Argo Gold Announces Third Closing of Flow-Through Shares

Toronto, CANADA, December 28, 2018 – Argo Gold Inc. (“Argo Gold” or the “Company”) (CSE: ARQ) is pleased to announce that on December 27, 2018 it completed the third tranche (“Third Tranche”) of its previously announced non-brokered private placement offering through the issuance of 1,363,500 flow through shares (“Flow Through Shares”) at a price of $0.22 per Flow Through Share, for aggregate proceeds of $299,970.

In connection with the issuance of the Flow-Through Shares subscribed for in the Third Tranche, the Company paid a finder’s fee equal to $20,997.90 and issued an aggregate of 95,445 broker warrants (the “Broker Warrants”). Each Broker Warrant is exercisable into one Common Share at a price of $0.25 per share for twelve (12) months from the date of closing of the Third Tranche. The securities issued in connection with the Third Tranche are subject to a hold period of four months and a day from the date of closing of the Third Tranche.

The gross proceeds from the Flow-Through Share offering will be used for Canadian Exploration Expenses, and will qualify as “flow-through mining expenditures”, as defined in the Income Tax Act (Canada).