Doubles program size to minimum 10,000 meters
Toronto, ON, January 16, 2008 -- Argentex Mining Corporation (OTCBB: AGXM) is pleased to announce the arrival of a second drill rig at its polymetallic Pinguino property, located in Santa Cruz, Argentina. The rig, which is under contract from Major Drilling, is capable of drilling HQ-size core and performing reverse circulation (RC) drilling. Together with the first drill already operating on the property, a minimum of 10,000 meters (32,808 feet) has been contracted by Argentex for the current exploration season. The new rig has been deployed to help maximize drilling efficiencies.
"We have made excellent progress with our first drill, completing approximately 2,200 meters (7,217 feet) in 18 holes to date," said Ken Hicks, President of Argentex. "The versatility of our second drill rig should help accelerate the penetration from surface down to the mineralized zones. We plan to use its RC capabilities in the upper portions of the deepest holes to reach our target depth and then switch over to HQ core drilling within the mineralized zone. We expect that this combination should result in rapid penetration to depth, accelerating completion of the overall exploration program and lowering the overall cost of each hole."
With the addition of a second drill, Argentex is planning to expand testing of targeted zones to greater depths and further along strike.
Drilling is ongoing at Pinguino's Marta Centro zone, the first area being targeted as part of the company's largest-ever drill program, which is now proposed to include a minimum of 10,000 meters (32,808 feet) of drilling. The program is initially focused on testing extensions of zinc-lead-indium-silver-copper-gold mineralization at depth and along strike. To date, mineralization at Marta Centro remains open in all directions.
During the current program, Argentex plans 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. In addition, Argentex plans to advance newly generated geophysical anomalies and surface trenching discoveries during this phase of exploration. Wider spaced drilling is planned for areas of newly discovered mineralization, where only a small number of drill holes have been completed to date.
Argentex expects to begin compiling initial assay results from Acme Analytical Labs in February.
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 preliminary shallow drill testing of six additional veins within the central portion of the property.
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 (1,640 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 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. Argentex trades under the symbol AGXM on the OTCBB.
FURTHER INFORMATION:Argentex Mining Corporation
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[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_obhv3zj0qt6ywzydiraztk.css; Forward-looking statements in this news release include statements about the Company's belief that the second drill rig can help maximize efficiencies, accelerate completion of the current drill program and lower the overall cost of each hole, that the Company hopes to test the Yvonne, Marta Sur, Marta Este, Kia, Savary, Marta Norte and Noroeste veins and its Condor property and that it plans to advance newly generated geophysical anomalies and surface trenching discoveries during this phase of exploration.
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.
