Argentex Mining Corporation

TSX VENTURE : ATX
OTCQB : AGXMF


Argentex Mining Corporation

January 20, 2014 09:15 ET

Argentex Announces Final Drill Results From Its Pinguino Silver-Gold Project Including 6.0 Metres Averaging 0.60 g/t Au and 702.4 g/t Ag

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 20, 2014) - Argentex Mining Corporation ("Argentex" or the "Company") (TSX VENTURE:ATX)(OTCQB:AGXMF) is pleased to announce final drill results from its 58-hole, 3,003-metre 2013 Phase IX resource development drill program at its 100%-owned Pingüino silver and gold project, located in Santa Cruz Province, Argentina.

Highlights of the most recently received drill intersections are tabulated below (see Appendix A below for full results):

Vein Drill Hole From
(m)
To
(m)
Length
(m)
Au
(g/t)
Ag
(g/t)
Ag eq
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
In
(g/t)
Savary PR294-13 24 27 3 2.21 110.7 221 0.03 1.02 0.08 25.2
Tranquilo PR301-13 18 24 6 0.09 379.2 384 0.41 1.24 0.37 0.1
PR302-13 22 31 9 0.04 317.2 319 0.03 0.27 0.01 0.0
PR303-13 19 25 6 0.60 702.4 732 0.16 0.78 0.04 0.1
PR304-13 25 30 5 0.47 444.0 467 0.05 0.14 0.02 0.0
PR305-13 31 36 5 0.30 331.6 346 0.25 0.19 0.07 0.1
PR306-13 22 26 4 0.16 196.8 205 0.04 0.18 0.04 0.0
Tranquilo Sur PR307-13 19 22 3 0.01 134.7 135 0.14 0.04 0.23 0.0
PR308-13 24 26 2 0.02 116.4 117 0.09 0.22 0.13 0.0
Luna PR309-13 52 57 5 0.07 200.0 203 0.03 0.30 0.06 0.0
Nudo-MW PR311-13 23 26 3 0.86 119.6 163 less than
0.01
3.33 0.03 18.2
Nudo-MC PR285-13 36 38 2 0.46 229.1 252 0.02 4.24 0.04 8.4

* Ag Eq is Silver Equivalent of gold plus silver and based upon a price ratio of 50:1 gold to silver. True widths are estimated to be 85 to 90% of the drilled intersection length.

"The results from the Phase IX program were very successful in identifying new high grade mineralisation outside of the existing resource. We believe that the impact on an updated resource will be value adding, given that the new areas are relatively shallow and generally of oxide material. The Tranquilo drilling has significantly expanded the area of high grade mineralisation discovered to date. Additionally, hole PR309-13 in the Luna vein may also represent a new high grade zone at a relatively shallow level, which remains open along strike and at depth," commented Michael Brown, President and CEO of Argentex. "We still have numerous targets in untested veins and in open areas of known veins that may add additional oxide resources. The most significant upside potential remains relatively untested, which is the deeper primary vein mineralisation. Based on the results to date, I believe the resource has considerable potential for expansion with relatively low risk drilling. In the meantime, our team is expediting an updated mineral resource in a revised technical report."

The shallow drilling on Tranquillo vein has significantly expanded the high grade zone of silver mineralisation in its northern area. The vein is covered by relatively thin post Jurassic sediments that blanket that area of the project (see our website for a longitudinal view). Oxide mineralisation remains open along strike to the north, and at depth in sulphide mineralization, to the south.

The moderate amount of drilling on the Luna vein excluded it from the 2012 resource model as higher priority veins, based on a tonnes and grade expectation, received greater attention in previous drill programs. This round of drilling has changed our perspective, with hole PR309-13 indicating possible high grade material in the northern area of the vein. The Luna vein mineralisation has very similar mineralogical and geochemical characteristics to the Tranquilo vein, and it too shows potential for high grade oxide mineralisation along strike and at depth for sulphide mineralisation.

Drilling results from Savary indicate consistent low to medium grade gold and silver along the length of the vein. Its higher ratio of gold to silver suggests that mineralisation is associated with the earlier higher temperature mineralisation seen at Pingüino (including Ivonne and Ivonne Norte veins). Mineralisation appears to be strongly controlled in grade terms by the presence of cross-cutting structures. Hole PR294-13, which intersected 3 m @ 2.21 g/t Au and 110.7 g/t Ag, is located near the intersection with the ENE-WSW Kasia vein. Although the level of oxidization encountered at Savary is quite shallow, there remains considerable potential for high grade shoots associated with cross cutting structures, as seen in PR224-12, which intersected 5 m @ 18.66 g/t Au and 355.2 g/t Ag (see news release of Oct. 11 2012) and is located near the intersection with the ENE-WSW striking Karina vein.

The Tranquilo Sur drilling has confirmed the presence of wide zones of lower grade veinlet-hosted silver mineralisation around a narrower (2 to 3 m) brecciated vein grading up to 134.7 g/t Ag. This is consistent with gossanous outcrop exhibiting multiple structural events including some that post-date mineralisation.

The long sections for these results are posted along with this news release on Argentex's website (www.argentexmining.com).

About Pingüino

Argentex's 10,000-hectare advanced silver and gold exploration Pingüino project is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. 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.

The Pingüino system has grown to 70+ individual veins, with a combined strike length approaching ~113 line-kilometres. The Pingüino project is unique within the Deseado Massif region of Santa Cruz province in that it contains two different and spatially distinct types of mineralisation; a precious metal intermediate sulphidation epithermal system and a polymetallic sulphide-rich system.

Pingüino is easily accessible, situated approximately 400 metres above sea level in low-relief topography. An existing system of all-weather roads provides year-round access to the property.

