Toronto, ON, October 26, 2006 -- Argentex Mining Corporation (OTCBB: AGXM) is pleased to announce that it has acquired exploration rights to a new land package in Argentina’s mineral-rich Santa Cruz province. The property, called Boreal, is located along the same regional structural trend and fills a gap between existing Argentex-held claims and its flagship Pinguino property.
“The acquisition of Boreal was a strategic move solidifying our land holdings along the same northwest-southeast mineralized trend that hosts Pinguino, which has returned significant base metal, precious metal and indium values in exploration conducted to date,” said Ken Hicks, President and CEO of Argentex. “With 49,000 acres (20,000 hectares) of land at Pinguino and more than 37,000 acres (15,000 hectares) held within Boreal and surrounding claims, Argentex is the largest holder of mineral rights along the Tranquilo trend, which we believe has the geological potential to continue to produce new discoveries.”
Boreal is located approximately 4.6 miles (7.5 kilometers) southeast of Pinguino and connects to Argentex’s grassroots Norte, CV 1, 2 and 3 properties. Geology underlying the area is prospective for epithermal silver-gold occurrences typically found in Santa Cruz province. Analysis of detailed satellite imagery covering Boreal has revealed northwest-trending structures within areas of interpreted alteration.
Argentex has made excellent progress at Pinguino by identifying what it believes to be one of the largest under-explored epithermal silver-gold systems in Santa Cruz. Approximately 36.4 miles (58.7 kilometers) of epithermal veins have so far been documented by Argentex’s scientific team and occur within the Lower Jurassic Roca Blanca Formation. Santa Cruz province currently has two operating precious metal mines and more than two additional gold-silver projects in the construction phase of mine development.
Argentex’s application to acquire 100% exploration rights to Boreal has been accepted by the Santa Cruz provincial mining authority. Argentex intends to begin prospecting, sampling and reconnaissance geological mapping at Boreal during the 2006-2007 exploration season.
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 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 Argentex’ belief that it can begin exploration of the Boreal property in 2006-2007 season and that the northwest-southeast mineralized trend that hosts Pinguino has the geological potential to continue to produce new discoveries. 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. There can be no assurance that a commercially viable mineral deposit exists on any of Argentex’ properties and further exploration is required before Argentex can evaluate whether any exist and, if so, whether it would be economically and legally feasible to develop or exploit those resources.