Argentex Mining Active in Argentina’s Emerging Patagonia Region

Toronto, ON, April 20, 2004 – At first glance, the northern extremes of Canada and the southern reaches of Argentina have little in common except their remoteness. But there is one powerful word that closes the geographical gap in an instant -- gold.

Argentina is emerging as one of the globe’s most actively explored areas for precious metals. Its Patagonia region is an attractive area for exploration for a number of reasons: the substantial devaluation of the Argentinean Peso as compared to North American currencies, the strong price of gold and the increasing global demand for the precious metal. Furthermore, amended Federal mining laws in Argentina provide strong support for new mines and encourage foreign investment.

“Previous discoveries coupled with the area’s geographical makeup suggest that there are millions of ounces of gold deposits in Argentina’s Patagonia region,” said Chris Dyakowski, President and CEO of Argentex Mining. “The region is under-explored and hosts a number of mineralized systems, such as the large, easily accessible epithermal gold-silver system on Argentex’s Pinguino property.”

Dyakowski is well-known in the industry -- not only for his 25 years of mining exploration experience, but for recognizing early that Argentina offers immense potential for major gold discoveries. One of the original prospectors, Dyakowski led the way in the staking rush that took place in 1995, shortly after the Argentine government introduced a new mining code to encourage foreign investment. Now, his company Argentex Mining Corporation (OTCBB: AGXM) holds a land position with mineral rights to over 240,000 acres of highly prospective land in Argentina’s Santa Cruz and Rio Negro Provinces. These Provinces are located in Argentina’s mineral-rich Patagonia region that straddles the border with Chile. The company’s Pinguino property in Santa Cruz is believed to be especially promising due to mineralization discovered by previous operators and later confirmed by Ken Hicks of Argentex.

“Several other mining companies are operating in this area and have reported significant gold discoveries in terms of measured and indicated resources,” said Dyakowski. “We have 11 properties in the Santa Cruz area plus 15 others in Rio Negro. All of the properties are considered highly prospective due to their proximity to known gold-silver mineralization and their position within the regional structural framework.”

Mining the Gold Rush

Gold fever is catching on as the price of the precious metal continues to show strength. Currently, gold is sitting near an eight-year high at US$400 per ounce. According to John Ing, President and CEO of Maison Placements Canada, an independent research-based institutional investment dealer, the price won’t stop there.

"I've been saying consistently that US$510 is my target,” Ing recently told a national newspaper, “but I think it will be easily surpassed this year."

The worldwide demand for industrial and commercial gold is at an all time high, especially in the growing economies of Asia. Rising commodity prices and a voracious interest in the mining sector have brought significant new investment dollars into exploration companies. Argentex Mining recently raised $1.5 million and the company is aggressively moving forward with its 2004 exploration program.

For further information:

Argentex Mining Corporation
1-866-601-8366