Rahul Paul, Canaccord Genuity (10/26/12) "We visited Argonaut's La Colorada mine in Sonora state and El Castillo mine in Durango state, Mexico. . .we believe that the company remains on track to deliver on expectations, and came away from the tour with a positive impression of its operational abilities. . .Argonaut Gold remains a Focus List pick based on attractive valuation considering a superior low-cost production growth profile, a proven management team and expected strong operational momentum over the next 12 months."

Ovais Habib, Scotia Capital (10/26/12) "We visited Argonaut Gold Inc.'s El Castillo as well as La Colorada projects. . .we were impressed by the work completed to date at La Colorada, both the commissioning of the adsorption desorption recovery plant as well as the progress of pad construction. . .operations at El Castillo are running smoothly with pad 8 construction in progress, which is expected to add 39 Mt of capacity, taking total pad capacity to 69 Mt. . .we rate the company Outperform."