Toronto, ON, May 24, 2007 -- Argentex Mining Corporation (OTCBB: AGXM) is pleased to report an expansion of exploration activities on its polymetallic Pinguino property in Santa Cruz province, Argentina. Following successful results from its recently completed 3,000-meter (9,842-foot) diamond drill program, including the highest zinc-lead-indium intervals encountered to date, Argentex is intensifying its work program to include trenching in overburden areas, trench mapping and additional drilling. Trenching will start immediately as equipment and personnel are in place and drilling is scheduled to commence after trenching is complete.
“The geophysical signature of the Marta Centro and Yvonne mineralized zones has been successfully tested by drilling. These wide intervals of disseminated sulphides have given us a geophysical template to focus on for additional drill testing here and as we expand to include other areas of interest at Pinguino,” said Ken Hicks, President of Argentex. “It is also important to note that we have so far tested less than 10% of the areas containing this same type of anomalous geophysical signature at Pinguino.”
Detailed prospecting in covered areas with anomalous geophysics but no exposed veining has identified small quantities of oxidized and goethitic material, the weathering product of sulphide veins. Argentex plans to test the veins by machine trenching, followed by diamond drilling where it appears warranted. Specific veins targeted for testing include Yvonne Sur, Yvonne Norte, Sonia, Kasia and Savary.
Results from the recently completed drill program on the zinc-lead-indium-silver-copper and gold zones of Marta Centro and Yvonne were very positive, showing consistent polymetallic zinc-lead-indium-silver-gold-copper mineralization 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. Preliminary testing of the higher copper and gold values at Yvonne suggests that it might be a higher temperature zone.
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 almost 8,000 meters (26,247 feet) of diamond drilling to date. Mineralization remains open-ended along strike and at depth, and numerous targets remain to be tested by drilling. Current exploration has focused on zinc-indium-lead-silver-gold-copper discoveries in the Marta Centro and Yvonne areas of the property.
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.
There are currently two operating precious metal mines in Santa Cruz province. In addition, Pan American Silver is receiving great cooperation from the Federal and Provincial governments in Argentina and believes that its Manantial Espejo project remains on schedule to commence production in May 2008, as referenced in a press release issued by Pan American Silver on April 19, 2007. Also in Santa Cruz province, Minera Andes projects that its San Jose gold-silver development project should begin operations in 2007.
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 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
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 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 the wide intervals of disseminated sulphides have given us a geophysical template to focus on for additional drill testing here and as we expand to include other areas of interest at Pinguino, and higher copper and gold values at Yvonne suggests that it might be a higher temperature zone. 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.