Toronto, ON, January 18, 2005 – Argentex Mining Corporation (OTCBB: AGXM) is pleased to announce that the company has secured convertible-debt financing in the amount of $500,000. Under the terms of the funding agreement, the note may be converted into common shares of the company at $0.90 per share.

“Proceeds from this funding will be used to initiate our 2005 drill program at Pinguino,” said Ken Hicks, VP Exploration of Argentex. “The positive results from our extensive 2004 exploration program of mapping, geochemistry, geophysics and trenching has identified numerous drill targets. These targets have similar geological characteristics to classic epithermal gold-silver occurrences found throughout the world.”

Exploration crews are expected to be mobilized to begin preparations in early February. Drilling is scheduled to commence within six weeks. The program will include a planned 9,800 feet (3,000 meters) of diamond core drilling, with a focus on the Marta vein system where an extensive trenching and sampling program has returned extremely high gold-silver assays on surface. The 3D IP geophysics carried out in 2004 by SJ Geophysics, an independent Canadian contractor, shows large chargeability and resistivity anomalies in the subsurface beneath these high grade surface trench values. Approximately 20 drill holes are planned to test both the near surface and deeper potential.

The Pinguino property is host to a large number of auriferous epithermal quartz veins totaling approximately 15 miles (25 kilometers) in total strike length. The largest is the Marta vein, which has been Argentex’s main target during the first phase of exploration on the property. Marta extends for at least 3.5 miles (6 kilometers) and contains numerous splays and intersecting veins, which are prospective structures for the development of ore shoots. Due to the extensive length of the mineralized structure, this initial drill program will test only a small portion of the overall vein system. Future drill programs will continue to develop the highest priority areas combining geological, geochemical and geophysical targets.

While drilling is underway at Pinguino, surface exploration will continue on other high priority auriferous veins on the property with the aim of delineating further drill targets and additional veins of interest.

Acme Analytical Laboratories, an accredited ISO 9000:2001 full service commercial laboratory based in Vancouver, will be providing analytical services for the drill program. Argentex maintains a comprehensive system of Quality Control/Quality Assurance in its sampling programs.

ABOUT ARGENTEX:
Argentex Mining Corporation is a junior mining exploration company with significant holdings in the Patagonia region of Argentina. The company currently owns mineral rights to 30 properties with over 345,000 acres (139,616 hectares) of highly 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
1-888-601-8366
[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, volatility of commodity prices, product demand, market competition, and risks 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. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.