Argentex: Management summary of mineral resource estimate and highlights of
Pinguino project developments

VANCOUVER, Sept. 28 /CNW/ - Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to summarize its recently completed mineral resource estimate with highlights from the core diamond drilling completed to date on its Pinguino property in Santa Cruz, Argentina.

Pinguino Resource Estimate

In a recent press release (dated September 14, 2009), Argentex announced the completion of its first-ever National Instrument 43-101-compliant mineral resource estimate for Pinguino, its 100%-owned polymetallic property in Santa Cruz province, Argentina.

At a cutoff grade of 1.6 oz/t silver equivalent, the mineral resource estimate includes:

    
    -   35.4 million tonnes at 4.0 oz/t silver equivalent (inferred category)
        and
    -   7.32 million tonnes at 5.5 oz/t silver equivalent (indicated
        category)
    

The silver equivalency calculation combines individual silver, gold, lead, zinc and indium grades at a specific cutoff grade and category into a single "silver equivalent" number. Argentex believes that this provides a simpler representation of the nine individual veins with differing mineralogy used in the recently completed mineral resource estimate at Pinguino. For additional details, please refer to the September 14, 2009, news release.

Mineralization at Pinguino has a strong geophysical signature from its sulphide-rich mineralization within the vein itself (typically higher-grade material) as well as the wide envelope of disseminated and veinlet mineralization (typically lower-grade material) surrounding the veins. Nine veins of a total of 15 drill tested veins had sufficient density to be used in the mineral resource estimate. More than 47 veins have been mapped to date on the property and numerous geophysical targets remain to be tested.

"Our first mineral resource estimate was a significant milestone in our company's development as it confirms our confidence in Pinguino," said Ken Hicks, President of Argentex. "Furthermore, we have many targets that remain untested and provide excellent exploration potential for new discoveries. We look forward to advancing Pinguino to the next level through a preliminary economic assessment and an aggressive exploration program to commence shortly."

Silver and Gold Highlights

"Significant silver and gold drill intersections form part of the body of data that was used to prepare the mineral resource estimate," adds Mr. Hicks. "The surface weathering of the upper portions of the sulphide veins extends to approximately 30 to 50 meters (98 to 164 feet) deep and appears to have created an environment for silver and gold surface enrichment as shown in some of the shallow drilling."

The following table displays highlights from previously released results of core diamond drilling at Pinguino. A map of vein distribution and drill holes at Pinguino is available on our web site: http://www.argentexmining.com/santacruz-pinguino.php.

