Argentex trenches 2.0 meters of 20.72 g/t
gold at Pinguino; drilling scheduled to start on
Condor
Vancouver, B.C., March 31, 2010 -- Argentex
Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to provide an update on
ongoing exploration activities at its Pinguino property in the silver-gold district of Santa Cruz, Patagonia, Argentina.
Trenching reveals
high-grade gold vein at Pinguino
One of the new
veins recently discovered at Pinguino is the Isla
vein, which has been mapped with approximate dimensions of 1 to 3 meters (3.2 to 9.8 feet) wide by 1,700 meters (5,577 feet) of strike
length. The mineralized section is composed of quartz vein, quartz vein
breccias and quartz limonite breccias represented by scattered outcrops, within
a large area of thin overburden.
Geophysics and
trenching were carried out on the Isla vein in advance of diamond-drill
testing. Preliminary analytical results from trenching across the Isla
vein have returned a high-grade gold intercept of 2.0 meters of 20.72 g/t
(0.67 oz/t) gold and 75.4 g/t (2.42 oz/t) silver. Industry standard fire
assay re-analysis of these high-grade samples will be carried out with an
additional procedure of screening for metallic gold.
These new trench
results complement the first 2010 drilling results on Pinguino?s
Marta Norte vein, which included 3.06 meters (10 feet) of 836.6 g/t
(26.90 oz/t) silver for the first drilled target.
A total of 57
drill holes covering 3,186
meters (10,453 feet) have now been completed at the Pinguino property. This includes 20 drill holes at
Marta Norte, 19 holes on the Tranquilo
fault, 10 holes on the Luna vein, four holes at Isla and four other holes on
various targets. Samples have been collected from these holes and
submitted for analysis. Results will be published as they are received.
?We are excited by
the trenching results from the Isla vein because they reveal high-grade gold
within the northwestern portion of our Pinguino property. This new discovery augments the
high-grade silver Marta Norte vein, which is also
located in this developing precious-metal quadrant at Pinguino,? said Ken Hicks, President of Argentex.
Drilling at Condor
scheduled to start in one week
Argentex has concluded the
drill-target-definition phase at its gold Condor project. Drilling is scheduled
to start on Condor?s El Aguila
vein within one week and approximately 2,000 meters (6,560 feet) have been
budgeted for this initial drill program.
Recently completed
detailed exploration at Condor?s El Aguila vein area included 16 grab samples ranging in value
from 0.25 g/t to 59 g/t gold (0.008 oz/t to 1.897 oz/t gold) within an area of
approximately 2,000
meters (6,560 feet) by 250 meters (820 feet).
?We look forward to
the first-ever drilling on our Condor property as it falls along an exciting
mineralized trend in the eastern Deseado Massif,? added Mr. Hicks.
About Pinguino
Pinguino
is located in Argentina?s Patagonia region, within the Deseado Massif of Santa
Cruz province. With more than 74 line kilometers (46 line miles) of veins discovered to date, the
Pinguino property is host to the largest known
undeveloped vein system in Santa Cruz
province after the developed AngloGold Ashanti Cerro Vanguardia
mine. Both vein systems fall within the Tranquilo
trend, a major northwest structural corridor in central Santa Cruz.
Mineralization at Pinguino is unique in the region, containing
silver-indium-zinc-lead-gold in multiple zones that remain open-ended along
strike and to depth. Although more than 47 veins have been mapped on the
property to date (with vein widths ranging from under one meter to more than 10 meters), only 21 of
these veins have been tested by drilling. To date, Argentex has
drilled 326 holes at Pinguino for a total of 33,214 meters (108,970 feet).
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.
The majority of
mineralized zones at Pinguino lie along the strike of
the northwest-trending Tranquilo trend, which is a
dominant northwest trending regional fault structure cutting across the
approximately 24,710-acre (10,000-hectare) 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.
ABOUT
ARGENTEX:
Argentex
Mining Corporation is a Delaware
corporation. It is a junior mining company in the exploration stage with
significant holdings in the Patagonia region of Argentina. In total, the
company owns 100% mineral rights to more than 35 properties with approximately 307,981 acres (124,636 hectares)
of prospective land located in the Santa Cruz
and Rio Negro provinces of Argentina,
including the Pinguino property. 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. Mr. Hicks is not considered independent of the issuer.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
FURTHER
INFORMATION:
Ken
Hicks, President
Argentex Mining Corporation
1-866-594-7687
info@argentexmining.com
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 in this news
release include statements about ?this new discovery augments the
high-grade silver Marta Norte vein, which is also
located in this developing previous-metal quadrant at Pinguino,?
and well as ?looking forward to the first ever drilling on our
Condor property as it falls along an exciting mineralized trend in the eastern Deseado Massif? . 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 or raise funds sufficient to prosecute its
exploration plans. 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.