In less than three years, Argentex has advanced Pinguino from a raw prospect to a drill-tested mineralized system with both base metal and precious metal mineralization as well as excellent potential for expansion. During this period, Argentex has discovered a new zinc-lead-silver-copper vein massive sulphide system with wide intervals of anomalous base metal, precious metal and indium mineralization. We believe this is the first discovery of its kind in Patagonia.

Mineralization on the Pinguino property was first discovered by a major mining company in the mid-1990s. Reconnaissance-level exploration was carried out at Pinguino in 1996 and 1997, but a decision was made to divest the property in 1998. At that time, the price of gold averaged US$290 per ounce and silver averaged US$5.75 per ounce. Since then, commodity prices of gold, silver, zinc, lead, indium and copper have increased significantly. Argentex is the first exploration company to conduct a comprehensive work program on the property since 1998.