Vancouver, B.C., January 19, 2011 - Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to provide an update of its exploration activities from its three most advanced mineral properties in the prospective Deseado Massif region of Santa Cruz province, Patagonia, Argentina. The Pinguino, Cerro Contreras and Condor properties are the current focus of advanced exploration activities.
Pinguino Silver Project
In preparation for extensive new drilling scheduled to commence shortly, Argentex has completed a program of advanced exploration and drill target definition including trenching and geophysics. Approximately 275 line-kilometers of ground magnetometer surveys have been completed as well as 1,200 meters of trenching and channel sampling in key areas of precious metal mineralization.
Approximately 17,000 meters of drilling is planned in 2011 for the Pinguino property. Argentex plans to begin drill-testing the extents of previously identified high-grade silver targets. These areas include the Tranquilo and Luna veins at Pinguino, which returned high-grade results in previous drill programs, including 6.0 meters of over 2,400 g/t silver and 0.22 g/t gold and 6.4 meters of 486.6 g/t silver and 1.91 g/t gold
More than 50 individual veins have so far been discovered at Pinguino, with a combined strike length in excess of 75 line kilometers. Only a small percentage of veins and potential targets have been drill tested in the 36,000 meters of drilling completed at Pinguino to date.
�We are focusing our exploration activities on defining and expanding previously discovered silver and gold mineralization at Pinguino,� said Ken Hicks, President of Argentex. �We are fortunate to have a number of high-quality projects in Santa Cruz with excellent potential for discovery. With our strong treasury and a comprehensive exploration program in progress, we look forward to an exciting year of discovery in 2011.�
The Pinguino project is unique within the Deseado Massif region of Santa Cruz province with two different and geographically distinct types of mineralization, one precious metal and the other sulphide-rich polymetallic. The company continues to evaluate the geological model of sulphide-enriched potentially mineralized intrusives at depth, forming the source for the polymetallic veins exposed on surface. In December 2010, Argentex initiated a deep gradient IP geophysical test in Pinguino�s core area of sulphide-rich veins.
Cerro Contreras Gold Property
Cerro Contreras is an advancing exploration-stage epithermal gold project in the northern part of the Deseado Massif. Previous sampling has identified key areas with anomalous gold mineralization. The company recently completed detailed mapping in two areas: Main Vein (2.5 km by 2 km) and NW Dome (1.2 km by 0.5 km). A comprehensive program of geochemical sampling, including soils (544), screened samples (636) and rock channels (126), has also been recently completed. In addition, approximately 60 kilometers of gradient IP geophysics was carried out on the Main Vein target with detailed ground magnetometer surveys totaling 500 line kilometers completed on both targets. Analytical data is being compiled and integrated with geophysics.
Condor Gold Property
Follow-up exploration at Condor is focused on an updated geological model based on evidence derived from previous work. This evidence points toward a model of low-grade, large-tonnage gold mineralization composed of chalcedony and sulphide-rich hydrothermal breccias within rhyolitic domes. New work included detailed mapping covering approximately 16 square kilometers with 35 rock chip samples collected. In addition, approximately 1,600 soil and lag samples were collected for geochemical analysis. Detailed mapping revealed multiple previously unrecognized breccias zones. Several of these zones contain anomalies over 0.1 g/t gold, two returned over 0.5 g/t gold and one returned 14 g/t gold. Work is continuing.
About the Deseado Massif
The Deseado Massif is an active region of mining with four precious metal mines currently in production. Advanced and early-stage exploration projects are also widespread throughout the Deseado Massif with junior, mid-tier and senior exploration companies active in the area.
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 ALS Chemex (Argentina) in Mendoza, Argentina. Argentex, Acme and ALS Chemex all maintain comprehensive and independent Quality Control/Quality Assurance programs.
ABOUT ARGENTEX:
Argentex Mining Corporation is a Delaware corporation. It is a junior mining company in the exploration stage 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 and as part of company management, he is not considered independent of the issuer.
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.
FURTHER INFORMATION:
Ken Hicks, President
Argentex Mining Corporation
1-866-594-7687
[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/ments_in_this_news_release_include_statements_about___in_preparation_for_extensive_new_drilling_nbsp_4yj3dfe7qjv3bdpvdpxuju.css; scheduled to commence shortly, approximately 17,000 meters of drilling is planned for the 2011 Pinguino drill program, the company plans to begin drill-testing the extents of previously identified high-grade silver targets and with our strong treasury and a comprehensive exploration program in progress, we look forward to an exciting year of discovery in 2011. 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.
