Toronto, ON, July 7, 2006 -- Argentex Mining Corporation (OTCBB: AGXM) is pleased to announce the successful completion of its recent drill program, which was conducted as part of its ongoing $2-million exploration program for the Pinguino silver-gold property located in Santa Cruz, Argentina.  Drilling of 25 HQ diamond drill holes totaling 6,156.5 feet (1,876.5 meters) has been concluded and select core samples are being analyzed.

“The drill results should provide us with additional insight into the near-surface mineralization along the Marta trend, which is expected to remain a key focus in our ongoing exploration at Pinguino,” said Ken Hicks, President of Argentex.  “This information could also help Argentex to identify additional attractive targets for future drilling, which we expect to schedule in the coming weeks.”

The 25 holes tested the upper portion of the Marta mineralized system over the 3.7+ mile (6.0+ kilometer) strike length that has been confirmed to date.  In addition to testing the boundaries of known areas of mineralization in this program, new areas, including the sulphide-rich Yvonne vein, were tested as part of the company’s continuous expansion of new targets.

The 25 hole program is summarized in the following table:

Drill hole summary

Drilling was conducted by Connors Drilling, an independent Canadian contractor with an office in Mendoza, Argentina.

A total of 971 drill core samples were collected and shipped to the Alex Stewart Laboratory in Mendoza, Argentina.  Analytical findings are expected before mid-July.

QUALITY ASSURANCE
Exploration on the Pinguino project is being conducted under the supervision of Mr. Kenneth Hicks, P.Geo., Argentex's President and a "qualified person" as defined by National Instrument 43-101.  Mr. Hicks is responsible for the preparation of technical information in this news release.  Drill core for analysis was first sawed in half; one half was retained in the core box for future reference and the other half was submitted for analysis.  All samples were collected in accordance with industry standards and were submitted to Alex Stewart Assayers, Argentina, S.A., in Mendoza, Argentina, for fire assay and ICP analysis. Check assays are submitted to Acme Analytical Labs, an ISO-9001:2000 certified lab, in Santiago, Chile.  Accuracy of results is tested through the systematic inclusion of standards, blanks and check assays.

ABOUT ARGENTEX:
Argentex Mining Corporation is a junior mining exploration company with significant holdings in the Patagonia region of Argentina.  It currently owns 100% mineral rights to 30 properties with over 369,710 acres (149,616 hectares) of prospective land, located in the Santa Cruz and Rio Negro provinces of Argentina.  Argentex is also in the due diligence review phase to acquire controlling interest of a gold project in Nevada's Battle Mountain region.  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 “The drill results should provide us with additional insight into the near-surface mineralization along the Marta trend, which is expected to remain a key focus in our ongoing exploration at Pinguino” and “This information could also help Argentex to identify additional attractive targets for future drilling, which we expect to schedule in the coming weeks.” 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. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.