Argentex Mining Corporation: Corporate Update and New Marta Centro Drilling Results Pinguino's Marta Centro Vein Returns 9.0 Meters of 0.73 g/t Au and 79.0 g/t Ag
Pinguino's Marta Centro Vein Returns 9.0 Meters of 0.73 g/t Au and 79.0 g/t Ag
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/03/11 -- Argentex Mining Corporation ('Argentex' or the 'Company') (TSX VENTURE: ATX)(OTCBB: AGXMF) is pleased to release additional drill results from its 2011 exploration program at the Pinguino project, located in Santa Cruz province, Argentina. In addition, Argentex desires to comment on the recent spike in the trading volume of its stock on both the OTC BB and the TSX Venture Exchange.
Market Comment
The Company knows of no reason for the recent spike in trading volume of its common shares. As a result of its August 19, 2011 financing, the company has in excess of $10 million in cash and short-term investments and is not aware of any unannounced information that may have caused this spike.
Corporate Update
Argentex continues to actively explore its Pinguino, Contreras and Condor properties. In addition, it continues to look forward to the update of its 2009 NI 43-101 compliant resource estimate during the current quarter. Argentex expects this update to include 25,924 meters of drilling results from its 2010 and 2011 exploration programs. The Company intends to use this updated report as a guide for future exploration.
Exercise of Stock Options
On November 2, 2011, the Company's President exercised 100,000 stock options pursuant to which he purchased 100,000 common shares of the Company's common shares at an exercise price of $0.37 USD per share.
Additional New Drilling Results
The program consisted of 19,704 meters of drilling in 206 holes. To date, the Company has received analytical results from 18,470 meters of drilling from 196 holes, with approximately 5% of holes remaining to be processed in the lab.
Results below are drill intersection from the most recent drill testing of the Marta Centro and Marta Noroeste from the Pinguino property. (A map of drill-hole collars is available on the Company's web site at www.argentexmining.com).
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From To Interval Gold Silver (ii)Silver Eq
Drill Hole (m) (m) (m)(i) (g/t) (g/t) (g/t)
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MARTA CENTRO
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PR93-11 11.00 15.00 4.00 0.66 95.4 129.6
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PR099-11 18.00 20.00 2.00 0.10 87.9 92.9
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PR102-11 28.00 37.00 9.00 0.73 79.0 116.8
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PR105-11 10.00 12.00 2.00 0.14 69.4 76.6
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And 26.00 31.00 5.00 0.07 36.1 39.7
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P378-11 99.80 100.90 1.10 0.06 33.4 36.8
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P389-11 294.70 300.50 5.80 0.24 59.6 72.0
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and including 296.50 298.50 2.00 0.44 133.5 156.4
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P391-11 63.20 66.64 3.44 0.05 8.6 11.1
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And 97.90 99.90 2.00 0.02 12.8 14.1
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P392-11 72.90 75.00 2.10 0.09 9.4 14.1
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MARTA NOROESTE
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PR025-11 105.00 106.00 1.00 0.00 47.6 47.8
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PR029-11 64.00 66.00 2.00 0.05 17.4 20.1
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PR030-11 9.00 12.00 3.00 0.01 19.0 19.5
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PR056-11 22.00 23.00 1.00 0.00 4.7 4.9
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PR133-11 32.00 36.00 4.00 0.01 28.9 29.2
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(i) True widths are estimated to be 85-90% of the stated interval;
(ii) Silver Eq is Silver Equivalent of gold plus silver and based upon a
price ratio of 52:1 gold to silver; 'P' represents core holes, 'PR'
represents RC holes
'These Marta Centro and Marta Noroeste holes were targeted to test the limits of mineralized shoots along the veins. At Marta Centro, drilling data indicates the main shoot is extended to 340 meters deep with silver equivalent grade times width levels of greater than 500 g/t Ag Eq. This shoot still remains open at depth. At Marta Noroeste, the last five RC holes were located in marginal areas, and defined the shape of the outer limits of the shoots,' commented Ken Hicks, President of Argentex.
About Pinguino
Argentex's 10,000-hectare advanced silver and gold exploration Pinguino 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.
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.
To date the Company has completed over 56,000 meters of drilling in over 500 holes on 19 veins. More than 50 individual vein segments have been identified to date, comprising more than 75 line-kilometers of strike length.
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 located 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. Mr. Hicks is not considered 'independent' of the issuer as he is part of Company management.
About Argentex
Argentex Mining Corporation is an exploration company focused on the discovery of silver, gold and polymetallic deposits on its advanced exploration project portfolio in the Patagonia region of southern 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 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 that Argentex continues to look forward to the update of its 2009 43-101 compliant resource estimate during the current quarter, its expectation that this update will include the drill results from its 2010 and 2011 exploration programs and its belief 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. 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.
Contacts:
Argentex Mining Corporation
Peter A. Ball
Executive Vice President Corporate Development
604-568-2496 (ext. 103) or 1-888-227-5285 (ext. 103)
peter@argentexmining.com
www.argentexmining.com
