Argentex Mining Corporation
OTC Bulletin Board : AGXMF

Argentex Mining Corporation

July 06, 2011 09:13 ET

Argentex Discovers New Gold Mineralization at Pinguino

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 6, 2011) - Argentex Mining Corporation ("Argentex" or the "Company") (TSX VENTURE:ATX)(OTCBB:AGXMF) is pleased to release additional drill results from its recently completed 2011 exploration program at the Pinguino project, located in the Santa Cruz province of Argentina. The program consisted of 19,800 meters of drilling in 206 holes. To date, the Company has released 7,167 meters of drilling results from 82 of these holes, with approximately 60% of holes remaining to be processed in the lab and released over the next couple of months.

Results below are from the most recent 15 holes from the Ivonne vein (a map of drill hole collars is available on the Company's web site at

Drill Hole From
**Silver Eq (g/t)
PR46-11 33.00 37.00 4.00 2.16 22.7 116.1
PR47-11 22.00 27.00 5.00 1.48 14.6 78.6
Including 23.00 25.00 2.00 3.23 23.2 162.9
PR49-11 16.00 17.00 1.00 5.19 11.2 235.6
PR51-11 22.00 23.00 1.00 3.70 33.4 193.4
Including 40.00 42.00 2.00 1.66 16.9 88.7
PR52-11 25.00 33.00 8.00 1.24 51.6 105.2
Including 25.00 28.00 3.00 2.40 91.7 195.5
PR53-11 24.00 26.00 2.00 1.96 58.4 143.2
PR142-11 21.00 22.00 1.00 0.01 5.6 6.0
P385-11 201.80 209.30 7.50 2.50 27.2 135.3
Including 204.40 208.30 3.90 4.53 42.9 238.8
Including 206.70 208.30 1.60 7.74 63.5 398.2
PR41-11 46.00 47.00 1.00 1.10 23.9 71.5
PR42-11 24.00 34.00 10.00 0.27 4.4 16.1
PR43-11 14.00 23.00 9.00 0.94 13.1 53.7
PR44-11 48.00 56.00 8.00 1.92 28.4 111.4
Including 53.00 56.00 3.00 4.28 45.3 230.4
PR31-11 25.00 26.00 1.00 0.04 4.4 6.1
PR39-11 21.00 23.00 2.00 1.54 31.4 98.0
PR40-11 30.00 31.00 1.00 1.76 27.7 103.8
*True widths are estimated to be 85-90% of the stated interval; ** Silver Eq is Silver Equivalent of gold and silver and based upon a price ratio of 43:1 gold to silver; "P" represents core holes, "PR" represents RC holes

"Drilling results from preliminary testing of the 2,300 meter long Ivonne vein include multi-gram gold grades in near-surface as well as one intersection below 250m at depth. The results show a good consistency of gold mineralization from surface to depth, confirmed with both core and RC testing," commented Ken Hicks, President of Argentex. "The deepest intersection in these results returned 1.60 meters averaging 7.74 g/t Au and 63.5 g/t Ag. These robust gold numbers from this relatively unexplored vein show the excellent potential for precious metal mineralization at Pinguino."

The Ivonne vein runs approximately parallel to the Marta Centro-Marta Sur veins group, and represents an example of the higher temperature, gold-rich veins that are also contained within the district scale vein swarm centered at Pinguino.

About Pinguino

Argentex's 10,000-hectare Pinguino property 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.

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. Argentex believes that recent high-grade precious metal discoveries within newly tested structures of the district scale vein system at Pinguino show potential for the development of a significant silver-gold resource.

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.

Exploration on the Pinguino property is being conducted under the supervision of Mr. Kenneth Hicks, P.Geo. Argentex's President and a "Qualified Person" (QP) as defined by Canada's National Instrument 43-101.

About Argentex:

Argentex Mining Corporation is an exploration company focused on the discovery of silver, gold and polymetallic deposits on its advanced late-stage exploration projects in the Patagonia region of southern Argentina. In total, Argentex owns 100% of the mineral rights to more than 35 projects located within approximately 307,981 acres (124,636 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 OTCBB.

On behalf of Argentex Mining Corporation:

Ken E. Hicks, President

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 the company's belief that these results show excellent potential for precious metal mineralization at Pinguino. 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 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 Report on Form 10-K and other public disclosure documents filed on the EDGAR website maintained by the Securities and Exchange Commission and the SEDAR website maintained by the Canadian Securities Administrators.

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.

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