Argentex Mining Corporation
TSX VENTURE : ATX
OTCQB : AGXMF

Argentex Mining Corporation

July 27, 2012 10:34 ET

Argentex Intersects 4.1 Meters Grading 1,959.3 g/t Ag and 3.23 g/t Au at the Pinguino Project and Commences Metallurgical Testing of Oxide and Sulphide Mineralization

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 27, 2012) - Argentex Mining Corporation ("Argentex" or the "Company") (TSX VENTURE:ATX)(OTCQB:AGXMF) is pleased to announce the first drilling results from its 2012 Phase VIII exploration program at its 100%-owned silver-gold and polymetallic Pinguino Project, located in the mining friendly Santa Cruz Province of Argentina.

The Phase VIII drill program commenced February 23, 2012 and was completed June 1, 2012. A total of 2,110 meters (20 holes) of diamond drilling ("DDH") served as in-fill/definition holes on known vein systems while recovering sample material for metallurgical testing. The program consisted of a further 8,410 meters (93 holes) of reverse circulation ("RC") drilling which targeted high priority veins. To date, the Company has received sample results from all 20 DDH holes, while the 93 RC holes remain to be processed in the lab.

"Results published below represent some of the best drill intersections seen at Pinguino to date. Drilling continues to highlight the potential of the Pinguino project, and with less than one third of the vein system tested, the upside is promising," commented Peter A. Ball, Executive Vice President Corporate Development of Argentex. "We have also initiated metallurgical testing to determine the potential recoveries of the oxide and sulphide mineralization."

In-fill/definition Studies

Two separate areas of the Marta Este vein were selected for in-fill drilling, one in the primary zone and the other in the oxide area. The tested areas (40 meters deep and 20 meters wide) were drilled on a grid of 20 meters by 20 meters, with an additional hole in the middle. Results were in agreement with previous wider spaced holes from the oxide zone, and were better than expected from the primary zone-evidence for the potential to locate additional high grade pockets within Marta Este.

Analytical results received are summarized below (true widths are estimated to be 85 to 90% of the drilled intersection length):

