Argentex Mining Corporation

Argentex Mining Corporation

August 28, 2013 09:00 ET

Argentex Mining Announces 2013 Resource Development Program at Its Pingüino Silver-Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 28, 2013) - Argentex Mining Corporation ("Argentex" or the "Company") (TSX VENTURE:ATX) (OTCQB:AGXMF) is pleased to announce that it plans to commence resource development drilling on its Pingüino silver-gold project in Santa Cruz province, Argentina in September 2013.

The program will consist of 3,000 metres of reverse circulation ("RC") drilling and up to 5,000 metres of trenching to target specific known vein systems and other high-priority mineralised zones. The program is intended to help the Company continue to build on the mineral resource estimate disclosed in its news release of January 31, 2013.

"As a result of our CDN$4.975 million strategic investment from Austral Gold Limited in July 2013, we are in a strong financial position to execute on our strategy to increase the Pinguino silver and gold resource and advance the overall development of the project," commented Michael Brown, President and CEO of Argentex.

Drilling and trenching will target medium to high-grade oxide material that holds the potential for open pit mining. Targets include untested areas in veins already included in the January 2013 resource estimate, as well as known but under-explored veins not included in the estimate. The Company believes that adding open pittable, medium to high grade material in areas where mineralisation has already been discovered is the most prudent way to continue to advance the development of the project while minimising expenditures. Some of the higher priority targets selected for drilling in the 2013 program include the Karina, Luna, CSV, Tranquilo, Marta Noroeste, and Savary veins.

About Pingüino Silver-Gold Project

The 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, several active advanced development projects, and multiple properties with early stage exploration activities.

The current mineral resource estimate at the Pingüino Silver-Gold Project is summarized below:

Category Grade (g/t) Ounces
Tonnes Ag Au AgEq. Ag Au AgEq.
Indicated 5,564,000 102.8 0.59 132.4 18,385,000 106,000 23,685,000
Inferred 1,531,000 58.0 0.74 95.1 2,854,000 36,400 4,674,000
  1. Ag equivalent grade = Ag grade + (Au grade * 50) (Rounding may cause apparent discrepancies).
  2. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the estimated Mineral Resources will be converted into Mineral Reserves. All Mineral Resources have been classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the Standards Committee on Reserve Definitions and adopted by the CIM Council on December 11, 2005 and updated on November 27, 2010.
  3. Two cutoffs are given for reporting the resources: 40g/t AgEq for elevations above 270m, and 100g/t AgEq for elevations below 270m elevation. Average elevation at Pingüino is 400 metres above sea-level.

The mineral resource estimate was prepared by Steven Ristorcelli, C. P. G., Principal Geologist at Mine Development Associates ("MDA") in Reno, Nevada in accordance with National Instrument ("NI") 43-101 disclosure practices, and he is an independent "Qualified Person" as defined by NI 43-101. For full disclosure please refer to the report titled "Technical Report on the Pingüino Project, Santa Cruz Province, Argentina", dated January 31, 2013, filed under the Company's profile at

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, one precious metal and the other sulphide-rich polymetallic. 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.

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.

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 timing and scope of the proposed drill program, the Company's anticipation that it can add to the silver and gold resource at Pingüino and advance the Pingüino project, the possibility that any resources added from the proposed drill program would be suitable for an open pit operation and that the Company's focus on attempting to identify open pittable medium to high grade material in areas where mineralization has already been discovered is the most prudent way to proceed. 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.

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