Latest Argentex drill
results continue to expand Pinguino?s
mineralized system
Vancouver, B.C., December 16, 2008 -- Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is
pleased to announce additional drill results from the 2007-2008 diamond
drilling program at its flagship Pinguino property in
Santa Cruz, Argentina. Of significance is that these recent drill holes
tested extensions to major mineralized northwest-trending veins at Marta Este
and Yvonne Sur as well as a cross-cutting northeast-trending mineralized vein
at Kasia. All of these veins are located in the
center of the Pinguino
property and are in close proximity to the regional northwest-trending Tranquilo fault. Results include a 6.51-meter
(21.35-foot) intersection at Marta Este that returned 147.7 grams per tonne
(g/t) silver, 8.5% combined lead-zinc and 30.6 g/t indium.
?We continue to receive very
encouraging analytical results from Argentex?s
2007-2008 exploration program,? said Ken
Hicks, President of Argentex. ?Multiple zones of mineralization have been discovered in
many of the holes drilled along the strike length of Pinguino?s
numerous mineralized veins. The combination of both a
significant high-grade core as well as widespread disseminated mineralization
adds to our confidence in the exceptional potential of the Pinguino system and strengthens management?s
belief in the potential for the development of a brand new silver-base metals
district in Santa Cruz.?
To
date, Argentex has mapped more than 60 kilometers (37 miles) of existing veins at Pinguino. A total of 269 holes have been drilled totaling 30,000+ meters (98,000 feet) in five phases of
drilling. The robust mineralized system at Pinguino
remains open in all directions. Argentex
anticipates completing its first-ever 43-101-compliant resource calculation for
Pinguino, including compilation and interpretation of
analytical drill results, in the first quarter of 2009.
Results
The
following table displays selected analytical results for eight new holes,
including five drilled in Marta Este, two at Kasia
and one at Yvonne Sur.
Drill Hole
|
From
(m)
|
To
(m)
|
Length (m)*
|
Indium
(g/t)
|
Gold (g/t)
|
Silver
(g/t)
|
Lead (%)
|
Zinc (%)
|
Area: Marta Este
|
P227-08
|
152.62
|
162.08
|
9.46
|
24.2
|
0.29
|
127.2
|
2.00
|
4.36
|
Including
|
P227-08
|
155.57
|
162.08
|
6.51
|
30.6
|
0.35
|
147.7
|
2.57
|
5.93
|
P229-08
|
16.70
|
19.45
|
2.75
|
22.4
|
1.12
|
255.7
|
0.26
|
0.16
|
P232-08
|
172.20
|
184.70
|
12.50
|
1.5
|
0.21
|
29.8
|
0.36
|
1.62
|
And
|
P232-08
|
221.30
|
230.95
|
9.65
|
1.7
|
0.15
|
34.3
|
1.76
|
3.27
|
P233-08
|
215.25
|
220.50
|
5.25
|
1.2
|
0.48
|
32.9
|
0.96
|
2.09
|
P234-08
|
204.50
|
213.25
|
8.75
|
6.9
|
0.26
|
32.5
|
1.01
|
3.22
|
Including
|
P234-08
|
204.50
|
211.25
|
6.75
|
9.0
|
0.32
|
37.8
|
1.17
|
3.96
|
Area: Kasia
|
P242-08
|
41.00
|
45.75
|
4.75
|
16.4
|
0.02
|
30.0
|
0.43
|
2.31
|
P243-08
|
34.60
|
54.50
|
19.90
|
35.8
|
0.03
|
23.3
|
0.52
|
4.19
|
Area: Yvonne Sur
|
P252-08
|
43.70
|
63.90
|
20.20
|
4.5
|
0.08
|
18.2
|
0.87
|
2.19
|
*True widths are estimated to
be 85-90% of the stated core length
During the 2007-2008 exploration program, Argentex completed approximately
20,782.9 meters (68,185 feet) of HQ diamond drilling at Pinguino using two
independent drill contractors. A total of 15 base-metal and
precious-metal veins were tested in 151 new HQ diamond drill holes. Approximately
7,000 core samples have been collected and submitted to Acme Analytical
Laboratories for analysis. Overlimit analyses of zinc, lead and silver
are also pending. Additional results will be reported upon receipt and
compilation.
About
Pinguino
Argentex?s
Pinguino property is located in Argentina?s
Patagonia region, within the Deseado Massif of Santa
Cruz province. The 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
in that it contains both silver-gold and indium-enriched base-metal
mineralization. This mineralization is contained 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 encompasses 15 drill-tested veins from more than 35 veins mapped
on the property to date.
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
thin-film 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 undivided 100% interest in the mineral rights to the Pinguino
property. The company also 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 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.
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 ?management?s
belief in the potential for the development of a brand new silver-base metals
district in Santa Cruz.?
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.