joint-venture partners and project financing lenders.  We thank the local communities for their continued support for the project.  Argonaut believes that the Magino project can be an important local employer in Northern Ontario."

Argonaut anticipates having project approvals and development financing options organized to enable the Company to make a decision on the advancement of the Magino project during the second half of 2020.

The Company has continued its deep drilling exploration program uninterrupted and is encouraged with the results to date.  As the backlog in the assay laboratories is worked through following their temporary closure due to COVID-19, Argonaut expects to provide continuous exploration results from this program throughout the year.

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