Vancouver, B.C., September 30, 2008 -- Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to announce the discovery of nine new epithermal veins at its Plata Leon property, which is located adjacent to the company’s flagship Pinguino property in Santa Cruz, Argentina. The new veins were identified during reconnaissance exploration conducted during the 2007-2008 season. Like Pinguino, Plata Leon lies along the “Tranquilo Trend,” named for the prominent northwest-trending structure that Argentex believes to be an important factor in the formation of epithermal mineralization at Pinguino. Argentex is the largest holder of mineral rights along the Tranquilo Trend.
“We developed the geological framework of our model for Pinguino during the early stages of exploration on the property. Since then, we have refined that model through more than 30,000 meters of diamond drilling, by expanding known mineralization and drill testing many new zones. We are now taking the next step -- using our accumulated knowledge and experience and successfully applying it on our other properties in the Deseasdo Massif,” said Ken Hicks, President of Argentex. “This new discovery at Plata Leon is a testament to the strength and dedication of the entire Argentex exploration team, underscoring our confidence in our exploration model and expanding the overall potential of the Tranquilo Trend.”
The topographic surface at Plata Leon is largely covered by a thin layer of overburden, which masks detailed structures and makes interpretation of geological mapping difficult. Consequently, Landsat TM7+ multispectral imagery was used to develop targets based on the Pinguino intrusive-related mineralization model. High-resolution IKONOS satellite coverage was also acquired to help define targets and for mapping purposes. Two separate clusters of vein material were discovered through detailed exploration work in the Plata Leon claim block. Prospecting in Area One revealed nine new in-situ epithermal veins exposed through the thin overburden. Area Two exploration work resulted in the discovery of large boulders of quartz-rich epithermal vein material with excellent boiling-point replacement textures (angel wings), which have yet to be traced to their source. While these boulders have not been traced to their in-situ source, they provide an excellent indicator for the formation of epithermal mineralization.
Selected grab samples from Plata Leon have been collected and submitted for analysis. Analytical results are pending and further investigation is anticipated.
“Angel wing” or “lattice” textures are formed by the replacement of platy calcite by a quartz-rich assemblage during boiling of epithermal fluids. Fluid boiling is a critical process in metal deposition in epithermal systems.
About Pinguino
Argentex’s Pinguino property is located in Argentina’s Patagonia region, within the Deseado Massif of Santa Cruz province. The 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 in that it contains both silver-gold and indium-enriched base-metal mineralization. This mineralization is contained in multiple zones that remain open-ended along strike and to depth. Since 2006, exploration of base-metal-rich targets has expanded beyond discoveries at Marta Centro and Yvonne and now encompasses 15 drill-tested veins from more than 35 veins mapped on the property to date.
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 thin-film 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. It holds an undivided 100% interest in the mineral rights to the Pinguino property. The company also 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 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 has read and approved the contents of this release.
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_gob5tpmu88ddgpscgogrn4.css; Forward-looking statements in this news release include statements about the “’Tranquilo Trend,’ named for the prominent northwest-trending structure that Argentex believes to be an important factor in the formation of epithermal mineralization at Pinguino,” and, “Using our accumulated knowledge and experience and successfully applying it on our other properties in the Deseasdo Massif,” and, “This new discovery at Plata Leon is a testament to the strength and dedication of the entire Argentex exploration team, underscoring our confidence in our exploration model and expanding the overall potential of the Tranquilo Trend.” 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 including the risk that the Company may not find any minerals in commercially feasible quantity. 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.
