Vancouver, B.C., May 6, 2009 -- Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to announce the results of a detailed field-mapping program that was recently completed by the company’s geologists at Pinguino. A total of 14 additional line kilometers (8.7 additional line miles) of veins were discovered in 12 new structures. Areas were selected for investigation based upon a combination of anomalous multi-element soil geochemistry, IP chargeability, and ground magnetics as well as extensions to existing structures, including the Yvonne zone. One meter resolution IKONOS imagery was used as a base for mapping and prospecting purposes.
Mapped veins on the property now cover a combined strike length of 74 kilometers (45 miles) and mineralization has been proven to depth by drilling in 15 of 47 zones. Results from this recent fieldwork include individual samples with values of up to 2.5 grams per tonne (g/t) gold, 10% lead and greater than 300 g/t silver, respectively.
“Based on the significant geological interpretation, mapping and sampling by our field crews we can now identify the subtle surface expression of the weathered sulphide veins at Pinguino, which were not identified by previous owners,” said Ken Hicks, President of Argentex. “The preliminary results from our 2009 field program are extremely encouraging, and present several new targets from which to develop additional mineralization at depth and along strike. We are currently completing our very first National Instrument 43-101-compliant resource estimate, which will be the next significant stage in the company’s development.”
Results
The following table displays highlighted analytical results for 24 of 107 prospecting-style representative rock samples collected during the 2009 field-mapping program at Pinguino. Additional results are pending. Follow-up trenching and channel sampling work is planned to determine the true width and extent of the 12 newly discovered veins. A location map of the vein zones is available on our web site: http://www.argentexmining.com/12-Pinguino_veins.php.
About Pinguino
Argentex’s Pinguino property is located in Argentina’s Patagonia region, within the Deseado Massif of Santa Cruz province. The 2006 discovery of silver-indium-zinc-lead-gold mineralization at Pinguino 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 the initial discoveries at Marta Centro and Yvonne and now encompasses 15 drill-tested veins from more than 47 veins mapped on the property to date. Argentex has drilled a total of 269 holes at Pinguino for a total of 30,000+ meters (98,000 feet).
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.
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 35 properties with approximately 307,981 acres (124,636 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]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this 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 also identify forward-looking statements. Forward-looking statements are based on current facts and analysis and on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Forward-looking statements in this news release include statements about the company’s belief the preliminary results from our 2009 field program are extremely encouraging, and present several new targets to expand the known resource base at Pinguino. We are currently completing our very first National Instrument 43-101-compliant resource estimate, which will be the next significant stage in the company’s development. 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.
