Toronto, ON, January 19, 2007 -- Argentex Mining Corporation (OTCBB: AGXM) announced today the successful completion of the latest drill program at its polymetallic Pinguino property in Santa Cruz province, Argentina.
A total of 30 HQ diamond drill holes totaling 3,000 meters (9,842 feet) has been concluded and selected core samples have been shipped for analysis.
“Zinc-lead-silver-copper-gold epithermal mineralization over significant widths has been well documented on the Pinguino property, as revealed in our two previous drill programs,” said Ken Hicks, President of Argentex. “In the recent program we focused on defining areas of known mineralization and we look forward to using that acquired knowledge to define additional target areas.”
The 30 holes tested near-surface mineralization in the Marta Centro and Yvonne areas. Of the 30 holes, 23 were drilled into Marta Centro for a total of 2,475 meters (8120 feet) and seven were drilled into Yvonne for a total of 525 meters (1722 feet). Average hole depth was 100 meters (328 feet) with an average -55 degree dip.
With this latest drill program complete, Argentex has drill tested approximately 500 meters (1640 feet) of the 700-meter (2297 foot) Marta Centro segment.
Marta Centro is a new discovery from the spring 2006 drill program. The 23 holes that were just completed at Marta Centro were drilled in the vicinity of two previous holes (P53-06 and P54-06) from the spring program. These earlier holes intersected good base metal, silver, gold and indium values over significant widths. These results are discussed in a press release dated September 12, 2006.
Samples have been submitted to Acme Analytical Labs for analysis and findings will be reported upon receipt and compilation of results. Argentex expects to schedule a follow-up drill program for the upcoming quarter.
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.
HQ core (61 mm diameter) is sawn in half on site, with one half collected for sample analysis and the other half remaining as reference material. Samples selected for analysis will been sent to Acme Analytical Laboratories in Santiago, Chile. Acme Analytical Laboratories is an accredited ISO 9000:2001 full-service commercial laboratory with its head office in Vancouver, Canada. Referee analyses will be carried out by Alex Stewart (assayers) Argentina S.A. in Mendoza, Argentina. Argentex, Acme and Alex Stewart all maintain comprehensive and independent Quality Control/Quality Assurance programs. Drilling was conducted by Connors Drilling, a respected Canadian company with an office in Mendoza, Argentina.
ABOUT ARGENTEX:
Argentex Mining Corporation is a junior mining exploration company with significant holdings in the Patagonia region of Argentina. It currently holds an option to acquire 100% mineral rights to more than 30 properties with over 377,490 acres (152,766 hectares) of 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
1-866-594-7687
[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 impo rt 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 Company’s belief that it can use the knowledge it acquired in its two previous drill programs to define additional target areas and its expectation that it can schedule a follow-up drill program for the upcoming quarter. A ctual 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 quali fied 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.