    
    -------------------------------------------------------------------------
    Drill       From     To   Length  Indium    Gold   Silver   Lead    Zinc
     Hole        (m)     (m)  (m)*   (g/t)    (g/t)    (g/t)    (%)     (%)
    -------------------------------------------------------------------------
    AREA: Marta Centro
    -------------------------------------------------------------------------
    P053       45.70   56.50   10.80    177     0.85    138.7   3.02    8.09
    -------------------------------------------------------------------------
    P073       34.90   37.50    2.60     27     5.52    704.0   1.28    0.06
    -------------------------------------------------------------------------
    P074       44.65   50.50    5.85    207     1.05    201.0   4.34    8.18
    -------------------------------------------------------------------------
    P075       43.25   64.00   20.75     46     0.22     38.0   1.59    3.72
    -------------------------------------------------------------------------
    P076       48.00   51.30    3.30    158     0.81    113.0   2.52    9.98
    -------------------------------------------------------------------------
    P080       67.60   70.00    2.40    127     1.17     85.0   1.39   11.29
    -------------------------------------------------------------------------
    P081       55.07   70.00   14.93    105     0.41     78.0   2.03    6.91
    -------------------------------------------------------------------------
    P082       59.10   71.40   12.30    188     0.58    101.0   1.95    9.37
    -------------------------------------------------------------------------
    P083       60.60   70.80   10.20     91     0.33     78.0   1.70    6.92
    -------------------------------------------------------------------------
    P085       86.60   88.98    2.38    185     0.70    201.0   6.76   16.14
    -------------------------------------------------------------------------
    P086       82.40   97.10   14.70    117     0.42     73.0   1.72    7.22
    -------------------------------------------------------------------------
    P090       68.94   70.75    1.81    108    14.90    100.0   1.19    7.74
    -------------------------------------------------------------------------
    P093       59.40   60.80    1.40     43     0.61    191.0   4.67   14.48
    -------------------------------------------------------------------------
    P131      113.20  114.70    1.50    148     0.50    108.0   1.90   11.30
    -------------------------------------------------------------------------
    P132      108.20  108.90    0.70    434     0.50    124.0   3.80   22.70
    -------------------------------------------------------------------------
    P133      105.82  112.50    6.68    165     0.58    113.7   2.52    9.69
    -------------------------------------------------------------------------
    P134      108.55  111.92    3.37    169     0.61    228.7   6.57   11.42
    -------------------------------------------------------------------------
    P138      123.30  127.10    3.80    135     0.40    119.0   3.30    9.90
    -------------------------------------------------------------------------
    P140      116.48  123.00    6.52     45     0.41    103.4   3.43    7.07
    -------------------------------------------------------------------------
    P163      213.26  219.54    6.28     69     0.51     83.9   2.83   12.11
    -------------------------------------------------------------------------
    P164      200.15  205.35    5.20    117     0.81    310.2   7.28   11.61
    -------------------------------------------------------------------------
    P173      247.56  253.30    5.74     79     0.69    142.1   3.44   10.10
    -------------------------------------------------------------------------
    AREA: Marta Este
    -------------------------------------------------------------------------
    P001       33.80   35.20    1.40     Na     7.35    140.0     na      na
    -------------------------------------------------------------------------
    P011       49.87   52.04    2.17     Na     5.89    362.0     na      na
    -------------------------------------------------------------------------
    P016       73.19   76.00    2.81     Na     3.83    272.3     na      na
    -------------------------------------------------------------------------
    P021       76.75   77.15    0.40     Na    12.43     24.0     na      na
    -------------------------------------------------------------------------
    P145       72.60   79.70    7.10      1     1.78    997.8   2.78    3.59
    -------------------------------------------------------------------------
    P146       74.54   79.00    4.46      1     0.90    484.1   2.75    2.57
    -------------------------------------------------------------------------
    P153       70.70   81.33   10.63     10     3.30    554.5   0.30    0.07
    -------------------------------------------------------------------------
    P154       67.80   77.83   10.03      2     3.02    718.9   0.15    0.07
    -------------------------------------------------------------------------
    P155       73.80   76.82    3.02      2     0.49    582.3   2.56    0.17
    -------------------------------------------------------------------------
    P208      107.85  112.95    5.10      5     0.81    316.9   4.09    6.54
    -------------------------------------------------------------------------
    P209      145.50  147.15    1.65     13     0.69    314.2   6.37    9.62
    -------------------------------------------------------------------------
    AREA: Marta Norte
    -------------------------------------------------------------------------
    P029       37.14   39.05    1.91     Na     0.36    523.4     na      na
    -------------------------------------------------------------------------
    P031       43.60   46.50    2.90     Na     0.56    509.3     na      na
    -------------------------------------------------------------------------
    P032       28.30   37.10    8.80     Na     0.90   1094.9     na      na
    -------------------------------------------------------------------------
    AREA: Marta Noroeste
    -------------------------------------------------------------------------
    P024       32.00   33.90    1.90     Na     8.19    916.7     na      na
    -------------------------------------------------------------------------
    P025       14.00   17.38    3.38     Na     1.14    525.9     na      na
    -------------------------------------------------------------------------
    P026       23.00   25.40    2.40     Na     2.26    620.3     na      na
    -------------------------------------------------------------------------
    P196       72.90   79.60    6.70      0    11.04     38.5   0.09    0.02
    -------------------------------------------------------------------------
    P197       99.15  100.50    1.35      0     6.99    100.0   0.15    0.11
    -------------------------------------------------------------------------
    AREA: Yvonne
    -------------------------------------------------------------------------
    P047       40.20   41.70    1.50    152     2.55     22.3   0.49    5.65
    -------------------------------------------------------------------------
    P048       22.30   23.30    1.00     73    30.64    100.0   0.57    0.31
    -------------------------------------------------------------------------
    P095       35.37   36.37    1.00    107     8.00     95.0   0.34    0.51
    -------------------------------------------------------------------------
    AREA: Marta Sur
    -------------------------------------------------------------------------
    P044       57.25   59.90    2.65     Na     8.69     37.2     na      na
    -------------------------------------------------------------------------
    AREA: Sonia
    -------------------------------------------------------------------------
    P113       31.45   33.30    1.85    121     0.73    273.6   5.33   12.35
    -------------------------------------------------------------------------
    AREA: Yvonne Norte
    -------------------------------------------------------------------------
    P103       51.48   52.60    1.12    118     0.39     29.8   0.33    4.78
    -------------------------------------------------------------------------
    AREA: Yvonne Sur
    -------------------------------------------------------------------------
    P200       70.38   81.28   10.90     33     0.25    130.2   6.49    7.89
    -------------------------------------------------------------------------
    AREA: Kasia
    -------------------------------------------------------------------------
    P111       60.36   62.75    2.39    145     0.66     29.3   0.81    6.25
    -------------------------------------------------------------------------
    *True widths are estimated to be 85-90% of the stated core length

    Canadian Institute of Mining ("CIM") definitions were followed for
    Mineral Resource estimation and classification. As defined, Mineral
    Resources do not have demonstrated economic viability and Indicated
    Resources have a higher degree of confidence than do Inferred Resources.
    The Mineral Resources fall within a volume or shell defined using long
    term metal price estimates of US $795.45/oz for gold, $13.83/oz for
    silver, $1.14/lb for zinc, $0.92/lb for lead and spot price of $465 per
    kilogram for indium.

