Vancouver, B.C., April 23, 2008 -- Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to announce results for 12 additional holes from the ongoing drill program at its polymetallic Pinguino property located in Santa Cruz, Argentina. The majority of these new results are from Marta Este, a silver-enriched zone located approximately 800 meters (2,600 feet) northwest and along strike from Marta Centro. Results from Marta Este include a 19-meter (62-foot) intersection that returned 384 grams per tonne (g/t) silver and 3.1% lead-zinc. Three drill holes in the Marta Centro zone returned results including 9.9 meters (32 feet) of 97 g/t indium, 22 g/t silver and 4.4% lead-zinc.
“Marta Este was the very first target drill tested at Pinguino. While that program returned good precious metal intersections, these early results from deeper drilling at Marta Este have exceeded our expectations by returning higher values and greater widths than we anticipated,” said Ken Hicks, President of Argentex. “The high silver results over large widths enhance our impression of Marta Este as a predominantly silver zone with significant gold, base-metal and indium values.”
Results
Marta Este’s hole P145-08 included a 10.1-meter (33.1-foot) interval of 718 g/t silver, 1.3 g/t gold and 4.93% combined lead-zinc. Hole P153-08 intersected 16.2 meters (53.1 feet) of 370 g/t silver, 2.28 g/t gold and 7 g/t indium . Higher grade intervals within hole P153 include 3.6 meters (11.8 feet) of 973 g/t silver, 7.7 g/t gold and 15 g/t indium from an intersection approximately 70 meters (229 feet) below surface. Drilling at Marta Este has been completed to a depth of approximately 230 meters (754 feet). Assay results are pending and will be reported after they are received and compiled.
Marta Centro drilling continues to expand the area of indium-enriched base-metal mineralization along strike to the northwest and to depth. Hole P136-08 returned 9.9 meters (32.4 feet) of 97 g/t indium, 4.4% lead-zinc. Hole P139-08 returned 18.0 meters (59.0 feet) of 21 g/t indium and 2.7% lead-zinc, with a 4.9-meter (16.0-foot) contained interval of 103 g/t silver, 74 g/t indium and 7.43% lead-zinc. Drilling at Marta Centro has been completed to a depth of approximately 250 meters (820 feet). Results will be reported after assays are received and compiled.
The following table displays selected analytical results for three drill holes in Marta Centro and the first nine holes drilled in Marta Este:
*True widths are estimated to be 85-90% of the stated core length
Argentex is working with two independent drill contractors on its largest phase of drilling to date. Drilling in the current program has surpassed 12,500 meters (41,010 feet) and is continuing on the numerous mineralized zones contained within the approximately 37 miles (60 kilometers) of vein strike length mapped on the Pinguino property. Initial analytical results, overlimit re-analyses and fire assay gold results continue to be received from Acme Analytical Labs and will be reported upon receipt and compilation.
A surface plan map and a modeled longitudinal section of the Marta Este vein, showing diamond drill hole pierce points from previous drilling and the current Phase V program, is available for viewing on the main Pinguino page of the Argentex web site: http://www.argentexmining.com/santacruz-pinguino.php?child=2&id=36&dec=minus.
About Pinguino
Argentex’s Pinguino property is located in Argentina’s Patagonia region, within the Deseado Massif of Santa Cruz province. The significant 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 with both silver-sold and indium-enriched base-metal mineralization 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 total eight mineralized veins, including the Yvonne Sur, Yvonne Norte, Sonia, Kasia, Savary and Luna veins, within an area measuring approximately 8.0 square kilometers (3.0 square miles).
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 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 option to acquire 100% mineral rights to the Pinguino property and 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, beginning July 28, 2008, will trade 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, 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_r3xic7ivgm0g05ka8jww7c.css; Forward-looking statements in this news release include statements about the company’s expectation that drilling at Marta Centro continues to expand the area of indium-enriched base-metal mineralization, results will be reported after assay results are received and compiled. 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.
