Argentex Drills 5.76
Meters Grading 675.7 g/t Ag and 5.99 g/t Au within oxide zone at 100% owned Pinguino Project, Argentina.
Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to release additional drill results from
its 2011 exploration program, and to announce the expansion of that drill
program. The Company�s original plans for 2011 called for approximately 17,000
meters of drilling at its 100% owned Pinguino Project,
in Santa Cruz, Argentina but positive results to date coupled with the receipt
of additional funds from the exercise of approximately $1.6 million worth of
share purchase warrants since January, 2011 have enabled the Company to expand
the drill program to include up to an additional 2,500 meters of
drilling.
A copy of
the full press release is attached for your reference. For further information
please contact us at 1-866-594-7687, or via e-mail at info@argentexmining.com.
Sincerely,
Adam Bello
Investor
Relations
Primoris Group Inc.
Tel.: (416)
489-0092 * 1 (866) 594-7687 x 226
Fax: (416)
352-5239
E-mail: abello@primorisgroup.com
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Argentex
Drills 5.76 Meters Grading 675.7 g/t Ag and
5.99 g/t Au within oxide zone at 100% owned Pinguino Project, Argentina
Vancouver,
B.C., May 25, 2011 - Argentex Mining
Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to release additional drill
results from its 2011 exploration program, and to announce the expansion of
that drill program. The Company�s original plans for 2011 called for
approximately 17,000 meters of drilling at its 100% owned Pinguino
Project, in Santa Cruz, Argentina but positive results to date coupled with the
receipt of additional funds from the exercise of approximately $1.6 million
worth of share purchase warrants since January, 2011 have enabled the Company
to expand the drill program to include up to an additional 2,500 meters of
drilling.
Argentex has now completed 18,673 meters of drilling to-date in the 2011
program with a total of 201 holes. Results below are from the most recent 16
holes from the Marta Este, Marta Sur and Marta Centro veins:
|
Drill Hole
|
From
(m)
|
To
(m)
|
Interval
(m)*
|
Gold�
(g/t)
|
Silver
g/t
|
|
Marta Este vein
|
|
P369-11
|
27.77
|
89.56
|
61.79
|
0.94
|
88.8
|
|
including
|
82.80
|
88.56
|
5.76
|
5.99
|
675.7
|
|
P370-11
|
94.10
|
149.40
|
55.30
|
0.10
|
11.3
|
|
including
|
94.10
|
97.10
|
3.00
|
0.46
|
63.7
|
|
and including
|
132.60
|
135.05
|
2.45
|
0.33
|
35.8
|
|
and including
|
147.00
|
149.40
|
2.40
|
0.60
|
61.8
|
|
Marta Sur vein
|
|
P371-11
|
37.20
|
55.00
|
17.80
|
1.14
|
38.8
|
|
including
|
37.20
|
38.80
|
1.60
|
6.03
|
10.5
|
|
and including
|
49.40
|
52.90
|
3.50
|
2.46
|
58.5
|
|
P372-11
|
43.30
|
49.00
|
5.70
|
0.02
|
22.2
|
|
Marta Centro vein
|
|
PR091-11
|
10.00
|
39.00
|
29.00
|
1.33
|
92.9
|
|
including
|
12.00
|
21.00
|
9.00
|
3.83
|
271.3
|
|
PR092-11
|
11.00
|
50.00
|
39.00
|
0.34
|
41.4
|
|
including
|
11.00
|
22.00
|
11.00
|
1.03
|
112.7
|
|
PR098-11
|
9.00
|
16.00
|
7.00
|
0.26
|
16.1
|
|
PR100-11
|
12.00
|
19.00
|
7.00
|
0.07
|
23.7
|
|
PR101-11
|
2.00
|
21.00
|
19.00
|
0.52
|
17.4
|
|
including
|
14.00
|
15.00
|
1.00
|
6.35
|
126.0
|
|
PR103-11
|
2.00
|
26.00
|
24.00
|
0.41
|
47.9
|
|
including
|
12.00
|
13.00
|
1.00
|
3.21
|
322.0
|
|
PR104-11
|
5.00
|
23.00
|
18.00
|
0.16
|
29.4
|
|
including
|
18.00
|
19.00
|
1.00
|
0.95
|
111.0
|
|
P375-11
|
307.40
|
322.40
|
15.00
|
0.51
|
34.1
|
|
including
|
315.00
|
317.40
|
2.40
|
2.74
|
101.4
|
|
P376-11
|
282.40
|
304.26
|
21.86
|
0.05
|
16.1
|
|
including
|
297.70
|
303.12
|
5.42
|
0.12
|
36.6
|
|
P377-11
|
24.15
|
86.80
|
62.65
|
0.13
|
21.4
|
|
including
|
24.15
|
36.80
|
12.65
|
0.33
|
63.0
|
|
and including
|
30.00
|
33.00
|
3.00
|
0.72
|
138.0
|
|
P386-11
|
63.45
|
77.45
|
14.00
|
0.08
|
19.8
|
|
including
|
75.45
|
77.45
|
2.00
|
0.39
|
60.7
|
|
P387-11
|
88.60
|
120.75
|
32.15
|
0.07
|
13.8
|
|
including
|
119.55
|
120.75
|
1.20
|
0.16
|
56.2
|
|
*True widths are estimated to be 85-90% of the
stated interval
�P� represents core holes, �PR� represents RC holes
|
�The discovery of high-grade silver and gold values within the
near-surface oxide zone in the upper portions of mineralized veins, which we
previously thought of as only primarily polymetallic
mineralization, has opened up the precious metal potential of the entire
property�, commented Ken Hicks, President of Argentex.
