Preliminary results indicate large intervals of near-surface mineralization

Toronto, ON, July 11, 2006 -- Argentex Mining Corporation (OTCBB: AGXM) reported today that it has made a new discovery on the Pinguino property with its recently completed diamond drill program.

Results for the first seven of 25 drill holes indicate the presence of a zinc-lead-copper massive sulphide mineralized system with large intervals of significant base metal, precious metal and indium values. As well, geochemically anomalous concentrations of tin and tungsten in these holes suggest a higher temperature style of mineralization in contrast to the typical low sulphidation occurrences elsewhere on the property. The first five holes were drilled into the previously untested 1,200-meter (3,937-foot) long Yvonne segment. The next two holes tested the extension of a 2005 precious metal drill intersection within the 2,100-meter (6,890 foot) Marta Sur segment.

“This discovery of massive sulphide mineralization containing zinc, lead, copper, gold, silver and anomalous concentrations of tin and indium is, to the best of my knowledge, a first in Argentina’s Patagonia region,” said Ken Hicks, President of Argentex. “We are excited by the large intersections of base metals because they show that we have a significant mineralized envelope surrounding the higher grade intervals, which is more typical of a higher temperature system. This discovery brings a new dimension and new exploration targets to this property, which we previously believed hosted only silver-gold mineralization.”

Details of the first seven holes located in the Yvonne and Marta Sur segments are highlighted in the following table:

The initial 2006 drilling program was designed to test new and existing targets at shallow depths along the main Marta mineralized system, which has been confirmed to extend for more than 3.7 miles (6.0 kilometers) and remains open in all directions.

Holes drilled on the Yvonne vein were at a -55° dip, spaced approximately 50-75 meters (164-246 feet) apart, starting on the southern edge of the geophysical coverage and following the structure to the northwest. The holes intersected the mineralized zone below the level of oxidation that persists to a depth of 45 meters (148 feet). The Yvonne vein is approximately 1,200 meters (3,937 feet) long, with an approximate strike of 330° and a 60° to 80° northeast dip. The two holes on Marta Sur, a 2,100-meter (6,890-foot) structure that runs parallel to the Yvonne vein, were both aimed towards the same point of the vein on surface. One hole was 20 meters (66 feet) closer to the structure than the other. Both were drilled at a -55° dip and intersected within the level of oxidization, and therefore did not intersect significant sulphides. True widths are estimated to be approximately 85% of the posted drill intersections listed in the table above.

Indium is a metal used primarily to coat glass and liquid crystal displays (LCDs) such as computer monitors, televisions, PDAs (e.g. BlackBerry, Palm Pilot), cell phones, digital watches and calculators. Indium is also used in light-emitting diodes (LEDs), in combination with other metals to form alloys and solders, in semiconductors, in solar panels and in coatings on high-speed bearings. It is most often recovered as a byproduct in the zinc smelting process. The price of indium has risen from US$200 per kilogram (kg) in 2002 to almost US$1,000/kg in 2006 because of increasing demand and diminishing supplies.

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. Drilling was conducted by Connors Drilling, an independent Canadian contractor with an office in Mendoza, Argentina. 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. Selected samples of massive sulphides were submitted for a separate analysis for indium. 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.

*“na” indicates that this interval was not initially targeted for indium analysis; analysis is in progress
** “GMV” is an abbreviation for “Gross Metal Value” that is used in this content to combine all of the above elements and use current metal prices to get a single value for comparative purposes only. The calculation does not take into account recovery factors of the individual elements or other metallurgical aspects of the mineralization. Metal prices for copper ($7.40/kg), lead ($1.01/kg), zinc ($3.30/kg) and tin ($8.35/kg) were taken from the website Metalprices.com showing LME three-month prices on July 3, 2006; prices for gold ($619.50/oz) and silver ($11.17/oz) were taken from Kitco.com on July 3, 2006; the price for indium ($940/kg) is a monthly average over a six-month period from January to June 2006. All prices are quoted in US dollars.

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 Pinguino property’s potential to host a higher temperature style of mineralization than is typical in Patagonia. 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.