Company's largest-ever drill program initially targets base-metal-rich Marta Centro zone
Toronto, ON, December 3, 2007 -- Argentex Mining Corporation (OTCBB: AGXM) is pleased to announce that diamond drilling has commenced on the 700-meter-plus Marta Centro zone, the first area being targeted as part of the company's largest-ever drill program scheduled at Pinguino. Drilling is initially targeting the extensions of zinc-lead-indium-silver-copper-gold mineralization at depth and along strike. To date, mineralization at Marta Centro remains open in all directions. Many other mineralized zones are scheduled for testing, including detailed drilling in known centers of mineralization for the purposes of resource definition. This current phase of drilling is designed to give sufficient information for the generation of a 43-101-compliant resource calculation at Pinguino.
"Marta Centro was our first sulphide-rich discovery on the Pinguino property. At the deepest depths drilled to date mineralization appears strong and shows no discernable change in grade or width when compared to shallower intersections. As part of this program we plan to test the projected extension of mineralization at a much greater depth," said Ken Hicks, President of Argentex. "We have more than seven line kilometers of strongly anomalous linear chargeability anomalies in the immediate area of interest. Outside of Marta Centro and Marta Este, only a handful of holes have been drilled in the majority of those seven kilometers. All of the holes completed in the last phase of drilling were located in that seven kilometers of anomalous geophysics and all successfully found sulphide-rich targets. We are looking forward to an exciting season of discovery."
Drilling at Marta Centro -- including the initial discovery phase in 2006 through to additional drilling completed earlier this year -- has so far defined significant sulphides-rich base metal and precious metal mineralization at shallow depths to approximately 90 meters (295 feet).
Drill testing at Marta Centro is being conducted as part of the company's 2007-2008 exploration program, which is proposed to include a minimum of 5,000 meters (16,404 feet) of HQ diamond drilling. The program is scheduled to test the 1,400-meter (4,593-foot) Yvonne vein, the 1,000-meter (3,281-foot) Marta Sur vein, Marta Este, the Kia, Savary, Marta Norte and Noroeste veins, as well as the company's epithermal gold-silver Condor property. In addition, Argentex plans to advance newly generated geophysical anomalies and surface trenching discoveries during this phase of exploration. Wider-spaced drilling is planned for areas of newly discovered mineralization, where only a small number of drill holes have been completed to date.
About Pinguino
Argentex's Pinguino property is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. Both silver-gold and base-metal discoveries have been made through the completion of approximately 9,350 meters (30,675 feet) of diamond drilling to date. Mineralization remains open-ended along strike and at depth, and numerous targets remain to be tested by drilling. Previous exploration in 2006 was focused on zinc-lead-indium-silver-gold-copper discoveries in the Marta Centro and Yvonne areas of the property. A similar style of mineralization has been recently discovered through preliminary shallow drill testing of six additional veins within the central portion of the property.
Pinguino is easily accessible, situated approximately 400 meters (1,640 feet) above sea level in low-relief topography. An existing system of all-weather roads provides year-round access to the property.
Quality Assurance
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.
Drilling is being conducted by Drilling is being conducted by Boart Longyear Connors Argentina S.A.
ABOUT ARGENTEX:
Argentex Mining Corporation is a junior mining exploration company with significant holdings in the Patagonia region of Argentina. The company 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. Argentex trades under the symbol AGXM on the OTCBB.
FURTHER INFORMATION:
Argentex Mining Corporation
Investor Relations
1-866-594-7687
info@argentexmining.com
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_6pgfghg2e3jx4urdvmb2iw.css; Forward-looking statements in this news release include statements that many other mineralized zones are scheduled for testing, including detailed drilling in known centers of mineralization for the purposes of resource definition. This current phase of drilling is designed to give sufficient information for the generation of a 43-101-compliant resource calculation at Pinguino. As part of this program we plan to test the projected extension of mineralization at a much greater depth. as part of the company's 2007-2008 exploration program, which is proposed to include a minimum of 5,000 meters (16,404 feet) of HQ diamond drilling. The program is scheduled to test the 1,400-meter (4,593-foot) Yvonne vein, the 1,000-meter (3,281-foot) Marta Sur vein, Marta Este, the Kia, Savary, Marta Norte and Noroeste veins, as well as the company's epithermal gold-silver Condor property. In addition, Argentex plans to advance newly generated geophysical anomalies and surface trenching discoveries during this phase of exploration. Wider-spaced drilling is planned for areas of newly discovered mineralization, where only a small number of drill holes have been completed to date and the company's expectations that the 2007-8 exploration program will proceed as described and on the anticipated schedule. Despite exploration work on our mineral properties, we have not established that any of them contain any mineral reserve, nor can there be any assurance that we will be able to do so
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. 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.
Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
