AML Akwaaba Mining Ltd

Argus Metals Corp. (the "Company" or "Argus") (TSX VENTURE:AML) provides a first
quarter 2012 corporate update.


Further to the closing of the second tranche of the Company's recent private
placement, management wishes to outline its strategy and initiatives for the
second quarter, 2012.


The Kaituma Uranium/Gold Project

Proceeds from the private placement will be used to drill test its 100% owned
Kaituma Uranium/Gold Project in Guyana. The Company has outlined a first phase,
ten-hole drill program consisting of two fences of five drill holes designed to
test uranium mineralization across the one kilometre wide Kaituma coincident
radiometric/uranium-in-soils geochemical anomaly. To date, historic exploration
work has sampled only the leached laterite horizons of the cap rock. Argus is
targeting the near surface, potentially un-leached lithologies which are
interpreted to underlie this cap rock. 


The Kaituma Project represents a potential low cost uranium production target
with a low exploration (discovery) costs, solid infrastructure and a rapid
timeline to a conceptual resource definition and development.


The Kaituma Project is located in northwest Guyana, 1.5 kilometres from a deep
water port, town and paved regularly serviced airfield. Topography on the
Project is rolling and subdued with a change in relief of only 100m. Access is
defined by an all weather road that runs along a central ridge on the project
and is augmented by an historic railway grade and secondary logging roads and
trails. 


The Kaituma geophysical/geochemical uranium target is hosted in an episyenite
intrusive in Guyana Shield Greenstone Belt with similar geological models as
deposits like the Husab deposit of Extract Resources Ltd. in Namibia, (319.9M lb
U3O8 @ 519ppm U3O8) and the Lago Real Mine in Brazil which has resources of 125M
lb U3O8 @ approx. 0.25% U3O8. The opportunity for the discovery of similar
uranium grades and tonnage exists on the Kaituma Property and the proposed
drilling program will test this potential. The high priority Kaituma target has
a strike of ten kilometres and a width of one kilometre and grades from trace up
to 0.23% U3O8 in saprolite trenches and trace up to 0.0948% U3O8 in weathered
outcrop.


Historical exploration work on the Kaituma Project includes airborne/ground
based geophysical surveys by Cogema (now Areva) in the early 1980s followed by a
1996 - 1998, BHP High Sense airborne magnetic/radiometric survey and regional
BLEG-ICP stream sediment and soil geochemistry programs. A large 70 square
kilometres radiometric anomaly was identified by both the airborne surveys, and
a significant stream sediment gold anomaly was also identified on the property.
The BHP stream sediment and soil geochemistry surveys did not assay for uranium.
Work in 2006 by StrataGold validated the uranium target with conformational
ground based radiometric, soils and trenched uranium anomalies (with values from
trace up to 0.23% U3O8) as well as delineated three gold anomalies on the
property associated with over 100 years of placer mining.


President Michael Collins stated: "Argus is excited to be drill testing the
Kaituma uranium/gold anomaly. The Kaituma target has the scale and pedigree to
develop into a major uranium deposit."


Financing Outlook

The Company is confident it will obtain sufficient working capital going forward
to fund its planned exploration activities through a strategy of; divesting or
joint venturing its non-core assets combined with capital raising in the public
market.


About Argus

Argus Metals is a Vancouver based exploration and development company with a
strong portfolio of assets focused on gold in the Yukon and uranium in Guyana.
The 100% owned Hyland project in the Yukon is a highly prospective gold project
with the potential to substantially increase its existing NI 43-101 Au
equivalent resource. The 100% owned Kaituma project in Guyana has undergone
extensive surface and shallow depth sampling and will be drilled as soon as
practicable. Kaituma has the potential to develop into a major uranium deposit
and has similar geological features to the Husab (Rossing South) uranium deposit
of Extract Resources. 


The Company's directors and officers are a geologically focused team whose
objective is to build shareholder value through exploration and development of
existing projects and through identifying assets with company making potential.


Paul D. Gray, P.Geo., the Company's Qualified Person, and has reviewed and
approved this news release.


ON BEHALF OF THE BOARD OF DIRECTORS

Michael Collins, President and CEO

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