Vancouver, B.C., January 24, 2011 - Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to announce that the company has commenced drilling at its Pinguino silver project in Santa Cruz, Patagonia, Argentina.
The proposed 17,000-meter drill program will initially target shallow, silver-rich mineralization discovered in late 2010 drilling. Multiple centers of this type of high-grade mineralization were discovered throughout the Pinguino property in veins including Tranquilo, Marta Norte, Tranquilo Sur and Luna. These discoveries remain wide open in all directions and have excellent potential for expansion. Previously published results in these areas include Hole P349-10, which returned an intersection of high-grade silver mineralization containing 6.0 meters of 2,428 grams per tonne (g/t) silver and 0.22 g/t gold, Hole P358-10 containing 4.6 meters of 313 g/t silver and 0.16 g/t gold, and Hole 308-10 containing 6.40 meters of 486.6 g/t silver and 1.91 g/t gold.
�We have a strong treasury and we are excited to begin this strategic phase of drilling at Pinguino, targeting the previously discovered high-grade silver intersections for expansion along strike and at depth,� said Ken Hicks, President of Argentex. �We have never been in a better position to move the company forward and demonstrate the excellent geological potential at Pinguino.�
Drilling will also target a potential new zone of mineralization believed to occur throughout the Pinguino district-scale mineralized vein system. This zone is represented at the transition point above the contact between oxide and primary mineralization. Management believes this zone represents an area of mineralized enrichment that has only recently been recognized. It holds potential for higher grade near-surface mineralization.
Additionally, drilling will target numerous areas with well-defined drill targets to expand the existing mineral resource at depth. Gradient IP surveys currently in progress will be used to further refine targets, expand known mineralized signatures to depth and develop new drill targets.
Surface Rights
Argentex�s recent acquisition of the surface rights overlaying Pinguino solidifies the company�s presence and commitment to the long-term vision for the project. Securing both the mineral and surface rights is a key combination in creating the stable environment that meets the needs of the company now and in the future.
About Pinguino
Argentex�s Pinguino property is located in Argentina�s Patagonia region, within the Deseado Massif of Santa Cruz province. Recent high-grade silver discoveries within the newly tested Tranquilo structure of the district-scale vein system at Pinguino show potential for the development of a significant silver resource.
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 also identify forward-looking statements. Forward-looking statements in this news release include statements about �these discoveries remain wide open in all directions and have excellent potential for expansion. Drilling will also target a potential new zone of mineralization believed to occur throughout the Pinguino district-scale mineralized vein system. This zone is represented at the transition point above the contact between oxide and primary mineralization. Management believes this zone represents an area of mineralized enrichment that has only recently been recognized.� 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.
