Argentex continues to expand mineralized system at Pinguino, new drill results include 10.8 meters of 3.1 g/t gold and 679 g/t silver at Marta Este

    VANCOUVER, May 20 /CNW/ - Argentex Mining Corporation (TSX-V: ATX, OTCBB:
AGXM) today announced results for another eight holes drilled during the
continuing work program at its polymetallic Pinguino property located in Santa
Cruz, Argentina.
    Analytical results from Pinguino's Marta Este zone include a 10.8-meter
(35.4-foot) intersection that returned 3.1 grams per tonne (g/t) gold and
679 g/t silver. Marta Este is a silver-enriched zone located approximately
800 meters (2,600 feet) northwest and along strike from Marta Centro. In
addition, a new drill hole from Marta Centro returned 10.7 meters (35.1 feet)
of 34 g/t indium, 68 g/t silver and 7.3% combined lead-zinc.
    "Drilling continues to define excellent silver mineralization at Marta
Este and indium-enriched base metal values at Marta Centro," said Ken Hicks,
President of Argentex. "In addition, detailed mapping using high-resolution
satellite imagery, which has been ongoing simultaneously with drilling, shows
an additional 1.5 miles (2.5 kilometers) of veins within Pinguino's existing
mineralized system. Our ongoing work program, including detailed surface
exploration and drill testing of numerous zones, continues to expand
Pinguino's potential."

    Results

    Marta Este's hole P154-08 returned 18.7 meters (61.4 feet) of 422 g/t
silver and 1.9 g/t gold. Higher grade intervals within hole P154-08 include
10.8 meters (35.4 feet) of 679 g/t silver and 3.1 g/t gold, including a
4.1-meter (13.5-foot) contained interval of 1,561 g/t silver and 5.1 g/t gold.
Drilling at Marta Este has been completed to a depth of approximately
230 meters (754 feet). Additional assay results are pending and will be
reported after they are received and compiled.
    Hole P140-08 at Marta Centro shows continued expansion of the
indium-enriched base-metal mineralization along strike and to depth. Hole
P140-08 returned 10.7 meters (35.1 feet) of 34 g/t indium, 68 g/t silver and
7.3% lead-zinc as well as two additional mineralized zones within the same
hole. Drilling at Marta Centro has been completed to a depth of approximately
250 meters (820 feet). Further results will be reported after assays are
received and compiled.
    The following table displays selected analytical results for four holes
drilled in Marta Este and one hole at Marta Centro:

    -------------------------------------------------------------------------
                   From    To    Length  Indium  Gold   Silver   Lead   Zinc
    Drill Hole     (m)     (m)   (m)(*)  (g/t)   (g/t)   (g/t)    (%)    (%)
    -------------------------------------------------------------------------
    Area: Marta Este
    -------------------------------------------------------------------------
    P154-08        59.1    77.8   18.7      2     1.9     422    0.10   0.06
    -------------------------------------------------------------------------
    including
    -------------------------------------------------------------------------
    P154-08        67.0    77.8   10.8      2     3.1     679    0.14   0.07
    -------------------------------------------------------------------------
    including
    -------------------------------------------------------------------------
    P154-08       72.90    77.0    4.1      3     5.1   1,561    0.24   0.13
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    P155-08        63.9    76.8   12.9      1     0.5     168    0.65   0.08
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    P160-08        91.0    94.0    3.0     10     1.0     213    0.31   0.28
    -------------------------------------------------------------------------
    and
    -------------------------------------------------------------------------
    P160-08       100.6   105.0    4.4      6     0.9      92    0.42   0.31
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    P161-08        85.9    98.6   12.7      1     0.5     160    2.09   0.56
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Area: Marta Centro
    -------------------------------------------------------------------------
    P140-08       115.5   126.2   10.7     34     0.3      68    2.25   5.05
    -------------------------------------------------------------------------
    and
    -------------------------------------------------------------------------
    P140-08       169.2   178.2    9.0     25     0.1      12    0.40   2.37
    -------------------------------------------------------------------------
    and
    -------------------------------------------------------------------------
    P140-08       190.6   194.5    3.9      3     0.1      13    0.56   1.05
    -------------------------------------------------------------------------
    (*)  True widths are estimated to be 85-90% of the stated core length

    Argentex continues to work with two independent drill contractors on its
largest phase of drilling to date, which has so far surpassed 17,500 meters
(57,414 feet). Initial analytical results, overlimit re-analyses and fire
assay gold results continue to be received from Acme Analytical Labs and will
be reported upon receipt and compilation.
    Surface plan maps and modeled longitudinal sections of the Marta Este and
Marta Centro zones, showing diamond drill hole pierce points from previous
drilling and the current Phase V program, are available for viewing on the
main Pinguino page of the Argentex web site:
http://www.argentexmining.com/santacruz-pinguino.php?child=2&id=36&dec=minus.
The Marta Centro long section displays zinc distribution.

    About Pinguino

    Argentex's Pinguino property is located in Argentina's Patagonia region,
within the Deseado Massif of Santa Cruz province. The
zinc-indium-lead-silver-gold-copper discovery at Pinguino in 2006 marked a
major exploration milestone for the company. This was the first discovery of
its kind in the region, unique in that it contains both silver-gold and
indium-enriched base-metal mineralization in multiple zones that remain
open-ended along strike and to depth. Since 2006, exploration of
base-metal-rich targets has expanded beyond discoveries at Marta Centro and
Yvonne and now encompasses eight mineralized veins, including the Yvonne Sur,
Yvonne Norte, Sonia, Kasia, Savary and Luna veins, within an area of
approximately 8.0 square kilometers (3.0 square miles).
    Indium, a significant component of Argentex's polymetallic discovery at
Pinguino, is a high-value metal used in flat-panel (LCD, plasma) displays and
in leading-edge solar cell technology.
    Pinguino is easily accessible, situated approximately 400 meters
(1,312 feet) above sea level in low-relief topography. An existing system of
all-weather roads provides year-round access to the property.

    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. Drilling is being conducted by Boart Longyear Connors
Argentina S.A. and Major Perforaciones SA.

    ABOUT ARGENTEX:

    Argentex Mining Corporation is a junior mining exploration company with
significant holdings in the Patagonia region of Argentina. It holds an option
to acquire 100% mineral rights to the Pinguino property and owns 100% mineral
rights to more than 30 properties with over 377,490 acres (152,766 hectares)
of prospective land located in the Santa Cruz and Rio Negro provinces of
Argentina. Shares of Argentex common stock trade under the symbol AGXM on the
OTCBB and, beginning July 28, 2008, will trade on the TSX Venture Exchange
under the symbol ATX.
    Exploration on the Pinguino property is being conducted under the
supervision of Mr. Kenneth Hicks, P.Geo., Argentex's President, a "qualified
person" as defined by Canada's National Instrument 43-101. Mr. Hicks has read
and approved the contents of this release.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this news release.

    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 are based on current
facts and analysis and on forecasts of future results, estimates of amounts
not yet determined and assumptions of management. Forward-looking statements
in this news release include statements about the company's expectation that
drilling at Marta Centro continues to expand the area of indium-enriched
base-metal mineralization, results will be reported after assay results are
received and compiled. 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 risk that the Company may not find any minerals in commercially
feasible quantity. These and other risks are described in the Company's Annual
Report on Form 10-K and other filings with the Securities and Exchange
Commission.

For further information: Ken Hicks, President, Argentex Mining
Corporation, 1-866-594-7687, info@argentexmining.com