Toronto, ON, December 22, 2006 -- Argentex Mining Corporation (OTCBB: AGXM) is pleased to report preliminary findings from the first five holes of the proposed 20-hole, 3,000-meter (9,842-foot) HQ diamond drill program underway at its Pinguino property, Argentina. Visual inspection shows that all holes intersected significant intervals of epithermal mineralization. The first five holes were drilled within the 700-meter (2,296.5-foot) Marta Centro segment, in between two holes drilled earlier in 2006 (P53-06 and P54-06) spaced approximately 110 meters (360.9 feet) apart. These earlier holes returned high base metal and indium values.

“We are very encouraged by this additional evidence of the wide Marta Centro structure at Pinguino,” said Ken Hicks, President of Argentex. “These intersections show consistency with our earlier findings, supporting the continuity of mineralization along strike and at different intersection depths within the Marta Centro zone. We look forward to expanding the mineralized footprint along strike and at depth.”

Holes were drilled on a pre-numbered drill pattern and drill holes below are therefore listed in the same order in which they were completed, but they do not have strict sequential number sequence. Holes are collared approximately 20 meters apart. Targeted depths of mineralization range from -50 to -70 meters below surface

Drill hole summary:

Hole 74-07 intercepted 45 meters (147.6 feet) of epithermal veinlets and brecciation from 29 meters (95.1 feet) to 74 meters (242.8 feet) downhole, including an 8.6-meter (28.2-foot) interval of quartz and sulphide hydrothermal breccia. Quartz and limonite breccia contained colloform, comb and cockade textures. Pyrite, sphalerite and galena with massive, banded and cockade textures and host rock clasts are also present.

Hole 75-07 also intercepted a zone of epithermal veinlets and brecciation. The interval measured 54 meters (177.2 feet), and was encountered from 40.5 meters (132.9 feet) to 94.5 meters (310.1 feet) downhole. Within this zone, an 11-meter (36.1-foot) interval of quartz, sulphide and clay veins, and hydrothermal breccia was discovered. The quartz breccia has colloform, comb and cockade textures. Pyrite, sphalerite and possible covellite occur with massive, banded and cockade textures and host rock clasts.

Hole 80-07 intercepted a zone of epithermal veins, veinlets and brecciation totaling 68 meters (223.1 feet), from 49 meters (160.8 feet) to 117 meters (383.9 feet) downhole, including a nine-meter (29.5-foot) interval of clay, quartz and sulphide hydrothermal breccias. The quartz breccia has colloform, comb and cockade textures. The sulphides described are pyrite and sphalerite.

Hole 81-07 intercepted 45 meters (147.6 feet) of epithermal veinlets and brecciation from 50 meters (160 feet) to 95 meters (311.7 feet) downhole, including a 14-meter (45.9-foot) interval of quartz, sulphide and clay veins and hydrothermal breccia. Quartz breccia has colloform, comb and cockade textures. Pyrite, sphalerite and galena are present.

Hole 82-07 intercepted a zone of epithermal veins, veinlets and brecciation totaling 71 meters (232.9 feet), from 47 meters (154.2 feet) to 118 meters (387.1 feet) downhole. The zone includes a 13-meter (42.7-foot) interval of quartz, sulphide veins and hydrothermal breccia. Quartz breccia has colloform, comb and cockade textures. The sulphides described are pyrite, sphalerite and galena.

These holes into Marta Centro were drilled roughly perpendicular to the strike of the zone and at a -55 ^° northeast dip into the 50 ^° southwest dipping structure. As such, reported intervals are estimated to be close to true widths. Photos showing examples of textures within the intervals from the current program will be made available on the Argentex web site.

Samples have been submitted to Acme Analytical Labs for analysis and findings will be reported upon receipt and compilation of results.

Drilling conducted at Marta Centro earlier this year intersected significant intervals of base metal and indium containing high-grade material over significant widths. Results included 34.8 meters (114.2 feet) of mineralization, including nearly 4% combined lead-zinc, 48 grams per tonne (g/t) silver and 55 parts per million (ppm) indium with a higher grade core of 10.8 meters (35.4 feet) of 11% combined lead-zinc, 138.7 g/t silver and 177 ppm indium in hole 8 (P53). These results are discussed in a press release dated September 12, 2006.

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 is being conducted by Connors Drilling, a respected Canadian company with an office in Mendoza, Argentina, and is expected to be completed by the end of March 2007. At least 20 holes are planned to test areas with potential mineralization at shallow depths.

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 Argentex “look(s) forward to expanding the mineralized footprint along strike and at depth,” that the drill program “is expected to be completed by the end of March 2007,” and that “at least 20 holes are planned to test areas with potential mineralization at shallow depths.” 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.