Vancouver, B.C., April 6, 2009 -- Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to announce additional results from the 2008 drill program at its polymetallic Pinguino property in Santa Cruz, Argentina. The latest findings include assays from 13 new drill holes testing four separate mineralized zones, including a 2.5-meter (8.2-foot) intersection that contains 5.32 grams per tonne (g/t) gold, 29 g/t silver and 1.5% combined lead-zinc. A deeper hole drilled in the same vein returned 4.96 meters (16.2 feet) grading 2.17 g/t gold, 314 g/t silver, 2.13% lead and 4.76% zinc. A relatively untested vein, Marta Noroeste, returned 1.35 meters (4.41 feet) grading 6.99 g/t gold and 773.5 g/t silver.
Additional findings include overlimit zinc results and previously reported high-grade gold samples that have been re-assayed using a metallic screen technique to confirm the presence of native gold.
“There are a number of intersections with significant silver and gold values within the 15 mineralized zones drill tested to date at Pinguino,” said Ken Hicks, President of Argentex. “Several intersections returned significant gold values that have since been reanalyzed using a metallic screen, which provides a more accurate determination of gold values when there is native gold present. The two distinct styles of mineralization at Pinguino, which contain precious metals and base metals enriched with indium, continue to expand the overall mineral potential at Pinguino.”
Argentex has now received and compiled the majority of its analytical results from the 2008 program at Pinguino. According to Acme Labs, the last set of results for the Pinguino project should be ready within approximately two weeks. At that time, the company intends to transfer its complete dataset of analytical results, drill hole logs, surface geochemistry, geophysics, core-specific gravity measurements and preliminary mineralogical studies to an independent engineering firm for the purpose of beginning Argentex’s first-ever National Instrument 43-101-compliant resource calculation, which is scheduled for completion during Q2 2009.
Results
The following table displays analytical results for 13 new diamond drill holes, including seven from the Marta Este zone of the property, two from Marta Centro, one from Marta Noroeste and three from Savary. Overlimit analytical results from one hole at Marta Este are also included.
*True widths are estimated to be 85-90% of the stated core length.
The following table includes re-stated results for a high-grade silver-gold interval at Marta Noroeste, which has been re-assayed using a metallic screen to confirm the presence of native gold.
*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 were collected and submitted to Acme Analytical Laboratories for analysis. Some overlimit analyses of zinc, lead and silver are still 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 2006 discovery of silver-indium-zinc-lead-gold mineralization at Pinguino 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 the initial discoveries at Marta Centro and Yvonne and now encompasses 15 drill-tested veins from more than 35 veins mapped on the property to date. Argentex has drilled a total of 269 holes at Pinguino for a total of 30,000+ meters (98,000 feet). Included in these totals are 67 holes drilled at Marta Centro for a total of 10,125.85 meters. The Marta Centro zone has been tested to a depth of approximately 400 meters (1,312 feet) below surface. Marta Este has been drilled to a depth of 200 meters (656 feet) with 77 drill holes totaling 9,713.55 meters (31,868 feet).
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 in 2008 was 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. In total, the company owns 100% mineral rights to more than 40 properties with approximately 405,987 acres (163,477 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 also identify forward-looking statements. Forward-looking statements are based on current facts and analysis and on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Forward-looking statements in this news release include statements about the company’s belief that the two distinct styles of mineralization at Pinguino continue to expand the overall mineral potential at Pinguino and that Argentex will transfer its complete dataset to an independent engineering firm for the purpose of beginning a National Instrument 43-101-compliant resource calculation for Pinguino which is scheduled for completion during Q2 2009. 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 or raise funds sufficient to prosecute its exploration plans. 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.
