Pinguino

Location: Santa Cruz province, Patagonia, Argentina. Closest town is Pico Truncado, 175 km NE of the project

Overview: Advanced Silver and Gold Exploration project. More than 60,000 meters (600+ holes) of drilling completed, initial mineral resource estimate (Oct/2009) and Preliminary Economic Assessment ("PEA") (Mar/2011) completed. January to June 2011 trenching and drilling program was focused on expanding current resources and defining additional (new) mineralized horizons for future targeted drill programs

Ownership: 100% Argentex (through subsidiary SCRN Properties Ltd)

Capsule Geology: Volcaniclastic and tuffaceous sedimentary sequence of Upper Triassic to Lower Jurassic age. Large intrusive body at depth with two generations (194 and 168 Ma old) of intermediate intrusive stocks injected in the overlying sediments, with the consequent creation of a 15 km diameter dome structure within basin. Major regional northwest trending structure (Tranquilo Fault) cuts through center of (Pinguino property) dome and ground preparation for development of extensive structural and intrusive related epithermal vein system related to major fault. More than 64 individual vein segments identified, comprising approximately 100 line-km of strike length to date.

Mineralization Types: Near surface precious metal (Ag-Au) oxide zone displaying supergene enrichment (affecting all veins up to oxidation limit, 50 meters deep in average). (1) structurally controlled quartz Ag & Au-rich epithermal veins (upper Jurassic, 168 Ma). (2) Older intrusive-related sulphide polymetallic (Zinc-Silver-Indium-Lead-Gold) epithermal veins.

Work Completed to Date: Extensive ground magnetometry, soil geochemistry, together with detailed mapping, fluid inclusion, extensive mineralogical work (as part of a PhD dissertation), extensive trenching, diamond channel saw sampling, limited IP geophysics near surface and deep, approximately 56,000 meters of diamond drilling in 564 holes (including 11,000 meters of RC drilling), preliminary metallurgical testing, initial resource estimate, initial PEA (on oxide component only) and recent extensive program of ground IP geophysics.

Proposed Future Work: Initiated 10,000 meter ddh and RC drill program focused on near surface oxide resource. Secondary objective is the expansion of the current polymetallic sulphide resource (Oct.2009) to create a potentially larger inferred resource and to enable a PEA level evaluation of that style of mineralization.

Current Mineral Resource Estimate: Please click here for report on current mineral resource at Pinguino. Please click here for press release and detail discussing announcement of mineral resource at Pinguino. An updated mineral resource estimate is anticipated in the first half of 2012.

Preliminary Economic Assessment ("PEA"): Please click here for PEA report on Pinguino project. Please click here for press release and detail discussing announcement of completed PEA at Pinguino Project.