re: new ipo to rival monax..bandalup MEDIA STATEMENT 20 th...

re: new ipo to rival monax..bandalup MEDIA STATEMENT

20 th November 2006

ARGO IPO OFFER CLOSES EARLY AND OVERSUBSCRIBED

Argo Exploration Limited (ASX Code: AXT) today announced that its Initial Public Offering to raise $7m by the issue of 35 million shares at 20 cents per share has closed early and oversubscribed.

The funds raised will be used to explore two key projects - Intercept Hill and Toondulya - strategically located in the established Olympic iron oxide copper-gold-uranium and Central Gawler Craton gold provinces respectively of South Australia.

Argo received strong domestic retail and Institutional Interest in the float.

Managing Director Dr Hugh Herbert believes the response to the IPO illustrates the appetite for quality projects in fertile, underexplored mineral provinces with the potential to host further world-class ore bodies such as Olympic Dam.

“The current success of Monax Mining at its Punt Hill tenement, coupled with the relatively recent discoveries at Carrapateena and Prominent Hill and, of course, the Olympic Dam deposit upgrades emphasise the potential of the region.”

Argo intends to complete, within the next 2 months, detailed aeromagnetic and radiometric surveys over its Intercept Hill and Toondulya exploration licences. This data will complement recently acquired detailed gravity information and will be processed to assist in drill target selection. Drilling at Intercept Hill planned to commence, subject to drill rig availability, 1 st Quarter 2007.

Argos ’s IPO was managed by Domain Capital.

For more information contact;

Dr Hugh Herbert
Managing Director

(07) 4 636 2788
email: [email protected]
or:
email: [email protected]