Argentex discovers new epithermal veins along
Pinguino?s ?Tranquilo Trend?
Vancouver, B.C., September 30, 2008 -- Argentex Mining
Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to announce the discovery of
nine new epithermal veins at its Plata Leon property, which is located adjacent
to the company?s flagship Pinguino property in Santa Cruz, Argentina. The
new veins were identified during reconnaissance exploration conducted during the
2007-2008 season. Like Pinguino, Plata Leon
lies along the ?Tranquilo Trend,? named for the prominent northwest-trending
structure that Argentex believes to be an important factor in the formation of
epithermal mineralization at Pinguino. Argentex is the largest holder of
mineral rights along the Tranquilo Trend.
?We developed the geological framework of our model
for Pinguino during the early stages of exploration on the property.
Since then, we have refined that model through more than 30,000 meters of
diamond drilling, by expanding known mineralization and drill testing many new
zones. We are now taking the next step -- using our accumulated knowledge
and experience and successfully applying it on our other properties in the
Deseasdo Massif,? said Ken Hicks,
President of Argentex. ?This new discovery at Plata Leon
is a testament to the strength and dedication of the entire Argentex
exploration team, underscoring our confidence in our exploration model and
expanding the overall potential of the Tranquilo Trend.?
The topographic surface at Plata Leon
is largely covered by a thin layer of overburden, which masks detailed
structures and makes interpretation of geological mapping difficult.
Consequently, Landsat TM7+ multispectral imagery was used to develop targets
based on the Pinguino intrusive-related mineralization model.
High-resolution IKONOS satellite coverage was also acquired to help define
targets and for mapping purposes. Two separate clusters of vein material
were discovered through detailed exploration work in the Plata Leon claim
block. Prospecting in Area One revealed nine new in-situ epithermal veins
exposed through the thin overburden. Area Two exploration work resulted
in the discovery of large boulders of quartz-rich epithermal vein material with
excellent boiling-point replacement textures (angel wings), which have yet to
be traced to their source. While these boulders have not been
traced to their in-situ source, they provide an excellent indicator for the
formation of epithermal mineralization.
Selected grab samples from Plata Leon
have been collected and submitted for analysis. Analytical results are
pending and further investigation is anticipated.
?Angel wing? or ?lattice? textures are formed by the
replacement of platy calcite by a quartz-rich assemblage during boiling of
epithermal fluids. Fluid boiling is a critical process in metal
deposition in epithermal systems.
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
info@argentexmining.com
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 ??Tranquilo Trend,? named for the prominent
northwest-trending structure that Argentex believes to be an important factor
in the formation of epithermal mineralization at Pinguino,? and, ?Using our accumulated knowledge and
experience and successfully applying it on our other properties in the Deseasdo
Massif,? and, ?This new discovery at Plata Leon is a testament to the strength
and dedication of the entire Argentex exploration team, underscoring our
confidence in our exploration model and expanding the overall potential of the
Tranquilo Trend.? 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.