Vancouver, B.C., April 8, 2008 -- Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to announce results for the first 10 holes completed during ongoing drilling at the Marta Centro zone of its polymetallic Pinguino property located in Santa Cruz, Argentina.
Analytical results for these first 10 drill holes expand the mineralized zone along strike to the northwest and the southeast and to a depth of approximately 130 meters (426 feet). The mineralized zone at Marta Centro remains open in all directions.
"We continue to expand the near-surface mineralization along strike and follow it to depth," said Ken Hicks, President of Argentex. "With an envelope of disseminated zinc, lead, indium and silver mineralization surrounding a higher grade core, we are documenting what appears to be a large, well-defined mineralized footprint at Marta Centro with the results of this new drilling. Drill testing at Marta Centro has been completed to a depth of 250 meters (820 feet) with assays pending and we expect to test the system to the 400-meter (1,640-feet) level during the current program. We have completed 10,000 meters (32,808 feet) of drilling to date and plan to continue drilling with two rigs until the end of the current exploration season."
Hole P133-08 intersected 69.4 meters (277.7 feet) of mineralization, including approximately 3% combined lead-zinc, 30 grams per tonne (g/t) indium and 22 g/t silver. This broad mineralized interval contains higher grade sections including 1.0 meter (3.3 feet) grading 29.5% lead-zinc, 602 g/t indium and 122 g/t silver. These high-grade drill intercepts form a consistent pattern in the central part of the Marta Centro zone.
The deepest of the first 10 holes drilled was P138-08, which intersected significant mineralization at approximately 130 meters (426 feet) below surface. The 20.9-meter (68.5-foot) interval contains 4% lead-zinc, 32 g/t indium and 34 g/t silver.
Drilling on the southeastern margin at Marta Centro intersected elevated gold grades and moderate base metal values. The zinc-rich mineralization in the core of the mineralized zone continues to display concentrations of indium measuring in the hundreds of grams per tonne range.
Highlights of the analytical results for the major intersections of the 10 drill holes at Marta Centro are outlined in the following table. All holes intersected significant intervals of anomalous base metal values.
Two independent contractors are continuing the largest drilling program in the history of Argentex's Pinguino project. A minimum of 10,000 meters (32,808 feet) of drilling was contracted under the current program and has since been completed. Based on results achieved to date, Argentex plans to continue drilling using two rigs until the end of the exploration season. Among its plans, Argentex is scheduling to test the 1,400-meter (4,593-foot) Yvonne vein, the 1,000-meter (3,281-foot) Marta Sur vein, and the Marta Este, Kia, Savary, Marta Norte and Noroeste veins, and its epithermal gold-silver Condor property.
Initial analytical results, overlimit re-analyses and fire assay gold results continue to be received from Acme Analytical Labs and will be reported upon receipt and compilation. Only a small percentage of the geophysical targets and vein strike length on the property have been drill tested to date.
A longitudinal section of the Marta Centro vein, showing diamond drill hole pierce points from previous drilling and the current phase five program, is available for viewing on the main Pinguino page of the Argentex web site (http://www.argentexmining.com/santacruz-pinguino.php?child=2&id=36).
About Pinguino
Argentex's Pinguino property is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. The significant zinc-indium-lead-silver-gold-copper discovery at Pinguino in 2006 marked a major exploration milestone for the company. This was the first discovery of its kind in the region, unique with both silver-gold and indium-enriched base-metal mineralization in multiple zones that remain open-ended along strike and to depth. Since 2006, exploration of base-metal-rich targets has expanded beyond initial discoveries at Marta Centro and Yvonne and now total eight mineralized veins, including the Yvonne Sur, Yvonne Norte, Sonia, Kasia, Savary and Luna veins, within an area measuring approximately 3.0 square miles (8.0 square kilometers).
Indium, a significant component of Argentex's polymetallic discovery at Pinguino, is a high-value metal used in flat-panel (LCD, plasma) displays and in leading-edge solar cell technology.
Pinguino is easily accessible, situated approximately 400 meters (1,312 feet) above sea level in low-relief topography. An existing system of all-weather roads provides year-round access to the property.
Quality Assurance
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 over-limit zinc, lead, silver and/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. 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 is being conducted by Boart Longyear Connors Argentina S.A. and Major Perforaciones SA.
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. Shares of Argentex common stock trade under the symbol AGXM on the OTCBB and, beginning July 28, 2008, will trade on the TSX Venture Exchange under the symbol ATX.
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 Canada's National Instrument 43-101. Mr. Hicks supervised the preparation of this press release and has verified the data reported above.
FURTHER INFORMATION:
Ken Hicks
President
Argentex Mining Corporation
1-866-594-7687
[email protected]
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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_0syyg6h3c84m03mzgjmas5.css; Forward-looking statements in this news release include statements about Argentex's plans to continue drilling with two rigs until the end of the current season and its plans to increase drilling at the Marta Centro zone to 400-meter depth and test the Yvonne, Marta Sur, Marta Este, Kia, Savary, Marta Norte and Noroeste veins, as well as its plans to advance newly generated geophysical anomalies and surface trenching discoveries during the current phase of its exploration program. 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.
