ARGENTEX RECEIVES
$3.85 MILLION CAPITAL INJECTION
Toronto, ON, April 1, 2008 --
Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to announce
that it recently completed two private placements in which it
raised aggregate gross proceeds of US$3,850,000 at US$1.25 per unit. Each
unit consisted of one common share and one-half of one common share purchase
warrant. One of the private placements, in which
Argentex raised $3,750,000 of the gross proceeds referred to above, was a
brokered private
placement in which PI Financial Corp. acted as the Agent.
Argentex has agreed to use the net proceeds to
continue exploration at its flagship polymetallic Pinguino property, to fund
exploration of its other Santa Cruz
mineral properties and for general corporate purposes.
“This financing recognizes the significant
advancements we have made at Pinguino to date and underscores our confidence in
its potential,” said Ken Hicks,
President of Argentex. “It also provides us with the capital to
continue aggressively advancing exploration and engineering activities at
Pinguino. Drill testing of our epithermal gold-silver Condor property and
additional exploration on other prospective earlier-stage discoveries in Santa Cruz province is
proposed for 2008.”
In a short period of time, Argentex has advanced the
Pinguino project from a raw prospect to a drill-tested, multi-zone mineralized
system with massive sulphide mineralization containing zinc, lead, silver and
indium as well as high-grade silver-gold intersections. Drilling is
ongoing at Pinguino as part of the company’s largest-ever drill program.
For additional details about these financings, please
refer to the Form 8-K filed by Argentex on the Securities and Exchange
Commission’s EDGAR website on March 27, 2008.
ABOUT ARGENTEX:
Argentex Mining Corporation is a junior mining exploration company with
significant holdings in the Patagonia region of Argentina. The company holds an
option to acquire 100% mineral rights to the Pinguino property and 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,
beginning July 28, 2008, will trade on the TSX Venture Exchange under the
symbol ATX.
FURTHER INFORMATION:
Argentex Mining Corporation
Investor Relations
1-866-594-7687
info@argentexmining.com