Mineral Resources Table

Pinguino Project, Santa Cruz, Argentina - NI 43-101 Compliant Technical Report
"Resource Estimate for the Pingüino Silver, Zinc, Indium, Lead, Gold Occurrence", dated October 28, 2009

Resource
Category		 Tonnes
(M t)		 Silver Gold Lead Zinc Indium
Grade
g/t Ag		 Contained
M ozs		 Grade
g/t Ag		 Contained
K oz		 Grade
%Pb		 Contained
M lbs		 Grade
% Zn		 Contained
M lbs		 Grade
g/t ln		 Contained
K kg
Indicated
7.32
32.54
7.66
0.253
59.5
0.49
79.1
1.47
237.2
16.26
119.0
 
Inferred
35.40
22.47
25.57
0.210
239.0
0.40
312.2
1.09
850.7
8.89
314.7

Canadian Institute of Mining ("CIM") definitions were followed for Mineral Resource estimation and classification. As defined, Mineral Resources do not have demonstrated economic viability and Indicated Resources have a higher degree of confidence than do Inferred Resources. The Mineral Resources fall within a volume or shell defined using long term metal price estimates of US $795.45/oz for gold, $13.83/oz for silver, $1.14/lb for zinc, $0.92/lb for lead and spot price of $465 per kilogram for indium. Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: The above table uses the terms "Indicated" and "Inferred" Resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category.

The NI 43-101compliant Technical Report named "Resource Estimate for the Pingüino Silver, Zinc, Indium, Lead, Gold Occurrence", dated October 28, 2009 and discussed above on the Pinguino property has been prepared by Moose Mountain Technical Services (MMTS), with the assistance of technical experts, Giroux Consulting Ltd., and G&T Metallurgical Services Ltd., all of which are qualified independent consultants for Argentex Mining Corporation. MMTS is responsible for coordinating the study and is responsible for general compilation of the work and was also responsible for the preparation of the Preliminary Economic Assessment which was published on May 6, 2011 and updated on August 5, 2011. The majority of the drill and trench rock samples were analyzed by Acme Analytical Labs in Chile and Vancouver with the remainder being analyzed by Alex Stewart (Assayers) Argentina in Mendoza, Argentina. Both companies conduct comprehensive QA/QC evaluations of their laboratory operations and Argentex carried out its own independent QA/QC program.

Mr. Jim Gray, P.Eng., of MMTS visited the Pinguino property on June 11, 2010 and is the independent QP for matters relating to mining, mining capital, and mine operating costs.

Mr. Bob Morris, P.Geo., of MMTS conducted site visits on May 18-20, 2004, January 22, 2008 and April 25-27, 2008 and is the independent QP in matters relating to geology and the resource estimate.

A 50 g/t Ag equivalent cutoff was applied to the above resource estimate. Silver equivalent calculation uses a 36 month rolling price average. London gold and Silver were determined from the PM price fix in USD. Zinc and lead average prices were calculated from 36 month rolling averages, International Monetary Fund dataset. Indium does not have a world fixed price but trades on the spot market. Indium prices quoted are current spot prices.

The Silver Equivalent (AgEq) calculation is as follows:

AgEq = Ag(g/t) + (Au g/t * 25.57 / 0.44) + (Pb % * 20.282 / 0.44) + (Zn % * 25.132 / 0.44) + (In g/t * 0.465 / 0.44)

Argentex is currently updating the above resource to include the recent exploration activity in 2010 and 2011. The exploration activity at Pinguino consisted of the following:

Exploration Drill Program History at Pinguino

YR
Phase
Meters Drilled Per Year
Cumulative Meters
Holes Drilled
Cumulative # of Veins 
Drill Tested To Date
Veins & Kms Strike
Length Identified
Veins Modelled in Resource
Estimated Completion Date
2005
I
3,010.4
45
2006
II
1,876.5
25
2007
III
3,000.3
30
2007
IV
1,357.8
18
2008
V
20,782.9
30,028
151
15
35+ over 47+Km
9
Q3 2009
2010
VI
6,233.8
89
2011
VII
19,704.0
25,938
206
19
51+ over 75+Km
55,966
564
19
51+ over 75+Km
16
~Q2 2012