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Argentex Mining Corporation (TSX-V:ATX.v - News) is pleased to announce
that the company has commenced drilling at its Pinguino silver project in Santa Cruz, Patagonia, Argentina.
The proposed 17,000-meter drill program
will initially target shallow, silver-rich mineralization discovered in late
2010 drilling. Multiple centers of this type of high-grade mineralization
were discovered throughout the Pinguino property in veins including
Tranquilo, Marta Norte, Tranquilo Sur and Luna.
These discoveries remain wide open in all directions and have excellent
potential for expansion. Previously published results in these areas include
Hole P349-10, which returned an intersection of high-grade silver
mineralization containing 6.0 meters of 2,428 grams per tonne (g/t) silver
and 0.22 g/t gold, Hole P358-10 containing 4.6 meters of 313 g/t silver and
0.16 g/t gold, and Hole 308-10 containing 6.40 meters of 486.6 g/t silver and
1.91 g/t gold.
"We have a strong treasury and we
are excited to begin this strategic phase of drilling at Pinguino, targeting
the previously discovered high-grade silver intersections for expansion along
strike and at depth," said Ken Hicks,
President of Argentex. "We have never been in a better position to move
the company forward and demonstrate the excellent geological potential at
Pinguino."
Drilling will also target a potential
new zone of mineralization believed to occur throughout the Pinguino
district-scale mineralized vein system. This zone is represented at the
transition point above the contact between oxide and primary mineralization.
Management believes this zone represents an area of mineralized enrichment
that has only recently been recognized. It holds potential for higher grade
near-surface mineralization.
Additionally, drilling will target
numerous areas with well-defined drill targets to expand the existing mineral
resource at depth. Gradient IP surveys currently in progress will be used to
further refine targets, expand known mineralized signatures to depth and
develop new drill targets.
Surface Rights
Argentex's recent acquisition of the
surface rights overlaying Pinguino solidifies the company's presence and
commitment to the long-term vision for the project. Securing both the mineral
and surface rights is a key combination in creating the stable environment
that meets the needs of the company now and in the future.
About Pinguino
Argentex's Pinguino property is located
in Argentina's Patagonia region, within the
Deseado Massif of Santa Cruz province. Recent
high-grade silver discoveries within the newly tested Tranquilo structure 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. Advanced
and early-stage exploration projects are also widespread throughout the
Deseado Massif with junior, mid-tier and senior exploration companies active
in the area.
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 ALS Chemex (Argentina)
in Mendoza, Argentina. Argentex, Acme and ALS Chemex 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. It
holds an undivided 100% interest in the mineral rights to the Pinguino
property. 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. 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 and as part of
company management, he 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 "these discoveries remain wide open in all
directions and have excellent potential for expansion. Drilling will also
target a potential new zone of mineralization believed to occur throughout
the Pinguino district-scale mineralized vein system. This zone is represented
at the transition point above the contact between oxide and primary
mineralization. Management believes this zone represents an area of
mineralized enrichment that has only recently been recognized."
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.
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