Extensive 2007-2008 exploration program also includes trenching and geophysics
Toronto, ON, November 15, 2007 -- Argentex Mining Corporation (OTCBB: AGXM) is pleased to announce that its 2007-2008 exploration program will include the single largest diamond drilling program ever conducted on its base and precious metal polymetallic Pinguino property, located in Santa Cruz, Argentina. The drill program is proposed to include a minimum of 5,000 meters (16,404 feet) of HQ diamond drilling. Field work, including ground geophysical surveys and machine trenching, has been on-going in advance of drilling.
"We have taken Pinguino from a raw prospect to a significant, drill-tested base and precious metals discovery in just three years," said Ken Hicks, President of Argentex. "This next phase of drilling is designed to give us sufficient information for the generation of our first 43-101-compliant resource calculation at Pinguino."
Pinguino DrillingDiamond drilling is scheduled to begin within one week at Pinguino's Marta Centro zone to test known zinc-lead-indium-silver-copper-gold mineralization at depth and along strike. To date, mineralization at Marta Centro remains open in all directions. We plan to drill test the prominent Yvonne vein and six newly discovered sulphides-rich zones beyond the widely spaced discovery holes. Newly generated geophysical anomalies and surface trenching discoveries are also scheduled for drill testing during this phase of the company's work program.
In addition to drilling, Argentex's geological field team plans to complete approximately 2,000 meters (6,561 feet) of machine trenching within high-priority areas defined by surface mapping, chargeability and magnetic signatures.
Ground magnetometry surveys have been designed to provide detailed followup of government airborne anomalies. A number of these field surveys have already been completed and others will be conducted concurrent to drilling.
CondorIn addition to the extensive drill program at Pinguino, Argentex's Condor epithermal gold-silver property has been scheduled for drill testing in early 2008. Limited historical grab sample results from this property returned high-grade gold with fire assay values up to 131.93 grams per tonne (g/t). A detailed geophysical survey on Condor is also planned in advance of drilling.
Like Pinguino, Condor is located within the approximately 60,000-square-kilometer Deseado Massif of Santa Cruz province, which is home to three operating silver-gold mines. The Deseado Massif is a modest topographic and stratigraphic highland composed of one of the world's largest Jurassic continental rhyolitic pyroclastic outpourings. Its silica-rich composition lends itself to brittle deformation, forming an excellent host to a number of large epithermal systems, which in turn can host rich "bonanza-type" gold and silver veins.
Mineralization at Condor is typical of a high-level epithermal low-sulphidation quartz vein within a large zone of silicification and flanked by argillic alteration (clay).
Regional ExplorationAlso as part of its 2007-2008 exploration program, Argentex plans to conduct regional and follow-up exploration on additional areas within its extensive land package in Santa Cruz. Of particular interest is a large block of claims located along the regional Tranquilo fault, a prominent northwest-trending structure that Argentex believes to be one of the important factors in the formation of epithermal mineralization at Pinguino. Argentex is the largest holder of mineral rights along the Tranquilo trend.
Specific activities scheduled include detailed mapping and prospecting of the Cerro Contreras property, which revealed anomalous gold values within the favorable Jurassic Chon Aike volcanic stratigraphy during a first-pass reconnaissance sampling program and detailed in a press release dated April 20, 2006. Other claim blocks, located north and south of Pinguino and with similar underlying geology, will be evaluated through satellite imagery, property mapping and prospecting. Plata Leon, which borders Pinguino to the north and east, is also scheduled to be examined and prospected.
About PinguinoArgentex'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 approximately 9,350 meters (30,675 feet) of diamond drilling to date. Mineralization remains open-ended along strike and at depth, and numerous targets remain to be tested by drilling. Previous exploration in 2006 was focused on zinc-lead-indium-silver-gold-copper discoveries in the Marta Centro and Yvonne areas of the property. A similar style of mineralization has been recently discovered through drill testing of six additional veins within the central portion of the property.
Pinguino is easily accessible, situated approximately 400 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 AssuranceExploration 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.
Drilling is being conducted by Connors Drilling, a respected 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
info@argentexmining.com 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_qgypycvfzf5kven574sg2v.css; Forward-looking statements in this news release include statements about the 2007-2008 exploration program will include the single largest diamond drilling program ever conducted on its base and precious metal polymetallic Pinguino property, We plan to drill test the prominent Yvonne vein and six newly discovered sulphides-rich zones beyond the widely spaced discovery holes. Newly generated geophysical anomalies and surface trenching discoveries are also scheduled for drill testing during this phase of the company's work program. In addition to drilling, Argentex's geological field team plans to complete approximately 2,000 meters (6,561 feet) of machine trenching within high-priority areas defined by surface mapping, chargeability and magnetic signatures. Argentex plans to conduct regional and follow-up exploration on additional areas within its extensive land package in Santa Cruz. The company's expectations that the 2007-8 exploration program will proceed as described and on the anticipated schedule. Despite exploration work on our mineral properties, we have not established that any of them contain any mineral reserve, nor can there be any assurance that we will be able to do so. 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.