Vein Drill
Hole
From To Len-
gth
Ag
[g/t]
Au
[g/t]
In
[g/t]
Cu
[%]
Pb
[%]
Zn
[%]
Ag
eq
[g/t]
Marta
Este
P403-12 9.80 35.75 25.95 46.0 0.35 0.7 <0.01 0.09 0.01 63.43
including 16.90 25.10 8.20 102.9 0.87 1.5 <0.01 0.12 0.02 146.44
and
including
24.00 25.10 1.10 517.5 4.19 6.2 0.03 0.12 0.05 726.87
P404-12 20.00 47.80 27.80 85.4 0.37 1.0 <0.01 0.21 0.04 103.82
including 31.15 33.75 2.60 651.8 2.34 5.2 0.02 0.30 0.06 768.76
P405-12 34.75 48.50 13.75 688.8 2.01 7.0 0.06 0.25 0.09 789.04
including 40.12 45.50 5.38 1,703.5 4.61 13.1 0.07 0.32 0.14 1,933.71
P406-12 12.90 69.15 56.25 176.6 0.57 1.8 0.01 0.07 0.04 205.24
including 54.35 67.15 12.80 699.4 1.43 7.4 0.04 0.14 0.09 770.96
and including 57.65 61.75 4.10 1,959.3 3.23 9.0 0.06 0.22 0.13 2,120.97
P407-12 15.70 71.85 56.15 77.8 0.37 0.6 0.01 0.10 0.05 96.41
including 61.90 67.60 5.70 643.8 2.11 1.7 0.07 0.18 0.12 749.14
P408-12 85.46 125.08 39.62 250.8 1.47 1.1 0.02 1.30 1.45 324.41
including 109.60 125.08 15.48 609.5 3.47 2.0 0.04 2.63 2.91 783.11
and including 115.94 122.07 6.13 1,178.7 8.10 1.9 0.08 3.56 2.96 1,583.83
P409-12 (I) 56.92 58.33 1.41 49.7 0.67 1.6 0.01 1.52 2.13 83.13
P409-12 (II) 92.85 130.35 37.50 271.0 0.76 0.5 0.02 1.64 1.33 309.06
including 112.61 125.45 12.84 746.5 1.88 0.9 0.04 4.04 2.70 840.41
and including 118.15 124.40 6.25 1,400.8 3.40 1.0 0.06 6.29 4.17 1,570.80
P410-12 112.00 141.90 29.90 122.3 0.33 1.4 0.01 1.16 1.40 138.59
including 130.25 136.80 6.55 457.2 0.84 4.2 0.04 4.05 3.96 499.46
P411-12 118.75 144.88 26.13 26.4 0.16 0.3 <0.01 0.30 0.72 34.48
including 131.53 133.50 1.97 79.5 0.61 1.6 0.01 1.34 1.08 109.87
P412-12 85.65 154.40 68.75 29.8 0.11 0.4 <0.01 0.25 0.35 35.45
including 131.65 146.75 15.10 116.0 0.33 1.3 0.01 0.77 1.20 132.56
and including 142.65 146.75 4.10 331.4 0.68 1.0 0.04 1.25 2.73 365.61
P413-12 139.72 165.10 25.38 75.2 0.28 0.6 0.02 0.99 1.42 89.26
including 150.72 155.38 4.66 293.5 0.56 1.4 0.04 3.51 4.75 321.59
Marta Centro P414-12 142.00 169.20 27.20 26.3 0.14 21.2 <0.01 0.64 2.24 33.22
including 162.50 169.20 6.70 58.4 0.31 68.2 0.02 1.43 6.18 74.05
P415-12 14.80 31.55 16.75 132.8 2.09 13.6 0.01 0.25 0.07 237.15
including 19.70 27.90 8.20 146.4 3.99 14.3 0.02 0.19 0.09 345.78
and including 21.50 25.00 3.50 184.5 5.61 10.9 0.02 0.16 0.10 464.80
Ivonne Norte P416-12 17.00 26.85 9.85 46.6 1.97 44.4 0.18 0.28 0.64 145.17
including 19.90 21.35 1.45 200.1 5.64 90.1 0.40 0.57 0.58 482.02
including 24.80 26.38 1.58 48.3 6.62 57.3 0.33 0.10 0.48 379.28
Tranquilo P419-12 38.00 45.40 7.40 75.8 0.04 0.1 0.08 0.38 0.06 77.84
including 41.65 43.83 2.18 149.0 0.10 0.1 0.10 0.53 0.04 153.99
P420-12 117.15 135.06 17.91 70.9 0.03 0.1 0.04 0.83 0.52 72.53
including 131.87 133.50 1.63 264.0 0.07 0.2 0.11 2.60 2.49 267.36
Marta Norte P417-121 1.42 16.00 14.58 404.8 0.13 0.0 0.03 0.12 0.02 411.5
including 2.42 5.60 3.18 1,491.7 0.15 0.0 0.04 0.23 0.02 1,499.3
P418-12 46.70 64.80 18.10 533.4 0.32 0.0 0.05 0.19 0.10 549.30
including 46.70 56.80 10.10 934.5 0.50 0.0 0.08 0.24 0.09 959.59
and including 46.70 53.50 6.80 1,210.3 0.57 0.0 0.11 0.32 0.11 1,238.94
P421-12 60.00 68.75 8.75 235.9 0.21 0.0 0.04 0.44 0.48 246.18
including 64.50 68.75 4.25 432.6 0.32 0.0 0.03 0.30 0.49 448.54
Ivonne P422-12 9.55 19.20 9.65 12.2 1.01 4.8 0.04 0.19 0.09 62.75
including 11.00 13.30 2.30 31.2 3.16 8.1 0.06 0.52 0.13 189.09
* Silver Eq is Silver Equivalent of gold plus silver and based upon a price ratio of 50:1 gold to silver.
1 A possible irregularity with the analysis of a standard sample inserted within intersection of hole P417-12 is not thought to materially influence the average assay values for that hole presented above. Reassays over that entire intersection have been requested and the new determinations, if substantially different, will be announced in a subsequent news release.

