Toronto, ON, May 1, 2006 -- Argentex Mining Corporation (OTCBB: AGXM) announced today the details of a $2-million exploration program planned for its portfolio of silver-gold properties in Santa Cruz province, Argentina, with the majority of work proposed for the company’s flagship Pinguino property. A total of 10,000 meters (32,800 feet) of drilling has been budgeted as part of the multi-million dollar program.
“Our work at Pinguino has uncovered a large epithermal mineralized system, which we continue to verify and expand along strike and width through the discovery of new parallel and conjugate veins,” said Ken Hicks, President of Argentex. “The main objectives of our exploration program are to broaden the highly mineralized zones, which remain open in all directions, and use proven exploration techniques to generate additional high priority drill targets. These activities are intended to advance our overall geological understanding of the property and return results that will be used in establishing Pinguino’s future value. We will also maintain an active regional program in other areas of our prospective silver-gold Santa Cruz land portfolio.”
The work program at Pinguino is designed to expand the coverage of detailed mapping through a substantial diamond drill program, prospecting, soil geochemistry, magnetic susceptibility and Induced Polarization (IP) geophysics combined with trenching. Exploration has so far verified that the main Marta vein system at Pinguino extends over a strike length of more than 3.7 miles (6.0 kilometers), with multiple subparallel veins within a structural corridor greater than 1.85 miles (3.0 kilometers) wide. Approximately 21 miles (35 kilometers) of epithermal veins have been documented with only a small percentage of them tested to date. Based upon the results of our exploration efforts to date, management is encouraged and believes there is geological potential to continue expanding the mineralized footprint.
Drill testing of the company’s Condor property is also proposed as part of the $2-million exploration program. Hosted within felsic volcanics, Condor has classic epithermal textures within a more than 800-meter, overburden-covered zone and visible gold exposed on surface. The company intends to refine its targets based on the results of work conducted to date, which has included 3D IP surveys and soil sampling on a rectangular grid measuring 2.0 line miles (3.2 line kilometers). Results of the 3D IP survey displayed large chargeability and resistivity anomalies below the surface mineralization containing visible gold.
The Deseado Massif region is the center of silver-gold exploration activity in southern Patagonia, with a number of high profile development projects and active silver and gold mines. Argentex holds mineral rights to 12 properties totaling 170,000 acres (68,797 hectares) in Santa Cruz.
ABOUT ARGENTEX:
Argentex Mining Corporation is a junior mining exploration company with significant holdings in the Patagonia region of Argentina. It currently owns mineral rights to 30 properties with over 345,000 acres (139,616 hectares) of prospective land, located in the Santa Cruz and Rio Negro provinces of Argentina. The company trades under the symbol AGXM on the OTCBB.
FURTHER INFORMATION:
Argentex Mining Corporation
Investor Relations
1-866-594-7687
[email protected]
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as “expects”, “intends”, “plans”, “may”, “could”, “should”, “anticipates”, “likely”, “believes” and words of similar import also_identify_forward-looking_statements._nbsp.css; Forward-looking statements are forecasts of future results, estimates of amounts not yet determined and assumptions of management, including, but not limited to, the Company’s belief that it can broaden the mineralized zones and generate additional priority drill targets at its Pinguino property, that it can refine its drill targets on the Condor property and, in general, conduct a successful exploration program on its Santa Cruz properties. Actual results may differ materially from those currently anticipated due to a number of factors beyond the Company’s control. These risks and uncertainties include, among other things, volatility of commodity prices, product demand, market competition, and risks inherent in Argentex's operations. These and other risks are described in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.