Technical content of this press release has been reviewed and approved by Mr. J. David Williams, P. Eng., an independent "Qualified Person" as defined by NI 43-101.

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 its laboratory in Vancouver, Canada for multielement ICP-MS analysis (1DX procedure). Samples overlimit in silver, lead, zinc, and/or copper are reanalysed by a high detection limit ICP-ES analysis (7AR procedure). Samples overlimit in silver from that procedure and gold results >300 ppb are rerun by fire assay (G6 procedure). Acme Analytical Laboratories is an ISO 9000:2001 accredited, full-service commercial laboratory, with its head office located in Vancouver.

About Argentex

Argentex Mining Corporation is an exploration company focused on developing its advanced Pingüino silver-gold project located in Santa Cruz, Patagonia, Argentina. In total, Argentex owns 100% of 100,000+ hectares of highly prospective land located in the Santa Cruz and Rio Negro provinces. Shares of Argentex common stock trade under the symbol ATX on the TSX Venture Exchange and under the symbol AGXMF on the OTCQB.

The Company is continuing discussions with Austral Gold regarding a potential business combination.

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.

On behalf of Argentex Mining Corporation:

Michael Brown, President and CEO

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 the statement "we believe that the impact on an updated resource will be value adding"; "we still have numerous targets in untested veins and in open areas of known veins that may add additional oxide resources"; "in the meantime, our team is expediting an updated mineral resource in a revised technical report"; and the Company is continuing discussions with Austral Gold regarding a potential business combination. 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, management's assumptions about the availability of the necessary consultants and capital and the risks inherent in Argentex's operations, including the risks that the Company may not find any minerals in commercially feasible quantity or raise enough money to fund its exploration plans. These and other risks are described in the Company's Annual Information Form and other public disclosure documents filed on the SEDAR website maintained by the Canadian Securities Administrators and the EDGAR website maintained by the Securities and Exchange Commission.

Appendix A - Full Disclosure of Drill Results

Vein Drill Hole From To Length Au
(g/t)
Ag
(g/t)
Ag eq
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
In
(g/t)
Savary PR277-13 21 23 2 0.54 28.1 55 less than
0.01
0.15 0.09 1.2
PR294-13 11 30 19 0.51 42.4 68 0.02 0.31 0.06 15.2
including 24 27 3 2.21 110.7 221 0.03 1.02 0.08 25.2
PR295-13 23 26 3 0.81 16.0 57 0.02 1.04 0.04 3.8
PR296-13 16 34 18 0.33 32.2 49 0.02 0.19 0.06 2.6
including 23 28 5 0.68 43.3 77 0.03 0.24 0.10 3.3
PR297-13 11 13 2 0.03 57.3 59 0.02 0.18 0.15 1.6
PR298-13 14 22 8 0.48 31.4 55 0.06 1.47 0.26 6.6
PR313-13 14 21 7 0.31 28.7 44 0.02 0.60 0.05 30.7
including 18 20 2 0.93 58.0 105 0.03 0.97 0.06 26.8
Tranquilo PR299-13 8 13 5 0.05 66.8 69 0.05 0.21 0.09 0.1
PR300-13 29 32 3 0.08 43.3 47 0.09 0.09 0.12 0.2
PR301-13 10 31 21 0.03 133.7 135 0.17 0.54 0.16 0.0
including 18 24 6 0.09 379.2 384 0.41 1.24 0.37 0.1
PR302-13 0 38 38 0.01 94.7 95 0.03 0.11 0.01 0.0
including 22 31 9 0.04 317.2 319 0.03 0.27 0.01 0.0
PR303-13 17 36 19 0.28 302.0 316 0.08 0.35 0.02 0.1
including 19 25 6 0.60 702.4 732 0.16 0.78 0.04 0.1
PR304-13 23 62 39 0.08 88.8 93 0.03 0.07 0.03 0.0
including 25 30 5 0.47 444.0 467 0.05 0.14 0.02 0.0
PR305-13 9 40 31 0.07 95.9 99 0.06 0.06 0.02 0.0
including 31 36 5 0.30 331.6 346 0.25 0.19 0.07 0.1
PR306-13 15 31 16 0.06 62.2 65 0.02 0.10 0.04 0.0
including 22 26 4 0.16 196.8 205 0.04 0.18 0.04 0.0
Luna PR309-13 16 70 54 0.05 52.3 55 0.01 0.06 0.03 0.0
including 52 57 5 0.07 200.0 203 0.03 0.30 0.06 0.0
PR312-13 10 12 2 0.17 32.9 42 less than
0.01
0.01 0.01 0.0
Tranquilo Sur PR308-13 14 33 19 0.01 43.1 43 0.05 0.08 0.08 0.0
including 24 26 2 0.02 116.4 117 0.09 0.22 0.13 0.0
PR307-13 13 30 17 0.01 48.7 49 0.06 0.08 0.09 0.0
including 19 22 3 0.01 134.7 135 0.14 0.04 0.23 0.0
Nudo-ME PR310-13 22 26 4 0.74 34.9 72 less than
0.01
0.45 0.01 10.1
Nudo-MW PR311-13 17 30 13 0.35 46.3 64 0.02 1.14 0.03 14.8
Nudo-MW including 23 26 3 0.86 119.6 163 less than
0.01
3.33 0.03 18.2
Nudo-MC PR285-13 28 38 10 0.36 61.8 80 less than
0.01
1.31 0.05 2.1
including 36 38 2 0.46 229.1 252 0.02 4.24 0.04 8.4
Nudo-MC PR286-13 55 60 5 0.27 37.5 51 less than
0.01
0.54 1.51 9.2
Nudo-MC PR287-13 23 25 2 0.62 53.6 85 less than
0.01
0.42 0.05 9.7

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