Toronto, ON, August 8, 2005 – Argentex Mining Corporation (OTCBB: AGXM) is pleased to announce the results for an additional 18 HQ diamond drill holes from its Pinguino silver-gold property located in Argentina’s Patagonia region. The second tranche of results represent holes 12 through 29 of the 45 holes drilled during the company’s 3,010-meter (9,875-foot) Phase One program.
“We continue to define and expand the near surface silver-gold mineralization with this drilling,” said Ken Hicks, President of Argentex. “Based on the assay results we have seen to date, metal ratios can vary from 1:1 to over 1000:1 silver to gold. These results appear to be both significant and positive, and they confirm our confidence in the strength and potential of the mineralizing system at Pinguino.”
Additional Positive Results
Representative intercepts from holes 12 to 29 include:
|
Hole-ID |
From (m) |
To
(m) |
Width (m) |
Au (g/t) |
Ag (g/t) |
Au equivalent Au:Ag 60:1
(g/t Au) |
Ag equivalent Ag:Au 60:1
(g/t Ag) |
|
P05-12 |
58.27 |
60.34 |
2.07 |
2.84 |
84.9 |
4.26 |
255.3 |
|
P05-12 |
72.09 |
73.50 |
1.41 |
0.87 |
193.0 |
4.09 |
245.2 |
|
P05-13 |
14.60 |
17.74 |
3.14 |
1.22 |
126.5 |
3.33 |
199.7 |
|
P05-14 |
28.09 |
30.70 |
2.61 |
2.50 |
106.8 |
4.28 |
256.8 |
|
P05-14 |
35.10 |
37.80 |
2.70 |
4.87 |
98.8 |
6.52 |
391.0 |
|
P05-15 |
53.90 |
56.18 |
2.28 |
1.51 |
67.5 |
2.64 |
158.1 |
|
P05-16 |
73.19 |
76.00 |
2.81 |
3.83 |
272.3 |
8.37 |
502.1 |
|
P05-17 |
16.54 |
18.60 |
2.06 |
0.44 |
98.2 |
2.08 |
124.6 |
|
P05-21 |
76.75 |
77.15 |
0.40 |
12.43 |
24.0 |
12.83 |
769.8 |
|
P05-23 |
43.78 |
44.23 |
0.45 |
3.89 |
131.9 |
6.09 |
365.3 |
|
P05-23 |
51.08 |
53.15 |
2.07 |
0.79 |
164.9 |
3.54 |
212.3 |
|
P05-24 |
32.00 |
33.90 |
1.90 |
8.19 |
916.7 |
23.47 |
1408.1 |
|
P05-25 |
14.00 |
17.38 |
3.38 |
1.14 |
525.9 |
9.91 |
594.3 |
|
P05-26 |
23.00 |
25.40 |
2.40 |
2.26 |
620.3 |
12.60 |
755.9 |
|
P05-26 |
29.15 |
32.00 |
2.85 |
0.70 |
201.3 |
4.06 |
243.3 |
|
P05-27 |
49.20 |
52.00 |
2.80 |
1.09 |
411.8 |
7.95 |
477.2 |
|
P05-28 |
14.15 |
17.00 |
2.85 |
0.41 |
324.8 |
5.82 |
349.4 |
|
P05-29 |
33.50 |
35.07 |
1.57 |
0.14 |
393.7 |
6.70 |
402.1 |
|
P05-29 |
37.14 |
39.05 |
1.91 |
0.36 |
523.4 |
9.08 |
545.0 |
Holes P05-01 to P05-21 are located near the center of the Pinguino property. In relation to that point, holes P05-22 to P05-27 are approximately 500 meters to the southwest and holes P05-28 to P05-29 are located approximately 1,700 meters to the west.
In light of the results, Argentex is in the process of updating the 3D IP geophysical model to include this new drilling information.
Argentex plans to report on the results from the remaining 16 HQ drill holes upon receipt and compilation of assays from Acme Analytical Labs. Meanwhile, an expanded exploration work program on the Pinguino property is being planned for the upcoming spring field exploration season in Patagonia.
Samples were sent to Acme Analytical Laboratories in Santiago, Chile for silver and gold assays. Both Argentex and Acme Labs maintain comprehensive and independent Quality Control/Quality Assurance programs.
ABOUT ARGENTEX:
Argentex Mining Corporation is a junior mining exploration company with mineral rights to 30 properties with over 345,000 acres (139,616 hectares) located in the Patagonia region of southern Argentina. Argentex common stock currently trades under the symbol AGXM on the OTCBB.
FURTHER INFORMATION:
Argentex Mining Corporation
Investor Relations
1-866-594-7687
[email protected]
Information Regarding Forward-Looking Statements: Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Argentex's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, comments regarding the company’s belief that its recent test results are both significant and positive, the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc., volatility of commodity prices, product demand, market competition, and other risks inherent in Argentex's industry and operations. Please refer to Argentex’ Annual Report on Form 10-K and other filings with the Securities and Exchange Commission for a comprehensive discussion of these and other risk factors.
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.