Since commencing exploration in early 2004, Argentex has assembled an impressive land portfolio of high-quality prospects in the Argentine provinces of Santa Cruz and Rio Negro. In total, the company’s portfolio includes mineral rights to more than 30 properties covering over 377,490 acres (152,766 hectares) of land.

In Santa Cruz, Argentex holds mineral rights to 13 properties totaling approximately 202,780 acres (81,947 hectares). These properties are located in the Deseado Massif region of southern Patagonia within Triassic to Lower Jurassic geology that is prospective for epithermal mineralization. To date, the flagship Pinguino property has been the focus of the company’s exploration activity in Patagonia.

Pinguino
Argentex began exploration at Pinguino in early 2004. A 3.7-mile (6.0-kilometer) long grid provided the initial backbone for soil geochemistry and geophysical exploration. This baseline work, together with prospecting, trenching and mapping, provided sufficient encouragement to mount the first drill campaign in 2005.

Highlights of 2005 drilling included 8.8 meters of 1,094 grams per tonne (g/t) silver revealed at a vertical depth of 23 meters. This discovery was made in the same area as a previously reported, anomalous trench that returned 9.0 meters of 1,690 g/t silver on surface. Results were considered sufficiently positive to warrant extended follow-up.

In early 2006, Argentex identified the first indications of vein and breccia hosted zinc-lead-copper-silver-gold mineralization with significant indium values. Pinguino has the unique distinction of hosting both base metal and precious metal discoveries within a single property. Argentex has so far discovered close to 37 miles (60 kilometers) of epithermal veins at Pinguino.

Additional drilling at Pinguino in late 2006 and early 2007 targeted the continuation of the first massive sulphide discovery along strike and at depth. Visual reports from the early holes identified mineralization similar to the discovery holes in early 2006.

Argentex maintains its dominant, centrally located land package in the Tranquilo Zone with a number of junior companies flanking its western, southern and eastern borders.

Grassroots Potential
Reconnaissance exploration work on Argentex's Condor and Cerro Contreras properties in Santa Cruz and its Los Menucos property in Rio Negro has generated anomalous precious metal and pathfinder elements. These results appear significant because of the early-stage level of exploration conducted to date within the prospective geological areas. Additional fieldwork and early stage drill target definition is planned for both properties in the second quarter of 2007.

In Rio Negro, Argentex holds mining rights to 18 highly prospective properties totaling 175,000 acres (70,819 hectares). These properties are at an earlier stage of exploration.