Metallurgical Testing

The program was designed to recover metallurgical samples to investigate heap leaching and milling processes. Based on our current concept of project economics, geochemistry and mineralogical characteristics, five major veins were chosen for the sampling:

• Marta Este (Ag-Au quartz-rich vein)
• Marta Norte (Ag quartz-rich vein)
• Marta Centro (Ag-In-Zn-Pb polymetallic vein)
• Ivonne-Ivonne Norte (Au-In-Cu polymetallic vein)
• Tranquilo (Ag-rich quartz vein, with polymetallic vein clasts)

Mill Testing

The new DDHs were located to add new information on each vein for subsequent resource calculations while being in the vicinity of holes that had average silver and gold grades. Holes were selected for both oxide and primary mineralization so that mill testing could be done on both types of material. An intersection from one historical hole in the Ivonne Norte vein (hole P356-11) was included in the test sample.

G&T Metallurgical Services Ltd. of Kamloops, B.C. has been contracted to conduct preliminary flotation and leaching metallurgical tests on Pinguino mineralization. In total, 324.52 kg of DDH core was sent to the lab, from which two initial composites from Marta Centro and Marta Este were chosen for preliminary bench-scale grinding and flotation studies. Following this preliminary testing, leaching of the flotation tails will be investigated. The goal of this testing will be to increase overall gold and silver recoveries while getting more information on reagent consumptions.

Heap Leach Testing

The Pinguino deposit has a leached cap and for this reason leach testing will be completed to determine whether heap leaching is a potentially viable processing option. Since column tests for heap leaching require a significant volume of material at a certain particle size, and historical diamond drilling of the leached cap has yielded poor recoveries, it was decided to use surface trenches to provide the samples. If heap leaching is determined to be a reasonable processing scenario more detailed sampling and testing could be done at a later date.

ALS Ammtec of Balcatta, Australia, was contracted to conduct metallurgical testing of the oxide mineralization found at surface on the Pinguino project. Trench samples of oxide material weighing 1876.7 Kg were delivered in May 2012. Data are currently being reviewed to determine which samples will be selected for initial testing. The initial testing will consist of bottle roll tests on various sizes of stage crushed product. If those preliminary tests are positive, then a combined bulk sample may be prepared for column testing. If coarse leaching does not prove attractive, fine grinding and agitated leaching will be investigated.

About Pinguino

Argentex's 10,000-hectare advanced silver and gold Pinguino exploration 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 Pinguino system has grown to 70+ individual veins, with a combined strike length approaching 113 line-kilometers. The Pinguino project is unique within the Deseado Massif region of Santa Cruz province in that it contains two different and geographically distinct types of mineralization, one precious metal and the other sulphide-rich polymetallic. The Company also continues to evaluate the geological model of sulphide-enriched potentially mineralized intrusives at depth, forming the probable source for the polymetallic veins exposed on surface.

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.

This press release has been reviewed and approved by Mr. J. David Williams, P. Eng. a "Qualified Person" (QP) as defined by Canada's National Instrument 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 reanalyzed 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 advancing its Pinguino silver-gold project in Santa Cruz, Argentina. In total, Argentex owns 100% of the mineral rights to more than 35 properties 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 OTCQB.

On behalf of Argentex Mining Corporation:

Peter A. Ball, Executive Vice President Corporate Development

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: Drilling continues to highlight the potential of the Pinguino project, and with less than one third of the vein system tested, the upside looks promising; We have also initiated metallurgical testing to determine the potential recoveries of the oxide and sulphide mineralization; Following this preliminary testing, leaching of the flotation tails will be investigated. The goal of this testing will be to increase overall gold and silver recoveries while getting more information on reagent consumptions; If heap leaching is determined to be a reasonable processing scenario more detailed sampling and testing could be done at a later date; The initial testing will consist of bottle roll tests on various sizes of stage crushed product. If those preliminary tests are positive, then a combined bulk sample may be prepared for column testing. If coarse leaching does not prove attractive, fine grinding and agitated leaching will be investigated; evidence for the potential to locate additional high grade pockets within Marta Este; new determinations, if substantially different, will be announced in a subsequent news release. 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, the availability of the Company's consultants 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 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.

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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