Toronto, ON, November 2, 2006 – Argentex Mining Corporation (OTCBB: AGXM) is pleased to announce the recent completion of a detailed topographic survey at its flagship Pinguino property in Santa Cruz province, in the Patagonia region of Argentina. The next phase of work, consisting of further Induced Polarization (IP) geophysics, is now underway as part of the company’s ongoing exploration program. Additional drilling is scheduled to commence after geophysics on a number of key areas is complete.
“We have found IP geophysics to be an extremely effective tool to identify drill targets within the high-sulphide areas at Pinguino,” said Ken Hicks, President of Argentex. “Our geophysics work was key in targeting the two holes (P53, P54) drilled in the Marta Centro zone earlier this year that returned excellent zinc, lead and copper results with associated indium, silver and gold values. Both holes ended in disseminated mineralization. We believe this new survey will help define some of the existing open-ended anomalies in our zones of interest as well as target additional discoveries in prospective areas.”
Field personnel have arrived at the Pinguino camp and commenced initial grid work on the property. Argentex plans to use the data to augment its existing geophysical grid, which was prepared using data collected through approximately 25 line miles (40 line kilometers) of 3D Induced Polarization surveys in 2004. The earlier IP geophysics identified a large number of anomalies, many of which were successfully tested as part of the company’s ongoing 2006 drill program and remain open to expansion in all directions. A total of approximately 36.4 miles (58.7 kilometers) of epithermal veins have been mapped so far.
Argentex plans to commence additional drilling at Pinguino once geophysics has been completed on a number of key areas. To date, 1,876.5 meters (6,156.5 feet) of the successful Phase Two drilling has been completed.
Holes P53 and P54 were both drilled within the 700-meter (2,296.5-foot) Marta Centro segment and intersected long intervals of base metal and indium containing high-grade material over significant widths. These results were reported in a press release dated September 12, 2006.
ABOUT ARGENTEX:
Argentex Mining Corporation is a junior mining exploration company with significant holdings in the Patagonia region of Argentina. It currently holds an option to acquire 100% mineral rights to more than 30 properties with over 377,490 acres (152,766 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. Forward-looking statements are based on current facts and analysis and on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Forward-looking statements in this news release include statements about Argentex’ belief that it can use IP Geophysics to help define existing open-ended anomalies in its zones of interest, as well as target additional discoveries, that it can complete geophysics on a number of key areas and commence additional drilling and that it can augment its existing geophysical grid using data from its current geophysics. 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, competition for qualified personnel and risks that are 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. There can be no assurance that a commercially viable mineral deposit exists on any of Argentex’ properties and further exploration is required before Argentex can evaluate whether any exist and, if so, whether it would be economically and legally feasible to develop or exploit those resources.