Vancouver, B.C., December 16, 2008 -- Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to announce additional drill results from the 2007-2008 diamond drilling program at its flagship Pinguino property in Santa Cruz, Argentina. Of significance is that these recent drill holes tested extensions to major mineralized northwest-trending veins at Marta Este and Yvonne Sur as well as a cross-cutting northeast-trending mineralized vein at Kasia. All of these veins are located in the center of the Pinguino property and are in close proximity to the regional northwest-trending Tranquilo fault. Results include a 6.51-meter (21.35-foot) intersection at Marta Este that returned 147.7 grams per tonne (g/t) silver, 8.5% combined lead-zinc and 30.6 g/t indium.
“We continue to receive very encouraging analytical results from Argentex’s 2007-2008 exploration program,” said Ken Hicks, President of Argentex. “Multiple zones of mineralization have been discovered in many of the holes drilled along the strike length of Pinguino’s numerous mineralized veins. The combination of both a significant high-grade core as well as widespread disseminated mineralization adds to our confidence in the exceptional potential of the Pinguino system and strengthens management’s belief in the potential for the development of a brand new silver-base metals district in Santa Cruz.”
To date, Argentex has mapped more than 60 kilometers (37 miles) of existing veins at Pinguino. A total of 269 holes have been drilled totaling 30,000+ meters (98,000 feet) in five phases of drilling. The robust mineralized system at Pinguino remains open in all directions. Argentex anticipates completing its first-ever 43-101-compliant resource calculation for Pinguino, including compilation and interpretation of analytical drill results, in the first quarter of 2009.
Results
The following table displays selected analytical results for eight new holes, including five drilled in Marta Este, two at Kasia and one at Yvonne Sur.
*True widths are estimated to be 85-90% of the stated core length
During the 2007-2008 exploration program, Argentex completed approximately 20,782.9 meters (68,185 feet) of HQ diamond drilling at Pinguino using two independent drill contractors. A total of 15 base-metal and precious-metal veins were tested in 151 new HQ diamond drill holes. Approximately 7,000 core samples have been collected and submitted to Acme Analytical Laboratories for analysis. Overlimit analyses of zinc, lead and silver are also pending. Additional results will be reported upon receipt and compilation.
About Pinguino
Argentex’s Pinguino property is located in Argentina’s Patagonia region, within the Deseado Massif of Santa Cruz province. The 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 in that it contains both silver-gold and indium-enriched base-metal mineralization. This mineralization is contained 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 encompasses 15 drill-tested veins from more than 35 veins mapped on the property to date.
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 thin-film 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 undivided 100% interest in the mineral rights to the Pinguino property. The company also 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 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 and 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_44rias5mmr7nb2zkkyycue.css; Forward-looking statements in this news release include statements about “management’s belief in the potential for the development of a brand new silver-base metals district in Santa Cruz.” 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.
