Argentex
intersects 19 meters of 384 g/t silver and 3.1% lead-zinc at Pinguino’s
Marta Este zone, Argentina
Vancouver, B.C., April 23, 2008 --
Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to announce
results for 12 additional holes from the ongoing drill program at its
polymetallic Pinguino property located in Santa Cruz, Argentina. The
majority of these new results are from Marta Este, a silver-enriched zone
located approximately 800 meters (2,600 feet) northwest and along strike from
Marta Centro. Results from Marta Este include a 19-meter (62-foot)
intersection that returned 384 grams per tonne (g/t) silver and 3.1%
lead-zinc. Three drill holes in the Marta Centro zone returned results
including 9.9 meters (32 feet) of 97 g/t indium, 22 g/t silver and 4.4%
lead-zinc.
“Marta Este was the very first target drill
tested at Pinguino. While that program returned good precious metal
intersections, these early results from deeper drilling at Marta Este have
exceeded our expectations by returning higher values and greater widths than we
anticipated,” said Ken Hicks,
President of Argentex. “The high silver results over large widths
enhance our impression of Marta Este as a predominantly silver zone with
significant gold, base-metal and indium values.”
Results
Marta Este’s hole P145-08 included a 10.1-meter
(33.1-foot) interval of 718 g/t silver, 1.3 g/t gold and 4.93% combined
lead-zinc. Hole P153-08 intersected 16.2 meters (53.1 feet) of 370 g/t
silver, 2.28 g/t gold and 7 g/t indium . Higher grade intervals within
hole P153 include 3.6 meters (11.8 feet) of 973 g/t silver, 7.7 g/t gold and 15
g/t indium from an intersection approximately 70 meters (229 feet) below
surface. Drilling at Marta Este has been completed to a depth of
approximately 230 meters (754 feet). Assay results are pending and will
be reported after they are received and compiled.
Marta Centro drilling continues to expand the area of indium-enriched
base-metal mineralization along strike to the northwest and to depth.
Hole P136-08 returned 9.9 meters (32.4 feet) of 97 g/t indium, 4.4%
lead-zinc. Hole P139-08 returned 18.0 meters (59.0 feet) of 21 g/t indium
and 2.7% lead-zinc, with a 4.9-meter (16.0-foot) contained interval of 103 g/t
silver, 74 g/t indium and 7.43% lead-zinc. Drilling at Marta Centro has
been completed to a depth of approximately 250 meters (820 feet). Results
will be reported after assays are received and compiled.
The following table displays selected analytical
results for three drill holes in Marta Centro and the first nine holes drilled
in Marta Este:
Drill
Hole
|
From
(m)
|
To
(m)
|
Length (m)*
|
Indium
(g/t)
|
Gold
(g/t)
|
Silver (g/t)
|
Lead (%)
|
Zinc (%)
|
Area:
Marta Este
|
P143-08
|
73.2
|
83.7
|
10.5
|
0.4
|
1.1
|
23
|
0.6
|
0.9
|
|
|
|
|
|
|
|
|
|
P144-08
|
87.50
|
90.46
|
3.0
|
3
|
0.2
|
35
|
1.6
|
2.5
|
|
|
|
|
|
|
|
|
|
P145-08
|
65.6
|
84.7
|
19.1
|
1
|
0.8
|
384
|
1.5
|
1.6
|
including
|
72.6
|
82.7
|
10.1
|
1
|
1.3
|
718
|
2.2
|
2.7
|
|
|
|
|
|
|
|
|
|
P146-08
|
63.85
|
79.0
|
15.2
|
1
|
0.4
|
167
|
1.1
|
0.8
|
including
|
69.8
|
79.0
|
9.3
|
1
|
0.5
|
256
|
1.6
|
1.3
|
|
|
|
|
|
|
|
|
|
P147-08
|
62.3
|
69.0
|
6.7
|
2.6
|
1.5
|
112
|
2.5
|
1.33
|
|
|
|
|
|
|
|
|
|
P148-08
|
65.05
|
73.5
|
8.5
|
4
|
0.7
|
48
|
0.2
|
0.1
|
|
|
|
|
|
|
|
|
|
P151-08
|
59.6
|
69.5
|
9.9
|
0.4
|
0.9
|
29
|
0.1
|
0.1
|
|
|
|
|
|
|
|
|
|
P152-08
|
61.4
|
70.55
|
9.2
|
1.1
|
1.1
|
48
|
0.1
|
Na
|
|
|
|
|
|
|
|
|
|
P153-08
|
65.1
|
81.3
|
16.2
|
7
|
2.3
|
371
|
0.2
|
0.1
|
Including
|
76.3
|
79.9
|
3.6
|
15
|
7.7
|
973
|
0.2
|
0.1
|
|
|
|
|
|
|
|
|
|
Area:
Marta Centro
|
P136-08
|
125.8
|
135.7
|
9.9
|
97
|
0.4
|
22
|
0.4
|
4.0
|
|
|
|
|
|
|
|
|
|
P139-08
|
111.0
|
129.0
|
18.0
|
21
|
0.2
|
32
|
0.5
|
2.2
|
|
124.1
|
129.0
|
4.9
|
74
|
0.5
|
103
|
1.33
|
6.1
|
P141-08
|
115.6
|
124.7
|
9.1
|
4
|
0.2
|
73
|
0.8
|
2.0
|
*True widths are estimated to
be 85-90% of the stated core length
Argentex is working with two independent drill
contractors on its largest phase of drilling to date. Drilling in the
current program has surpassed 12,500 meters (41,010 feet) and is continuing on
the numerous mineralized zones contained within the approximately 37 miles (60
kilometers) of vein strike length mapped on the Pinguino 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.
A surface plan map and a modeled longitudinal section
of the Marta Este vein, showing diamond drill hole pierce points from previous
drilling and the current Phase V 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&dec=minus.
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-sold 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 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 8.0 square kilometers (3.0 square miles).
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.
It 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, 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 expectation that drilling at Marta Centro
continues to expand the area of indium-enriched base-metal mineralization,
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.