Toronto, ON, November 27, 2006 -- Argentex Mining Corporation (OTCBB: AGXM) is pleased to announce the receipt of initial results from the Induced Polarization (IP) geophysics currently underway at its flagship Pinguino property in Santa Cruz province, in the Patagonia region of Argentina. Part of the company’s ongoing exploration program, the geophysical testing is being conducted on areas that are independent of the drill targets currently defined and proposed for drilling under the recently signed contract with Connors Drilling.
“We are very pleased to have discovered a greater number of veins with significant chargeability anomalies at depth than our initial surface examination had indicated,” said Ken Hicks, President of Argentex. “These preliminary results suggest that we may have a more extensive network of potential sulphide mineralization than we thought. This new geophysical data is very encouraging.”
Limited geophysical testing conducted in 2004 returned a strong chargeability signature on the high-sulphide Marta Centro and Yvonne veins. Both vein systems returned significant zinc, copper, lead, silver and indium intersections in early 2006 drill testing.
Geophysical testing currently underway is focused on new areas adjacent to those completed during 2004 testing as well as new vein targets within the Pinguino property. Argentex hopes to identify a chargeability signature similar to that identified in 2004.
Initial Results
To date, approximately 20% of the proposed work has been completed by independent Argentine contractors using industry standard IP geophysics to measure subsurface chargeability and resistivity.
The first area (Area 1) tested was the intersection of the Marta Sur vein at the southeast end of the Yvonne vein. Results of geophysical measurements from Argentex’s current program indicate a large and distinct chargeability anomaly approximately 400 meters (1,312 feet) long at a depth of approximately 37 meters (121 feet), following the trend of the Yvonne vein.
The second area (Area 2) tested was Kasia, an oblique vein with a southwest-northeast strike that is perpendicular to the dominant northwest trend of property veins. Untested by trenching or drilling to this point, a chargeability anomaly approximately 200 meters (656 feet) in length has been discovered at a depth of approximately 37 meters (121 feet).
Geophysical testing is also complete at Sonia (Area 3), a vein that is poorly exposed on surface and untested by trenching or drilling. A small chargeability anomaly of approximately 150 meters (492 feet) at the 37-meter (121-foot) depth level expands to a very strong 500-meter (1,640-foot) anomaly at 74 meters (243 feet) below surface.
Geophysical maps showing the results from Area 1, Area 2 and Area 3 will be made available on the Argentex web site at http://www.argentexmining.com/.
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.
A number of data lines from the 2004 geophysical program have been repeated in the current program and the results show good correlation, which provides for a level of consistency in the two ages of surveys.
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 css/casts_of_future_results__estimates_of_amounts_not_yet_determined_and_assumptions_of_management._nbsp_ezpac3muqaxym5t2anqma3.css; Forward-looking statements in this news release include statements about the Company’s belief that “preliminary results suggest that we may have a more extensive network of potential sulphide mineralization than we thought” and “Argentex hopes to identify a chargeability signature similar to that identified in 2004.” 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.