Results from first 11 of 30 holes reveal 5.85 meters of 207 g/t indium, 201 g/t silver and 12% lead-zinc
Toronto, ON, April 16, 2007 -- Argentex Mining Corporation (OTCBB: AGXM) is pleased to report results for 11 of 30 holes from the recently completed drill program at its polymetallic Pinguino property in Santa Cruz province, Argentina. Characterized by wide intervals of strong zinc, lead, indium, silver, copper and gold values in the Marta Centro zone, the results show the definition and expansion of near-surface mineralization from the 2006 discovery holes.
“We are pleased by the success of our exploration methodology and the base-metal and precious-metal results that have been returned to date. Our exploration approach of using IP geophysics, surface mapping and anomalous soil geochemistry to define drill targets has proven to be very effective at Pinguino,” said Ken Hicks, President of Argentex. “As well, we have only tested a small portion of the property’s known high-priority drill targets, which are defined by an extensive geophysical anomaly.”
To date, strong, continuous linear chargeability geophysical anomalies covering more than 5,000 meters (16,404 feet) have been discovered on the property. Including this latest drill program, Argentex has tested an aggregate of approximately 500 meters (1,640 feet) of the 700-meter (2,297-foot) Marta Centro strike length to a depth of 100 meters (328 feet). Results include 5.85 meters (19 feet) of approximately 207 grams per tonne (g/t) indium, 1 g/t gold, 201 g/t silver, 0.3% copper and 12% lead-zinc in hole 74. Mineralization remains open along strike and at depth. Drilling also encountered a number of “blind” low-sulphide silver-gold veins during testing of these high-sulphide targets, with hole 73 returning 2.6 meters (8.5 feet) of 5.52 g/t gold and 704 g/t silver.
Details of the analytical results for 11 holes, in sequence from north to south for the interval from surface to 50 meters (164 feet) deep, are highlighted in the following table:
* Estimated true widths are approximately 90% of the drilled interval.
Abbreviations and conversion equivalents:
1 ppm = 1 g/t (gram per metric tonne)
1 troy ounce per short ton = 34.2857 grams per metric tonne = 34.2857 ppm
1 % = 10000 ppm
1 m (meter) = 3.2808 ft (feet)
The latest drill program consisted of 30 HQ diamond drill holes totaling 3,000 meters (9,842 feet). With this drilling, Argentex has tested an aggregate of approximately 500 meters (1,640 feet) of the 700-meter (2,297-foot) Marta Centro strike length to a depth of 100 meters (328 feet) and approximately 120 meters (394 feet) of the more than 1,170-meter Yvonne strike length to a depth of 80 meters (262 feet). A total of 1,153 core samples, representing 1,622 meters (5,321.5 feet) of sampled meterage, were submitted to Acme Analytical Labs for analysis.
Analytical results for the remaining 19 holes, which targeted deeper depths in Marta Centro and selected areas of the Yvonne zone, will be reported upon compilation and verification.
Indium is a metal used primarily in high-technology applications to coat glass and liquid crystal displays (LCDs) such as computer monitors, televisions, PDAs (e.g. BlackBerry, Palm Pilot), cell phones, digital watches and calculators. Indium is also used in light-emitting diodes (LEDs), in combination with other metals to form alloys and solders, in semiconductors, in solar panels and in coatings on high-speed bearings. It is most often recovered as a byproduct in the zinc smelting process.
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 is 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.
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.
HQ core (61 mm diameter) is sawn in half on site. One half is collected for sample analysis and the other half is kept as reference material. 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 overlimit zinc, lead, silver 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, Canada. 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. 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.