Toronto, ON, January 18, 2006 – Argentex Mining Corporation (OTCBB: AGXM) is pleased to announce a number of significant advances in the development of the company’s flagship silver-gold Pinguino property, located in Santa Cruz Province, Argentina. Of note, Argentex has commenced Phase Two exploration activities at Pinguino, including detailed mapping and sampling of new structures. In addition, the company has upgraded its claim tenure at Pinguino, and is conducting additional sampling of existing diamond drill core obtained during its recently completed 3,000-meter drill program.
Surface geological mapping is in progress at Pinguino and is expected to continue through the month of January. Results will be used to aid in the structural interpretation of mineralization at Pinguino and will assist Argentex in defining and refining areas that are favorable for silver-gold deposition. At the same time, diamond saw channel sampling is being conducted along strike of the highly silicified Tranquilo regional fault, which displays patchy malachite copper staining on surface. The Tranquilo fault is interpreted to have been a significant conduit for the Pinguino area silver-gold mineralizing fluids.
“The purpose of conducting detailed surface mapping of the host lithologies and vein structures will be to aid in the interpretation and definition of drill targets in the future,” said Ken Hicks, President of Argentex. “The trenching of the Tranquilo fault will be testing a new mineralized structure on the property. Together with the geochemical, geophysical and trenching information, we believe that we can generate a number of high priority areas for testing.”
Argentex is also conducting additional sampling of its first phase diamond drill core from Pinguino. Compilation of initial assay results revealed significant values in areas of the buffer zone above and below obvious zones of mineralization and, as such, additional sampling is required to determine the full extent of the mineralized zone. As a result, 31 additional samples have now been collected from these significant sections of drill core. The samples have been shipped to Acme Analytical Laboratories in Santiago, Chile for standard gold and silver fire assay analysis. Results are expected in the first quarter of fiscal year 2006.
These additional assays come from the company’s first phase 3,000-meter drill program, which was completed in 2005. Sections of core displaying visible mineralization, as well as core from a buffer zone above and below these obvious zones of mineralization, were sampled. All of these samples were shipped to Acme Labs for silver and gold assay analysis. Results of this sampling were reported in September 2005. Both Argentex and Acme Labs maintain comprehensive and independent Quality Control/Quality Assurance programs.
In another significant development, Argentex has upgraded its claim tenure at Pinguino, completing the conversion of its exclusive exploration permits (“Cateos”) covering the property into a “Mina” registered with the provincial mining authority in Santa Cruz. A Mina is a mining lease consisting of a group of Pertenencias, or patented land, and is the highest level of mineral property tenure within Argentina.
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
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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. Forward looking statements made in this press release include, among others, comments regarding the company’s belief that its exploration program will continue to provide positive results. These forward-looking statements are subject to numerous risks and uncertainties, including 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.