Argentex Comments on Recent Argentine Decree
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/28/11 -- Argentex Mining Corporation ('Argentex' or the 'Company') (TSX VENTURE: ATX)(OTCBB: AGXMF) advises that on October 25, 2011, the Federal Government of Argentina issued Decree 1722/2011, which became effective October 26, 2011, requiring that export revenues generated by mining and oil and gas companies be repatriated into Argentina for conversion in the local foreign exchange markets, prior to transferring funds locally or overseas.
'We have discussed this matter with our Argentine legal counsel and they have advised us that because Argentex does not currently export any mining or energy products from Argentina, this decree does not have any immediate impact on our company,' said Ken Hicks, President of Argentex. 'Our interpretation of this decree is that mining and oil and gas companies will still be able to send profits abroad.' From October 26, 2011 onwards, companies would have to exchange 100% of their export revenues into local currency first.
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 Our interpretation of this decree is that mining and oil and gas companies will still be able to send profits abroad and from October 26, 2011 onwards, companies would have to exchange 100% of their dollar-denominated export revenues into local currency first. 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 Information Form 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)
604-568-1540 (FAX)
peter@argentexmining.com
www.argentexmining.com
