Toronto, ON, July 19, 2007 – Argentex Mining Corporation (OTCBB: AGXM) announced today that the company has successfully tested six new zones during its fourth drill program at the polymetallic Pinguino property in Santa Cruz, Argentina.
In total, 18 HQ diamond drill holes covering 1,357 meters (4,452 feet) were concluded before the onset of winter conditions in the Patagonia region. The six new zones were drilled to test near-surface gossanous vein in bedrock within newly completed trenches. Visual inspection of the core shows that all zones returned significant intersections of vein sulphides.
"These intersections confirm an increase in the number of known sulphide veins at Pinguino. In addition to Marta Centro and Yvonne we now have a further six sulphide-rich zones that remain open at depth and along strike," said Ken Hicks, President of Argentex. "We are excited about the potential for expansion of mineralization at Pinguino and we look forward to further drill testing of these new discoveries as well as other high-priority targets."
Prior to this latest drill program, drill testing of known mineralization had been limited to the Marta Centro and Yvonne veins, which represent only 10% of the extensive geophysical anomalies defined to date. Preparations for further drilling are scheduled to commence in September.
Following the completion of previous drill programs at the sulphide-rich Marta Centro and Yvonne zones, Argentex intensified exploration work at Pinguino earlier this year to include additional trenching and drilling at Yvonne Sur, Yvonne Norte, Sonia, Kasia, Savary and Luna. Surface targets were identified based on their geological signature, which combines anomalous geophysics and geochemistry, and a total of 20 individual trenches tested these six distinct and previously unexplored overburden-covered zones.
Visual inspection of the HQ diamond drill core shows that significant sulphide intersections were returned in all six of these trenched areas.
Results from previous drill programs at Marta Centro and Yvonne revealed consistent polymetallic zinc-lead-indium-silver-gold-copper mineralization, which remains open-ended along strike and to depth. A total of 23 holes drilled into Marta Centro showed a consistent high-grade base metal core surrounded by wide intervals of disseminated mineralization.
Samples have been submitted to Acme Analytical Labs for analysis and findings will be reported upon receipt and compilation of results.
About Pinguino
Argentex’s Pinguino property is located in Argentina’s Patagonia region, within the Deseado Massif of Santa Cruz province. Both silver-gold and base metal discoveries have been made through the completion of approximately 9,350 meters (30,675 feet) of diamond drilling to date. Mineralization remains open-ended along strike and at depth,and numerous targets remain to be tested by drilling. Previous exploration has focused on zinc-indium-lead-silver-gold-copper discoveries in the Marta Centro and Yvonne areas of the property. Recent machine trenching and shallow drilling have intersected new sulphide veins at Yvonne Sur, Yvonne Norte, Sonia, Kasia, Savary and Luna.
Pinguino is easily accessible, situated approximately 500 meters (1,640 feet) above sea level in low-relief topography. An existing system of all-weather roads provides year-round access to the property.
Quality Assurance
Exploration on the Pinguino property is being conducted under the supervision of Mr. Kenneth Hicks, P.Geo., Argentex's President and a "qualified person" as defined by Canada’s National Instrument 43-101.
Samples selected for analysis are sent to Acme Analytical Laboratories’ sample preparation lab in Mendoza, Argentina. From there sample pulps are sent to Santiago, Chile for fire assay gold analysis and to Vancouver, Canada for Group 1DX multi-element MS-ICP analysis. Samples with over-limit zinc, lead, silver and/or copper are reanalyzed using an ore-grade high detection limit 7AR analysis, also conducted in Vancouver. Acme Analytical Laboratories is an accredited ISO 9000:2001 full-service commercial laboratory with its head office in Vancouver. 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 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. The company holds an option to acquire 100% mineral rights to the Pinguino property and owns 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. Argentex trades under the symbol AGXM on the OTCBB.
FURTHER INFORMATION:
Argentex Mining Corporation
InvestorRelations
1-888-601-8366
[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 Company's belief about the potential expansion of mineralization at Pinguino and further drill testing these new discoveries as well as other high-priority targets and preparations for further drilling are scheduled to commence in September. 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.