Argentex silver footprint
grows at Pinguino; trenches 1.72
meters of 487 g/t silver in new vein
Vancouver, B.C., May 5, 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.
The
northwestern corner of the 10,000-hectare Pinguino property continues to yield new precious metal
vein discoveries and excellent results from trenching. The latest results
received are from the Luna vein. Results include high-grade silver of 487 grams per tonne over
a width of 1.72 meters
contained within a larger zone of 6.3 meters averaging 169.9 g/t silver.
?Our silver-gold mineralization
footprint continues to expand in this prospective area of the Pinguino project,? said Ken Hicks,
President of Argentex. ?Soil
sampling, prospecting, trenching and follow-up drill testing have been very
effective in defining new precious metal veins, adding to the inventory of
known mineralized veins at Pinguino.?
Results
The
following table displays select analytical results for trenching during the company?s 2009-2010 work
program. All of the trenches are located at the northwest corner of Pinguino in the general vicinity of the Marta Norte zone. A location map showing the drilling and
trenching zones is available on our web site: http://www.argentexmining.com/fileupload/pdf/Pinguino_Drilling_Zones.pdf.
Trench
|
Start
(m)
|
Finish
(m)
|
Length
(m)
|
Gold
(g/t)
|
Silver
(g/t)
|
Area: Luna and vicinity
|
LUN
09-10
|
31.20
|
33.00
|
1.80
|
1.72
|
487.0
|
within
|
26.70
|
33.00
|
6.30
|
0.50
|
169.9
|
LUN
10-10
|
31.50
|
32.00
|
0.50
|
0.35
|
104.0
|
LUN
10-10
|
42.60
|
44.80
|
2.20
|
0.12
|
100.6
|
LUN
12-10
|
17.00
|
19.50
|
2.50
|
0.33
|
97.6
|
LUN
15-10
|
21.00
|
24.00
|
3.00
|
0.13
|
114.0
|
FAN
02-10
|
19.70
|
21.20
|
1.50
|
0.38
|
98.1
|
FAN
04-10
|
16.60
|
23.60
|
7.00
|
0.38
|
116.8
|
FAN
07-10
|
9.40
|
10.10
|
0.70
|
0.08
|
38.7
|
TR
130-10
|
47.50
|
49.50
|
2.00
|
0.04
|
72.3
|
TR
143-10
|
15.00
|
21.00
|
6.00
|
0.01
|
81.7
|
TR
143-10
|
18.00
|
21.00
|
3.00
|
0.01
|
134.3
|
MN
01-10
|
4.50
|
8.70
|
4.20
|
1.09
|
12.7
|
ISL
02-10
|
8.20
|
10.00
|
1.80
|
1.03
|
313.8
|
ISL
03-10
|
6.80
|
7.60
|
0.80
|
0.72
|
126.0
|
ISL
18-10
|
3.60
|
4.60
|
1.00
|
0.89
|
6.2
|
About Pinguino
Pinguino
is located in Argentina?s Patagonia region, within the Deseado Massif of Santa
Cruz province. With more than 74 line kilometers 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. To date, Argentex has drilled
333 holes at Pinguino for a total of 33,559 meters.
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.
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 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 141,020 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. 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.