Argentex hits
longest interval of high-grade base-metal mineralization at Pinguino;
intersects 12.49 meters of 119.7 g/t silver and 13.44% lead-zinc
Vancouver, B.C., September 25, 2008 -- Argentex Mining Corporation
(TSX-V: ATX, OTCBB: AGXM) is pleased to announce results for 12 holes from the
recently completed drill program at its polymetallic Pinguino property in Santa
Cruz, Argentina. Results include unprecedented intervals of high-grade
gold as well as the longest high-grade base-metal intersection recorded to date
at Pinguino.
Highlights of analytical results include the following:
?
12.49 meters (41 feet) of 119.7 grams per tonne (g/t)
silver, 13.44% combined lead-zinc and 31 g/t indium in hole P200-08. This hole contains a 71-meter (233-foot)
mineralized interval from 38.63 to 109.98 meters (126.7 to 360.8 feet)
downhole. Overlimit analyses of zinc, lead and silver remain to be received for
the interval of 38.63 to 52.90 meters (126.7 to 173.6 feet). Even without
these over-limit assay results, hole P200-08 contains the longest interval
of high-grade base-metal mineralization ever drilled on the Pinguino property.
?
9.98 meters (32.7 feet) of 90.8 g/t silver, 8.96%
lead-zinc and 54 g/t indium in hole P173-08.
? 1.50 meters (4.92
feet) of 554.8 g/t silver and 4.48% lead-zinc from hole P183-08.
? 0.42 meters (1.38
feet) of 251.26 g/t gold (8.08 troy ounces per short ton), silver >100 g/t in hole P196-08. A
metallic screen re-assay is being conducted on this interval to determine
metallic gold content.
?We are excited by these latest results from
our 2007-2008 program because they advance Pinguino along multiple commodity
pathways,? said Ken Hicks, President
of Argentex. ?The new intersection in hole P200-08 at Yvonne Sur has
returned the longest interval of high-grade base-metal mineralization ever
found on the property. Our intersection of extremely high-grade gold
values at Marta Noroeste, albeit over narrow widths, is the highest grade of
gold mineralization ever returned from Pinguino and expands the potential for
development of a significant gold resource. Results at Marta Norte show a
continuation of high-grade silver values, demonstrating silver results
characteristic of that zone. We are also encouraged by the discovery of
multiple mineralized intervals within individual holes such as P200-08 and
P210-08, which demonstrate the strength and extent of mineralization that
continues to impress us throughout the property.?
Argentex
has mapped more than 60 kilometers (37 miles) of existing veins at Pinguino to
date. More than 30,000 meters (98,000 feet) of diamond drilling has been
completed in a total of 269 holes. Results returned to date indicate that
Pinguino?s robust mineralized system remains open along strike and at depth.
Results
The
following table displays selected analytical results for 12 new holes,
including five drilled in Marta Centro, two at Marta Norte, one at Marta
Noroeste, two at Yvonne Sur-Marcela (a new blind vein discovered by
chargeability anomalies) and two at Marta Este.
