AR: El Castillo Site Visit Brings Positive View

JOHN MCCLINTOCK, Mackie Research (02/24/2011)
"Our recommendation remains BUY as our recent visit to Argonaut's producing El Castillo and San Antonio development project confirms our view of both AR's continued execution and the accretive nature of the plan of arrangement with Pediment Gold Corp.

The El Castillo mine expansion is nearly complete and San Antonio resource likely to grow further—based on in-fill drilling within the Intermediate Zone (between the Main and South Zones), we are increasing our estimate of resource growth to 420 Koz. from 300 Koz. and believe additional drilling of Triunfo and Cañada del Aqua targets should yield further exploration success."

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