Argentex Mining provides update on exploration
activities in Argentina
Vancouver, B.C., September 10, 2008 -- Argentex Mining
Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to report on the positive
progress made in advancing its flagship polymetallic Pinguino project and to
provide a summary of its initial plans for the 2008-2009 exploration season.
During this field season, Argentex completed the largest diamond
drilling program in the history of its Pinguino project, testing 15 different
mineralized vein systems for a total of 20,782.9 meters (68,185 feet) of
diamond drilling. Results to date are very encouraging, expanding the
mineralized footprint at Marta Centro, Marto Este and Marta Norte and outlining
significant new discoveries in other zones. Additional analytical results
from this drill program are pending and will be announced as they are received
and compiled.
?Our initial discovery of indium-enriched polymetallic mineralization at
Pinguino has been followed by successful back-to-back drill programs that
continue to build our database and our level of confidence as we advance
towards our ultimate goal of production,? said Ken
Hicks, President of Argentex Mining. ?We look forward to
using these drilling results as a base to establish an initial resource
estimate within the following months. Meanwhile, we intend to continue to
increase our knowledge of this highly promising deposit during the upcoming
2008-2009 field season.?
Metallurgical studies
underway
Argentex has commenced preliminary mineralogical and metallurgical
studies at Pinguino. Representative samples of a variety of ore
types (including massive sulphide, disseminated sulphide and quartz-rich
precious metal vein material) have been collected from new drill core.
These samples will be analyzed at the University
of La Plata in Buenos
Aires. In addition, specific gravity calculations on
a suite of approximately 265 mineralized samples as well as host rock types
have been completed. Argentex intends to use this information in
preparing a resource estimate that will comply with Canada?s
National Instrument 43-101, Standards for Disclosure for Mineral Projects.
2008-2009 exploration
Planning for the 2008-2009 field season in Santa
Cruz province is underway. Previous experience at
Pinguino has shown that detailed mapping, geochemistry and geophysics can be
extremely effective in discovering new mineralized veins in areas of thin
overburden, like those encountered by Argentex at the heart of the mineralized
?Tranquilo? corridor. Argentex believes that the Tranquilo structure is
an important factor in the formation of mineralization at Pinguino.
With this in mind, the company is planning to focus initial exploration
on Pinguino?s most heavily mineralized area, which covers approximately eight
square kilometers (three square miles), to identify any indications of hidden
mineralization. These areas would then be tested by trenching and
drilling. Drill testing in the 2007-2008 season showed that even weak
indications of surface mineralization can be representative of substantial
mineralized veins at depth.
Silver-gold projects in Santa
Cruz
A number of other drill-ready projects also exist within Argentex?s
large portfolio of Patagonian properties, including epithermal gold-silver
mineralization at Condor and Cerro Contreras. Both properties show
characteristics of low-sulphidation mineralization typical of many deposits
within the Deseado Massif of Santa Cruz
province. Current plans for 2008-2009 include drill testing at the Condor
property. Exploration plans for Cerro Contreras are still being
formulated.
Argentex has a unique profile for a junior exploration company. The
polymetallic nature of the mineralization at Pinguino provides the company with
exposure to three distinct sectors of the commodity markets: base metals such
as zinc and lead, precious metals such as silver and gold, and strategic
metals, including indium. This diversity offers several potential avenues
of growth for the company, though there can be no assurance that any of these
metals can be economically extracted.
Indium is a high-value metal used in flat-panel (LCD, plasma) displays
and in leading-edge thin-film solar cell technology. The price of indium
has risen dramatically from $143 per kilogram at the beginning of 2001, as
reported by Platts Metals, to its current range of $685-$700 per kilogram, as
reported by the Northern Miner on August 25, 2008. This extraordinary
growth rate is due in part to the rapid deployment of all types of
photovoltaics, including thin-film photovoltaics (TFPV), one of the
fastest-growing technologies in the alternative energy sector. The low
cost, flexibility and manufacturing advantages associated with TFPV, compared
to more established crystalline silicon solar cells, also play a factor in the
price of indium.
While Argentex has found indium
at Pinguino, there can be no assurance that it exists in quantities sufficient
to make production economically feasible.
About Pinguino
Argentex?s Pinguino property is located in Argentina?s
Patagonia region, within the Deseado Massif of Santa
Cruz province. The zinc-silver-indium-lead-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. Since 2006, exploration of base-metal-rich targets has
expanded to encompass more than 15 mineralized zones, including Marta
Centro, Yvonne, Yvonne Sur, Yvonne Norte, Sonia, Kasia, Savary and Luna
veins, within an area of approximately 8.0 square kilometers (3.0 square
miles).
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.
ABOUT
ARGENTEX:
Argentex Mining Corporation is a junior
mining exploration company with significant holdings in the Patagonia region of
Argentina.
It owns 100% of the mineral rights to the Pinguino property and 100% mineral
rights to more than 30 other mineral properties with over 377,490 acres
(152,766 hectares) in the Santa Cruz and Rio
Negro provinces of Argentina.
In addition, Argentex continues to look for new
opportunities in Patagonia. 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 conducted
under the supervision of Mr. Kenneth Hicks, P.Geo., Argentex's President and a
"qualified person" as defined by Canada?s
NI 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 it will complete a resource estimate within the time projected,
if at all, that it can continue to update its knowledge of the deposit at
Pinguino, that it will identify any additional hidden mineralization during the
2008-9 season and that it will commence drilling on the Condor property. 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.