CNR Capital Corporation announces conditional approval of qualifying transaction



    TORONTO, June 18 /CNW/ - CNR Capital Corporation ("CNR" or the
"Corporation") (PY.P - TSX Venture), a capital pool company, is pleased to
announce that the TSX Venture Exchange Inc. (the "Exchange") has conditionally
accepted the acquisition of all of the issued and outstanding shares of
Argonaut Resources Inc. ("Argonaut") as the Corporation's qualifying
transaction pursuant to the policies of the Exchange (the "Qualifying
Transaction"), as described in the Corporation's press releases dated
March 26, 2008 and April 2, 2008. Final approval of the Exchange is subject to
the Corporation fulfilling all of the requirements of the Exchange. In
connection with the Qualifying Transaction, on June 18, 2008 the Corporation
filed on SEDAR the filing statement of the Corporation dated June 2, 2008,
which contains full disclosure regarding the Qualifying Transaction and the
business of Argonaut. The Corporation expects to close the proposed Qualifying
Transaction on or about June 27, 2008 in accordance with Policy 2.4 of the
Exchange.
    If the Qualifying Transaction is completed, the holders of the issued and
outstanding Argonaut Shares will exchange their Argonaut Shares for CNR Shares
on a 1.25 for one basis. Argonaut presently has 6,931,660 shares outstanding.
The deemed exchange price for the CNR Shares to be issued in exchange for the
Argonaut Shares shall be $0.25 per CNR Share, or such other price as permitted
by governing regulatory bodies.
    Based on the foregoing, upon completion of the Qualifying Transaction,
CNR will have a total of 16,744,575 CNR Shares issued and outstanding and
1,216,000 CNR Shares reserved for issuance pursuant to outstanding options and
agent's warrants. Of the issued CNR Shares, 48.3% will be held by existing
holders of CNR Shares and 51.7% will be held by existing holders of Argonaut
Shares.
    Argonaut was formed in April 2004 in order to acquire, explore and
develop mineral properties throughout Western Canada. At the present time,
Argonaut is involved in a mineral exploration project on two exploration
properties located in north-western British Columbia. Argonaut has not yet
determined whether these mineral properties contain mineral reserves that are
economically recoverable and Argonaut is presently, or planning to, carry out
active exploration efforts on all of its mineral properties. Argonaut intends
to continue to generate and develop its own prospects, acquire mineral
exploration properties directly and indirectly and to participate in joint
venture and other strategic transactions with industry partners.
    The Qualifying Transaction is an arm's length transaction as the
directors and officers of CNR are not control persons of Argonaut. The CNR
Shares will remain halted until such time as permission to resume trading has
been obtained from the Exchange and submission of required documentation to
the Exchange.
    Completion of the transaction is subject to a number of conditions
including, but not limited to, Exchange acceptance. Investors are cautioned
that, except as disclosed in the management information circular or filing
statement to be prepared in connection with the Qualifying Transaction, any
information released or received with respect to the Qualifying Transaction
may not be accurate or complete and should not be relied upon. Trading in the
securities of a capital pool company should be considered highly speculative.
    All information contained in this news release with respect to CNR and
Argonaut was supplied by CNR and Argonaut, respectively, for inclusion herein,
and with respect to such information, CNR and its board of directors and
officers have relied on Argonaut.
    All of the Corporations public disclosure filings may be accessed via
www.sedar.com and readers are urged to review these materials, including the
technical reports filed with respect to Argonaut's mineral properties.

    THE TSX VENTURE EXCHANGE INC. HAS IN NO WAY PASSED UPON THE MERITS OF THE
    PROPOSED TRANSACTION AND HAS NEITHER APPROVED NOR DISAPPROVED THE
    CONTENTS OF THIS PRESS RELEASE. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.

    This news release may contain forward-looking statements based on
assumptions and judgments of management of the Company and Argonaut regarding
future events or results. Such statements are subject to a variety of risks
and uncertainties which could cause actual events or results to differ
materially from those reflected in the forward-looking statements. The
Corporation disclaims any intention or obligation to revise or update such
statements accept as may be required by law.





For further information:

For further information: Jeffrey Dawson, President, Chief Executive
Officer and Chief-Financial Officer and a director of CNR, by telephone at
1-877-932-8858; or please contact Charles Chebry, Chief Financial Officer and
a director of Argonaut, by telephone at (403) 454-1297

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CNR CAPITAL CORPORATION

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