Vancouver, B.C., February 19, 2009 -- Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to announce additional drill results from the 2008 program at Pinguino, the company’s polymetallic property in Santa Cruz, Argentina. The latest findings include overlimit analytical results, which significantly expand previously published intervals. New intervals include an 8.6-meter (28.2-foot) intersection at Marta Este that returned 164.7 grams per tonne (g/t) silver, 6.23% combined lead-zinc and 3.9 g/t indium. Hole P163 at Marta Centro returned 13.52 meters (44.36 feet) of 50.6 g/t silver, 9.52% combined lead-zinc and 46.4 g/t indium.
Both the overlimits and the new results expand intervals of mineralization in their respective zones.
Results
Table 1 shows the expansion of mineralization in two previously published drill holes (see press release dated September 25, 2008) at Marta Norte and Yvonne Sur. Overlimit analytical results have been incorporated.
Table 1
Table 2 outlines new mineralized intervals from eight 2007-2008 drill holes. These holes from Marta Centro, Marta Este, and Marta Norte are being disclosed for the first time.
Table 2
*True widths are estimated to be 85-90% of the stated core length
Argentex has drilled 269 holes at Pinguino, testing 15 epithermal veins in the process, for a total of 30,000+ meters (98,000 feet). The robust mineralized system remains open in all directions. Following receipt of all remaining analytical results and interpretation, Argentex anticipates completing its first-ever National Instrument 43-101-compliant resource calculation for Pinguino during the current year.
During the 2007-2008 exploration program, Argentex completed approximately 20,782.9 meters (68,185 feet) of HQ diamond drilling at Pinguino using two independent drill contractors. A total of 15 base-metal and precious-metal veins were tested in 151 new HQ diamond drill holes. Approximately 7,000 core samples have been collected and submitted to Acme Analytical Laboratories for analysis. Overlimit analyses of zinc, lead and silver are pending. Additional results will be reported upon receipt and compilation.
About Pinguino
Argentex’s Pinguino property is located in Argentina’s Patagonia region, within the Deseado Massif of Santa Cruz province. The silver-indium-zinc-lead-gold 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 in 2008 was 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. In total, the company owns 100% mineral rights to more than 40 properties with approximately 405,987 acres (163,477 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_sai6e76ajx5u8zu5jduqwu.css; Forward-looking statements in this news release include statements about: Following receipt of all remaining analytical results and interpretation, Argentex anticipates completing its first-ever National Instrument 43-101-compliant resource calculation for Pinguino during the current year. 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 or raise funds sufficient to prosecute its exploration plans. 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.