    Silver equivalent calculation uses a 36 month rolling price average.
    London gold and Silver were determined from the PM price fix in USD. Zinc
    and lead average prices were calculated from 36 month rolling averages,
    International Monetary Fund dataset. Indium does not have a world fixed
    price but trades on the spot market. Indium prices quoted are current
    spot prices.

    The Silver Equivalent (AgEq) calculation is as follows:

    AgEq = Ag(g/t) + (Au g/t * 25.57 / 0.44) + (Pb % *
    20.282 / 0.44) + (Zn % * 25.132 / 0.44) + (In g/t * 0.465 / 0.44)

    Indium mineralogy is dominated by solid solution with sphalerite. Indium
    is recovered in the smelting of zinc concentrates. At this time no
    metallurgy has been completed on Pinguino, so for the purpose of creating
    the Silver Equivalent, the study assumed 100% recovery. Actual recoveries
    will undoubtedly be lower. In addition to presenting the individual metal
    grades, we have used the Silver Equivalent in an effort to simplify the
    presentation of all variables in a grade tonnage table that allows for
    metal zonation and demonstrates the scope of the mineralized system. The
    most likely cut-off grade for this deposit is not known at this time and
    must be confirmed by the appropriate economic studies. The estimation of
    mineral resources may be materially affected by environmental,
    permitting, legal, title, taxation, sociopolitical, marketing, and other
    relevant issues.

    SI metric units are used as the basis for this study; however Imperial
    units are sometimes used in the mining industry therefore conversion
    factors are provided: 31.103481 grams in one troy ounce, one metric tonne
    = 1000 kilograms = 2204.6 pounds, 1% =
    22.046 pounds, one meter = 3.28 feet, one hectare =
    2.471 acres
    

The resource estimate was prepared by Gary Giroux, MASc., P.Eng., of Giroux Consultants Ltd ("Giroux"). Robert Morris, P.Geo., of Moose Mountain Technical Services, an independent Qualified Person as defined by Canada's National Instrument 43-101

About Pinguino

Argentex's Pinguino property is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. The 2006 discovery of silver-indium-zinc-lead-gold mineralization at Pinguino 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. This mineralization is contained in multiple zones that remain open-ended along strike and to depth. Since 2006, exploration of base-metal-rich targets has expanded beyond the initial discoveries at Marta Centro and Yvonne and now encompasses 15 drill-tested veins from more than 47 veins mapped on the property to date. Argentex has drilled a total of 269 holes at Pinguino for a total of 30,028 meters (98,517 feet).

Indium, a significant component of Argentex's polymetallic discovery at Pinguino, is used in flat-panel (LCD, plasma) displays, and in leading-edge thin-film 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.

The majority of mineralized zones at Pinguino lie along the strike of the northwest-trending Tranquilo trend, which is a dominant northwest trending regional fault structure cutting the approximately 24,710-acre (10,000-hectare) 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.

ABOUT ARGENTEX:

Argentex Mining Corporation is a Delaware corporation. It is a junior mining company in the exploration stage with significant holdings in the Patagonia region of Argentina. It holds an undivided 100% interest in the mineral rights to the Pinguino property. In total, the company owns 100% mineral rights to more than 35 properties with approximately 307,981 acres (124,636 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 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 and a Qualified Person as defined by Canada's National Instrument 43-101. Mr. Hicks has read and approved the contents of this release and as part of company management, he is not considered independent of the issuer.

    
    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.
    

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 about the company's belief that untested exploration targets at Pinguino provide excellent exploration potential for new discoveries and that a preliminary economic assessment and an aggressive exploration program can commence shortly. 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 other risks that are inherent in Argentex's operations including the risk that the Company may not find any minerals in commercially feasible quantity and the Company's ability to raise the capital required to fund a preliminary economic assessment and an aggressive exploration program and otherwise prosecute its exploration plans. 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.

Cautionary note to U.S. investors: The terms "indicated mineral resource", and "inferred mineral resource" used in this news release have been adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Mineral Reserves. Use of these terms in disclosure is recognized and at times required by the Canadian Securities Administrator's National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101"), but the Securities and Exchange Commission (the "SEC") does not recognize them and prohibits use of them in documents filed with the SEC. U.S. investors are cautioned that mineral resources that are not mineral "reserves" do not have demonstrated economic viability and there can be no assurance that any part of a mineral deposit included in the measured and indicated categories will ever be converted into a reserve. "Inferred mineral resources" in particular have a great amount of uncertainty as to their economic feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. NI 43-101 provides that estimates of "inferred mineral resources" cannot form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that any part or all of an inferred mineral resource exists, or is economically or legally mineable.

SOURCE ARGENTEX MINING CORPORATION

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

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ARGENTEX MINING CORPORATION

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