Drilling hits 10 meters of 445 g/t silver equivalent, continues to expand silver mineralization to north

Toronto, ON, September 12, 2006 – Argentex Mining Corporation (OTCBB: AGXM) is pleased to announce assays for the final 16 of 25 diamond drill holes from the 1,876.5-meter (6,156.5-foot) shallow drilling program conducted in the first half of 2006 on its Pinguino property.  The program, summarized below, tested both new and existing targets, including near-surface mineralization of five high priority areas within the Marta vein system over the 3.7+ mile (6.0+ kilometer) strike length that has been confirmed to date.  Five holes were drilled into the sulphide-rich Yvonne vein and two holes were drilled in the newly discovered high-grade base metal Marta Centro segment, both previously untested and open in all directions.  Work was conducted as part of the overall Phase Two drill program, which is scheduled to include a total of at least 10,000 meters (32,800 feet) of drilling over the coming year.

“We are extremely pleased with the success of our latest drill program.  Originally thought of as strictly a silver-gold property, the high-grade copper, lead, zinc, silver and indium intersections we have discovered at Pinguino have added new exploration targets and attracted interest from major mining companies,” said Ken Hicks, President of Argentex.  “At the same time, we are encouraged by the silver values and promising intercepts over considerable widths returned in our final group of drill holes. Coupled with the fact that silver and gold prices have increased by more than 50% since we acquired Pinguino in 2004, we look forward to expanding our exploration of Pinguino with these base metal and precious metal discoveries.”

Results for the first nine holes, which all hit mineralization, revealed a new zinc-lead-copper vein massive sulphide discovery with large intervals of significant base metal, precious metal and indium values.  Geochemically anomalous concentrations of tin and tungsten suggest a higher temperature style of mineralization in contrast to the typical low sulphidation occurrences elsewhere on the property.  Both holes drilled within the 700-meter (2,296.5-foot) Marta Centro segment intersected long intervals of base metal and indium containing high-grade material over significant widths as detailed in Table 1.  Results included 34.8 meters (114.2 feet) of mineralization, including nearly 4% combined lead-zinc, 48 grams per tonne (g/t) silver and 55 parts per million (ppm) indium with a higher grade core of 10.8 meters (35.4 feet) of 11% combined lead-zinc, 138.7 g/t silver and 177 ppm indium in hole 8 (P53).

Table 1

Low sulphidation-style silver-gold mineralization was returned in all 16 of the remaining holes, with a significant intercept of 10.1 meters (33.1 feet) of 445 g/t silver equivalent at Marta Este. These latest results continue to reveal blind mineralized zones adjacent to known mineralization, suggesting that the overall system is more extensive than what is exposed on surface.  Importantly, the pathfinder element signatures in these holes appear to suggest a pattern (vector) toward increasing mineralization that might be useful in targeting a higher grade center of mineralization.

Table 2

The final 16 holes were drilled at a -55° northeast dip into the southwest dipping vein and, as such, drill intervals are estimated to be close to true widths.  The Marta Este segment is mapped on surface over a total length of 700 meters (2,296 feet) with the five holes intersecting mineralization within and below the oxidized zone.  The three holes drilled on the 4,000-meter (13,123.5-foot) long Marta Noroeste vein intersected the mineralized zone within the oxidized zone that appears to extend to a depth of more than 45 meters (148 feet).  The eight holes drilled on the 4,500-meter (14,764-foot) long Marta Norte vein intersected vein-breccia structures at depth, some of which did not outcrop at surface.  Drilling in this area displayed a continuity of the structure over a greater distance than previously known.

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. Overlimit base metal ICP values were reanalyzed with ore grade detection limit procedures. Silver >200 ppm in ICP were reanalyzed using gravimetric methods.  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 Argentex’s belief that these results will lead to expansion of its exploration program at Pinguino, that these results suggest that the overall system is more extensive than what is visible at the surface and that the pathfinder element signatures might be useful in targeting a higher grade center of mineralization. . 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.