Toronto, ON, November 30, 2006 -- Argentex Mining Corporation (OTCBB: AGXM) is pleased to announce the commencement of additional drilling at its polymetallic Pinguino property in Santa Cruz province, Argentina. The program is proposed to include a minimum of 3,000 meters (9,842 feet) of HQ diamond drilling. The initial focus is on further testing of a chargeability anomaly containing two widely spaced drill intersections that returned high base metal and indium values in drilling earlier this year. This drill phase is being conducted as part of the company’s ongoing exploration program at Pinguino.
“This new drilling marks the beginning of the first drill-definition testing of significant geophysical targets at Pinguino,” said Ken Hicks, President of Argentex. “With the success from our previous drilling, we are taking the next logical step by expanding our knowledge along strike and at depth to give us geological data in three dimensions. At the same time, as our on-going geophysical work generates new targets, we continue to expand our knowledge of the property’s potential.”
Located in Argentina’s Patagonia district, Pinguino is unique to the region because both base metal and precious metal discoveries have been made within a single property. Argentex has so far discovered close to 37 miles (60 kilometers) of epithermal veins at Pinguino as well as Patagonia’s first and only indium-rich zinc-copper massive sulphide occurrence.
Drilling will be 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.
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.
Samples selected for analysis will be sent to ALS Labs Chemex in Argentina. The quality system at ALS Labs complies with the requirements of the international standards ISO 9001:2000 and ISO 17025:2005. Referee analyses will be carried out by Alex Stewart (assayers) Argentina S.A. in Mendoza, Argentina. Argentex, ALS Labs and Alex Stewart Labs maintain comprehensive and independent Quality Control/Quality Assurance programs.
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_80miwf4b5o7ixzm6654z5u.css; Forward-looking statements in this news release include statements about the Company’s belief that it will continue to generate new targets and expand its knowledge of the Pinguino property’s potential. 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.