�We continue to expand this core of high grade mineralization. In many cases,
this high grade mineralization is surrounded by a larger envelope of plus 1
gram gold-equivalent mineralization, which is also very promising. For these
reasons, we have expanded our original drilling program to continue to test
these zones further along strike and to depth.�
Results
The
table above displays selected analytical results from a total of 16 reverse circulation
and core holes; 2 holes from Marta Este, 2 holes from Marta Sur and 12 holes
from Marta Centro. A map of drill hole collars is
available on our web site at www.argentexmining.com.
In addition, between May 20 and May 24, 2011 one of the
Company�s investors exercised share purchase warrants pursuant to which it
purchased 500,000 of the Company�s common shares at an exercise price of $0.15
share for aggregate gross proceeds of $75,000 and two of its investors
exercised share purchase warrants pursuant to which they purchased an aggregate
of 70,000 of the Company�s common shares at an exercise price of CDN$0.90 share
for aggregate gross proceeds of approximately $64,400 (CDN$63,000).
About Pinguino
Argentex�s Pinguino property is located in
Argentina�s Patagonia region, within the Deseado
Massif of Santa Cruz province. Argentex believes that
recent high-grade silver discoveries within newly tested structures of the
district scale vein system at Pinguino show potential
for the development of a significant silver resource.
The Deseado Massif is an active
region of mining with four precious metal mines currently in production, and
includes multiple active advanced and early stage exploration projects.
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.
Exploration on the Pinguino
property is being conducted under the supervision of Mr. Kenneth Hicks, P.Geo. Argentex's President and a
"Qualified Person" (QP) as defined by Canada's National Instrument
43-101.
About Argentex:
Argentex Mining Corporation is an exploration company focused on the
discovery of silver, gold and polymetallic deposits
on its advanced late-stage exploration projects in the Patagonia region of
southern Argentina.
In 2011, Argentex is currently
advancing its highly prospective projects in Santa Cruz province, focusing
primarily on its 100%-controlled Pinguino project. An
early 2011 drill program of approximately 17,000 meters began at Pinguino, where Argentex proposed
to drill test the extents of previously identified high-grade silver targets
discovered in 2010. More than 11,200 of RC drilling and 7473 meters of core
drilling have been completed in 2011. More than 50,000 meters of drilling has
been completed on the project to date.
Argentex's 10,000-hectare Pinguino property is
located in Argentina's Patagonia region, within the Deseado
Massif of Santa Cruz province. Pinguino is easily
accessible, situated approximately 400 meters above sea level in low-relief
topography. An existing system of all-weather roads provides year-round access
to the property.
In total, Argentex owns 100% of
the mineral rights to more than 35 projects located within approximately
307,981 acres (124,636 hectares) of highly prospective land located in the
Santa Cruz and Rio Negro provinces of Argentina. Shares of Argentex
common stock trade under the symbol ATX on the TSX Venture Exchange and on the
OTCBB under the symbol AGXM.
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 the company�s belief that the
discovery of high-grade silver and gold values within the
near-surface oxide zone in the upper portions of mineralized veins has opened
up the precious metal potential of the entire property, the ability to expand
this core of high grade mineralization and surrounding larger envelope of plus
1 gram gold-equivalent mineralization and its belief that recent high-grade
silver discoveries within newly tested structures of the district scale vein
system at Pinguino show potential for the development
of a significant silver resource. 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.