Argentex drills 69
meters of 3% lead-zinc and 30 g/t indium at Pinguino, plans to increase
drilling at Marta Centro zone to 400-meter depth
Vancouver, B.C., April 8, 2008 --
Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to announce
results for the first 10 holes completed during ongoing drilling at the Marta
Centro zone of its polymetallic Pinguino property located in Santa Cruz,
Argentina.
Analytical results for these
first 10 drill holes expand the mineralized zone along strike to the northwest
and the southeast and to a depth of approximately 130 meters (426 feet).
The mineralized zone at Marta Centro remains open in all directions.
“We continue to expand the near-surface
mineralization along strike and follow it to depth,” said Ken Hicks, President of Argentex. “With
an envelope of disseminated zinc, lead, indium and silver mineralization
surrounding a higher grade core, we are documenting what appears to be a large,
well-defined mineralized footprint at Marta Centro with the results of this new
drilling. Drill testing at Marta Centro has been completed to a depth of
250 meters (820 feet) with assays pending and we expect to test the system to
the 400-meter (1,640-feet) level during the current program. We have
completed 10,000 meters (32,808 feet) of drilling to date and plan to continue
drilling with two rigs until the end of the current exploration season.”
Hole P133-08 intersected 69.4
meters (277.7 feet) of mineralization, including approximately 3% combined
lead-zinc, 30 grams per tonne (g/t) indium and 22 g/t silver. This broad
mineralized interval contains higher grade sections including 1.0 meter (3.3 feet)
grading 29.5% lead-zinc, 602 g/t indium and 122 g/t silver. These
high-grade drill intercepts form a consistent pattern in the central part of
the Marta Centro zone.
The deepest of the first 10 holes drilled was P138-08,
which intersected significant mineralization at approximately 130 meters (426
feet) below surface. The 20.9-meter (68.5-foot) interval contains 4%
lead-zinc, 32 g/t indium and 34 g/t silver.
Drilling on the southeastern margin at Marta Centro
intersected elevated gold grades and moderate base metal values. The
zinc-rich mineralization in the core of the mineralized zone continues to
display concentrations of indium measuring in the hundreds of grams per tonne
range.
Highlights of the analytical results for the major
intersections of the 10 drill holes at Marta Centro are outlined in the
following table. All holes intersected significant intervals of anomalous base
metal values.
|
Drill
Hole
|
From
(m)
|
To
(m)
|
Length (m)
|
Indium
(g/t)
|
Gold
(g/t)
|
Silver (g/t)
|
Lead (%)
|
Zinc (%)
|
|
Area:
Marta Centro
|
|
P122-08
|
63.0
|
66.2
|
3.2
|
15
|
0.7
|
91
|
1.9
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
P123-08
|
60.0
|
68.5
|
8.5
|
12
|
0.3
|
61
|
0.7
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
P126-08
|
61.6
|
67.9
|
6.3
|
3
|
1.7
|
38
|
1.0
|
2.6
|
|
including
|
65.9
|
67.9
|
2.0
|
1
|
5.1
|
66
|
0.5
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
P130-08
|
103.0
|
108.8
|
5.8
|
69
|
0.4
|
45
|
1.0
|
3.4
|
|
|
|
|
|
|
|
|
|
|
|
P131-08
|
94.5
|
114.8
|
20.3
|
23
|
0.2
|
31
|
0.7
|
3.1
|
|
including
|
113.2
|
114.7
|
1.5
|
148
|
0.5
|
108
|
1.9
|
11.3
|
|
|
|
|
|
|
|
|
|
|
|
P132-08
|
95.9
|
108.9
|
13.0
|
52
|
0.3
|
33
|
0.8
|
4.6
|
|
including
|
108.2
|
108.9
|
0.7
|
434
|
0.5
|
124
|
3.8
|
22.7
|
|
|
|
|
|
|
|
|
|
|
|
P133-08
|
100.3
|
169.7
|
69.4
|
30
|
0.2
|
22
|
0.5
|
2.4
|
|
including
|
108.1
|
109.1
|
1.0
|
602
|
0.9
|
122
|
3.6
|
25.9
|
|
|
|
|
|
|
|
|
|
|
|
P134-08
|
96.2
|
114.0
|
17.8
|
36
|
0.2
|
58
|
1.6
|
3.2
|
|
including
|
109.4
|
111.8
|
2.4
|
188
|
0.7
|
262
|
7.9
|
12.1
|
|
|
|
|
|
|
|
|
|
|
|
P135-08
|
97.5
|
109.4
|
11.9
|
4
|
0.1
|
18
|
0.4
|
1.5
|
|
|
|
|
|
|
|
|
|
|
|
P138-08
|
106.2
|
127.1
|
20.9
|
32
|
0.2
|
34
|
0.9
|
3.1
|
|
including
|
123.3
|
127.1
|
3.8
|
135
|
0.4
|
119
|
3.3
|
9.9
|
|
|
|
|
|
|
|
|
|
|
Two independent contractors are continuing the largest
drilling program in the history of Argentex’s Pinguino project. A minimum
of 10,000 meters (32,808 feet) of drilling was contracted under the current
program and has since been completed. Based on results achieved to date,
Argentex plans to continue drilling using two rigs until the end of the
exploration season. Among its plans, Argentex is scheduling to test the
1,400-meter (4,593-foot) Yvonne vein, the 1,000-meter (3,281-foot) Marta Sur
vein, and the Marta Este, Kia, Savary, Marta Norte and Noroeste veins, and its
epithermal gold-silver Condor property.
Initial analytical results, overlimit re-analyses and
fire assay gold results continue to be received from Acme Analytical Labs and
will be reported upon receipt and compilation. Only a small percentage of
the geophysical targets and vein strike length on the property have been drill
tested to date.
A longitudinal section of the Marta Centro vein,
showing diamond drill hole pierce points from previous drilling and the current
phase five program, is available for viewing on the main Pinguino page of the
Argentex web site (http://www.argentexmining.com/santacruz-pinguino.php?child=2&id=36).
About Pinguino
Argentex’s Pinguino property is located in Argentina’s Patagonia region, within the
Deseado Massif of Santa Cruz
province. The significant 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 with both
silver-gold and indium-enriched base-metal mineralization in multiple zones
that remain open-ended along strike and to depth. Since 2006, exploration
of base-metal-rich targets has expanded beyond initial discoveries at Marta
Centro and Yvonne and now total eight mineralized veins, including the Yvonne
Sur, Yvonne Norte, Sonia, Kasia, Savary and Luna veins, within an area
measuring approximately 3.0 square miles (8.0 square kilometers).
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 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.
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. Shares of Argentex
common stock trade under the symbol AGXM on the OTCBB and, beginning July 28,
2008, will trade 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 supervised the preparation of this
press release and has verified the data reported above.
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 Argentex’s plans
to continue drilling with two rigs until the end of the current season and its
plans to increase drilling at the Marta Centro zone to 400-meter depth and test
the Yvonne, Marta Sur, Marta Este, Kia, Savary, Marta Norte and Noroeste veins,
as well as its plans to advance newly generated geophysical anomalies and
surface trenching discoveries during the current phase of its exploration
program. 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.
