Toronto, ON, July 20, 2004 -- Argentex Mining Corporation (OTCBB: AGXM) today announced that sampling from the Pinguino property has returned significant gold and silver results.

The company's recently completed soil geochemical survey on the Pinguino property revealed a new gold-silver anomaly, which runs parallel to the principal 3.75 mile (six kilometer) Marta vein and is situated 1,640 feet (500 meters) to the northeast of that main vein. Defined by anomalous soil samples in a linear trend in excess of 2,625 feet (800 meters) in length, samples from the new discovery returned gold values to 1,024 ppb and silver values greater than 100,000 ppb. This anomaly appears to be significantly different in geochemical signature compared to the Marta mineralization, suggesting that it may have formed as part of a separate mineralizing event.

"These results significantly enhance the potential of our Pinguino property," said Ken Hicks, Vice President of Exploration for Argentex. "We have made an important new discovery in the company’s first exploration program on the property. An aggressive follow-up exploration program of additional soil sampling, geophysics and trenching is planned for September in order to systematically expand, define and test the numerous gold-silver targets discovered to date."

Marta Zone

Within the Marta Zone mineralized trend there is a strong geochemical signature of gold, silver and pathfinder elements (As, Pb, Zn and Hg) which correlates well with areas of trenching carried out by the previous operator. Argentex’s detailed sampling also tested between groups of trenches in overburden covered areas and discovered anomalies along the trend of known mineralization. This could indicate an extension to the exposed mineralization in the trenches.

A strong 0.85 mile (1.4 kilometer) silver geochemical anomaly occurs in the northern portion of the Marta Zone in an overburden area between existing trenches. Anomalous samples of 19,581, 5,376 and 4,857 ppb silver define the anomaly, which remains open to the north. This discovery is significant because it defines a new trend of anomalous geochemistry, which was previously unknown. Numerous occurrences of high grade silver mineralization are found in this part of the Deseado Massif in advanced projects and an operating high grade silver mine.

Samples were processed through Acme Analytical Labs in Santiago, Chile and Vancouver, Canada using a low detection limit MS-ICP multi-element analysis. Acme has an internal system of standard check and duplicate analyses for quality control and assurance. The company also maintains an independent system of duplicate and repeat analyses.

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 336,000 acres (132,000 hectares) of highly prospective land, located in the Santa Cruz and Rio Negro provinces of Argentina. Argentex is well funded for its 2004 exploration program. 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.P>

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.