|
Drill
Hole
|
From
(m)
|
To
(m)
|
Length (m)*
|
Indium
(g/t)
|
Gold (g/t)
|
Silver (g/t)
|
Lead (%)
|
Zinc (%)
|
|
Area:
Marta Centro
|
|
P168-08
|
213.00
|
221.00
|
8.00
|
11
|
0.22
|
30.7
|
0.62
|
2.44
|
|
P169-08
|
200.90
|
212.56
|
11.66
|
20
|
0.28
|
32.0
|
0.66
|
3.58
|
|
P170-08
|
245.87
|
256.23
|
10.36
|
24
|
0.30
|
29.5
|
0.46
|
2.28
|
|
P172-08
|
251.40
|
262.25
|
10.85
|
46
|
0.34
|
26.8
|
0.89
|
7.26
|
|
P173-08
|
246.80
|
256.78
|
9.98
|
54
|
0.46
|
90.8
|
2.22
|
6.74
|
|
Area: Marta Norte
|
|
P177-08
|
87.05
|
90.48
|
3.43
|
0
|
0.31
|
180.7
|
8.27
|
0.25
|
|
P183-08
|
85.00
|
86.50
|
1.50
|
0
|
0.62
|
554.8
|
2.90
|
1.58
|
|
Area: Marta Noroeste
|
|
P196-08
|
79.18
|
79.60
|
0.42
|
|
251.26
|
>100.0
|
0.51
|
0.16
|
|
Area: Yvonne Sur-Marcela
|
|
P200-08
|
69.84
|
82.33
|
12.49
|
31
|
0.25
|
119.7
|
6.05
|
7.39
|
|
including
|
|
P200-08
|
77.23
|
81.28
|
4.05
|
24
|
0.28
|
237.0
|
12.32
|
14.06
|
|
and
|
|
P200-08
|
89.05
|
97.00
|
7.95
|
5
|
0.04
|
10.5
|
0.47
|
1.41
|
|
P200-08
|
101.50
|
109.98
|
8.48
|
14
|
0.06
|
35.1
|
1.40
|
3.25
|
|
P249-08
|
46.00
|
49.40
|
3.40
|
11
|
0.03
|
21.5
|
0.90
|
0.98
|
|
Area: Marta Este
|
|
P210-08
|
106.00
|
112.95
|
6.95
|
1
|
0.27
|
26.4
|
0.94
|
1.85
|
|
including
|
|
P210-08
|
107.90
|
112.95
|
5.05
|
1
|
0.31
|
31.6
|
1.11
|
2.21
|
|
P211-08
|
142.60
|
145.78
|
3.18
|
2
|
0.14
|
14.7
|
0.33
|
2.59
|
|
P211-08
|
164.70
|
170.30
|
5.60
|
0
|
0.09
|
14.4
|
0.68
|
0.91
|
|
P211-08
|
175.00
|
181.60
|
6.60
|
1
|
0.20
|
22.9
|
0.83
|
1.29
|
|
including
|
|
|
|
|
|
|
|
|
|
P211-08
|
175.00
|
177.50
|
2.50
|
2
|
0.31
|
47.2
|
1.78
|
2.40
|
*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. Of this total, results from approximately 1,000 samples remain
to be received by Argentex. Overlimit analyses of zinc, lead and silver
are also pending. Additional results will be reported upon receipt and
compilation.
Surface plan maps and
modeled longitudinal sections of the Marta Este and Marta Centro zones, showing
diamond drill hole pierce points from previous drilling and the 2007-2008
program, are available for viewing on the main Pinguino page of the Argentex
web site: http://www.argentexmining.com/santacruz-pinguino.php?child=2&id=36&dec=minus.
In addition, a 3-D movie showing Pinguino?s mineralized zones at Marta
Centro, Marta Este and Marta Norte is available for viewing by visiting the
Argentex home page at www.argentexmining.com. A
video showcasing highlights of a property tour conducted in January 2008 has
also been posted and is accessible from the home page.
The distribution of drilling from the 2007-2008 drill program can
be broken down as follows:
|
Zone
|
% of total meters drilled
|
|
Marta Este
|
38 %
|
|
Marta Centro
|
36 %
|
|
Marta Norte and Marta Noroeste
|
13 %
|
|
Sonia,
Savary, Silvia and Silvina
|
6 %
|
|
Yvonne Norte, Link, Yvonne Sur, Marcela
and Marta Sur,
|
5 %
|
|
Kasia
|
2 %
|
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 recently fulfilled the terms of its option agreement on the property and now
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 company?s belief that Pinguino?s robust mineralized
system remains open along strike and at depth, expectation
that drilling at Marta Centro continues to expand the area of indium-enriched
base-metal mineralization and that results will be reported after assay results
are received and compiled. 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.