Argo Gold Obtains General Eligibility for Energy in Alberta

Toronto, Ontario–(Newsfile Corp. – December 20, 2022)- Argo Gold Inc. (CSE: ARQ) (OTCQB: ARBTF) (XFRA, XSTUXBER: A2ASDS) (“Argon Gold” or “argon“) is pleased to announce that the Alberta Energy Regulator (AER) has granted Argo Gold general authority for energy under AER Rule 067 to hold and acquire energy licenses in the Province of Alberta. This is an important step for Argo Gold to become an oil and gas producer.

Croverro Energy recently informed Argo that it has experienced delays in its winter drilling program and that the Sparky well, in which Argo has an interest, will come on stream in mid-Q1 2023. In addition, Croverro Energy now estimates that Argo’s capital costs have been reduced by 50% to ~$800,000. Argo’s 50% capital cost contribution entitles Argo to 37.5% of oil well production, which is estimated at 90 bbl/day of oil to Argo.

About ArgoGold

Argo Gold is a Canadian mineral exploration and development company. Information about Argo Gold is available on SEDAR at www.sedar.com and on Argo Gold’s website at www.argogold.com. Argo Gold is listed on the Canadian Securities Exchange (www.thecse.com) CSE: ARQ and OTCQB: ARBTF and XFRA, XSTU, XBER: A2ASDS.

For more information, please contact:

Judy Baker, CEO
(416) 786-7860
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NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICE PROVIDERS HAVE VERIFIED THE ADEQUACY OR ACCURACY OF THIS NOTICE, OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY.

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Except for statements of historical fact, this press release contains certain “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is often identified by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate,” “estimate,” and other similar words, or statements about specific events or conditions, “may,” or “may.” “will” occur. Forward-looking statements are based on the opinions and estimates at the time the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, including, but not limited to delays or uncertainties in regulatory approvals, including those of the CSE. Forward-looking information involves uncertainties, including factors beyond the Company’s control. The Company undertakes no obligation to update any forward-looking information should circumstances or management’s estimates or opinions change, except as required by law. The reader is cautioned not to place undue reliance on any forward-looking statements. Additional information identifying risks and uncertainties that could affect the financial results is included in the Company’s filings with Canadian securities regulators, which are available.