Toronto, ON, May 23, 2006 -- Argentex Mining Corporation (OTCBB: AGXM) is pleased to announce that the company has made successful application for exploration rights on new land adjoining its existing Pinguino project in Argentina’s mineral-rich Patagonia region. The land package doubles the project’s size along a trend that has already demonstrated significant precious metal mineralization. This trend is being tested further as part of the company’s ongoing drill program.
“Increasing our portfolio in this area is a strategic move for the company because the results of our trenching and diamond drilling efforts to date strongly suggest that the northwest corner at Pinguino hosts some of the property’s highest silver values,” said Ken Hicks, President of Argentex. “The new land is located immediately north and west of our current Pinguino position, covering the possible northwest extension of the main silver-gold mineralized trend.”
To date, Pinguino has been the main focus of Argentex’s exploration activities in Argentina. Within the northwest area of the property (Marta Norte), 2004 diamond saw channel trench sampling returned results including 9.0 meters of 1,690 grams per tonne (g/t) silver with a contained interval of 5,682 g/t silver over 2.3 meters. The highest silver intercept returned from 2005 diamond drilling in the same area was 1,094.9 g/t silver over 8.8 meters. Additional drilling at Pinguino is planned to test the extensions of zones known to contain silver and gold mineralization, which remain open in all directions. This drill testing is currently being carried out as part of a program that includes a proposed minimum of 1,500 meters (4,900 feet) of HQ diamond core drilling, as announced in a press release on May 9, 2006. New targets, previously untested by Argentex, are also scheduled for drilling during this phase.
Approximately 21 miles (35 kilometers) of epithermal veins have been documented to date on the Pinguino property and occur within rhyolitic tuffs of the Lower Jurassic Roca Blanca Formation. The new Pinguino land covers a large intrusive body and Triassic sedimentary and lower Jurassic volcaniclastic rocks located at the northern extension of the regional Tranquillo fault.
“We interpret the Tranquillo fault as a potentially major mineralizing structure within the Pinguino area, large enough to be readily visible from satellite imagery. Visible secondary copper mineralization is exposed on the Tranquillo structure for a considerable distance along strike. We plan to collect selected trench samples and send them for copper, silver and gold analysis as part of our 2006 exploration program,” added Argentex’s Ken Hicks.
The application to acquire exploration rights to 24,710 acres (10,000 hectares) of new land has been accepted by the provincial mining authority in Santa Cruz province. Reconnaissance prospecting and mapping of the new Pinguino land is proposed for the coming months. Details will be announced as they are finalized.
ABOUT ARGENTEX:
Argentex Mining Corporation is a junior mining exploration company with significant holdings in the Patagonia region of Argentina. It currently owns mineral rights to 30 properties with over 369,710 acres (149,616 hectares) of prospective land, located in the Santa Cruz and Rio Negro provinces of Argentina. Argentex is the due diligence review phase to acquire controlling interest of a gold project in Nevada’s Battle Mountain region. 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 import css/casts_of_future_results__estimates_of_amounts_not_yet_determined_and_assumptions_of_management._nbsp_0c7itd742kt5d5stjreekp.css; Forward-looking statements in this news release include statements about the Company’s belief that the additional project area could extend the silver-gold mineralization found in the northwest corner of the existing Pinguino project and that the Tranquillo fault is a potentially major mineralizing structure. 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.