|February 15, 2012|
Argentex Announces 2012 Drill Program at Pinguino Silver-Gold Project in Santa Cruz Argentina
|Vancouver, BC, Canada - February 15, 2012 - Argentex Mining Corporation ("Argentex" or the "Company") (TSX-V: ATX, OTCBB: AGXMF) is pleased to announce that its 2012 exploration program has commenced on its Pinguino silver-gold project in Santa Cruz province, Argentina. The 10,000 meter drill program, comprised of approximately 100 drill holes, will focus on prioritized targets within already identified areas of discovery. |
"During 2012, we plan to accelerate the advancement of the Pinguino project through a focused drill program targeting the higher grade precious metals vein systems delineated in 2011," commented Peter Ball, President of Argentex. "Argentex, which remains in a strong financial position, is focused on maximizing shareholder wealth in 2012."
Argentex's comprehensive geochemical, geophysical and surface trenching program will provide the foundation for delineation of the priority drill targets for 2012. Some of the higher priority vein systems selected for further review in 2012 include the higher-grade Marta Este, Marta Centro, Marta Noroeste, Tranquilo, Marta Oeste, Ivonne Norte and Marta Norte vein systems. These veins will undergo infill and definition-drilling in an effort to maximize the potential expansion of resources in each area.
Additionally, Argentex is currently completing the construction of its permanent exploration camp at Pinguino that will allow the geological and technical teams to continue exploration and site activities on a year round basis.
Argentex's 10,000-hectare advanced silver and gold exploration Pinguino project is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. The Deseado Massif is an active region of mining with four precious metal mines currently in production, and includes multiple active advanced and early stage exploration projects.
The Pinguino system has grown to 60+ individual veins, with a combined strike length approaching 100 line-kilometers. Approximately one-third (19 veins) of Pinguino's entire system of veins and known targets have been drill tested to date, with approximately 56,000 meters of drilling in 564 holes.
The Pinguino project is unique within the Deseado Massif region of Santa Cruz province in that it contains two different and geographically distinct types of mineralization, one precious metal and the other sulphide-rich polymetallic. The Company also continues to evaluate the geological model of sulphide-enriched potentially mineralized intrusives at depth, forming the probable source for the polymetallic veins exposed on surface.
Pinguino is easily accessible, situated approximately 400 meters above sea level in low-relief topography. An existing system of all-weather roads provides year-round access to the property.
This press release has been reviewed and approved by Ms. Jenna Hardy, MSc, MBA, PGeo, Hon FEC, a Director of Argentex and a "Qualified Person" (QP) as defined by Canada's National Instrument 43-101.
Shares of Argentex common stock trade under the symbol ATX on the TSX Venture Exchange and under the symbol AGXMF on the OTCBB. 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.
On behalf of Argentex Mining Corporation:
"Peter A. Ball"
For additional information please contact:
Peter A. Ball
Phone: 604-568-2496 (ext. 103) or 1-888-227-5285 (ext. 103)
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 those concerning Argentex's plan to accelerate the advancement of the Pinguino project through a focused drill program targeting the higher grade precious metals vein systems delineated in 2012, and its plan to maximize potential resource expansion through infill and definition drilling. 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, management's assumptions about the availability of the necessary consultants and capital and the risks inherent in Argentex's operations, including the risks that the Company may not find any minerals in commercially feasible quantity or raise enough money to fund its exploration plans. These and other risks are described in the Company's Annual Information Form and other public disclosure documents filed on the SEDAR website maintained by the Canadian Securities Administrators and the EDGAR website maintained by the Securities and Exchange Commission.
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