Argentex Mining provides update on exploration activities in Argentina

    VANCOUVER, Sept. 10 /CNW/ - Argentex Mining Corporation (TSX-V: ATX,
OTCBB: AGXM) is pleased to report on the positive progress made in advancing
its flagship polymetallic Pinguino project and to provide a summary of its
initial plans for the 2008-2009 exploration season.
    During this field season, Argentex completed the largest diamond drilling
program in the history of its Pinguino project, testing 15 different
mineralized vein systems for a total of 20,782.9 meters (68,185 feet) of
diamond drilling. Results to date are very encouraging, expanding the
mineralized footprint at Marta Centro, Marto Este and Marta Norte and
outlining significant new discoveries in other zones. Additional analytical
results from this drill program are pending and will be announced as they are
received and compiled.
    "Our initial discovery of indium-enriched polymetallic mineralization at
Pinguino has been followed by successful back-to-back drill programs that
continue to build our database and our level of confidence as we advance
towards our ultimate goal of production," said Ken Hicks, President of
Argentex Mining. "We look forward to using these drilling results as a base to
establish an initial resource estimate within the following months. Meanwhile,
we intend to continue to increase our knowledge of this highly promising
deposit during the upcoming 2008-2009 field season."

    Metallurgical studies underway

    Argentex has commenced preliminary mineralogical and metallurgical
studies at Pinguino. Representative samples of a variety of ore types
(including massive sulphide, disseminated sulphide and quartz-rich precious
metal vein material) have been collected from new drill core. These samples
will be analyzed at the University of La Plata in Buenos Aires. In addition,
specific gravity calculations on a suite of approximately 265 mineralized
samples as well as host rock types have been completed. Argentex intends to
use this information in preparing a resource estimate that will comply with
Canada's National Instrument 43-101, Standards for Disclosure for Mineral

    2008-2009 exploration

    Planning for the 2008-2009 field season in Santa Cruz province is
underway. Previous experience at Pinguino has shown that detailed mapping,
geochemistry and geophysics can be extremely effective in discovering new
mineralized veins in areas of thin overburden, like those encountered by
Argentex at the heart of the mineralized "Tranquilo" corridor. Argentex
believes that the Tranquilo structure is an important factor in the formation
of mineralization at Pinguino.
    With this in mind, the company is planning to focus initial exploration
on Pinguino's most heavily mineralized area, which covers approximately eight
square kilometers (three square miles), to identify any indications of hidden
mineralization. These areas would then be tested by trenching and drilling.
Drill testing in the 2007-2008 season showed that even weak indications of
surface mineralization can be representative of substantial mineralized veins
at depth.

    Silver-gold projects in Santa Cruz

    A number of other drill-ready projects also exist within Argentex's large
portfolio of Patagonian properties, including epithermal gold-silver
mineralization at Condor and Cerro Contreras. Both properties show
characteristics of low-sulphidation mineralization typical of many deposits
within the Deseado Massif of Santa Cruz province. Current plans for 2008-2009
include drill testing at the Condor property. Exploration plans for Cerro
Contreras are still being formulated.
    Argentex has a unique profile for a junior exploration company. The
polymetallic nature of the mineralization at Pinguino provides the company
with exposure to three distinct sectors of the commodity markets: base metals
such as zinc and lead, precious metals such as silver and gold, and strategic
metals, including indium. This diversity offers several potential avenues of
growth for the company, though there can be no assurance that any of these
metals can be economically extracted.
    Indium is a high-value metal used in flat-panel (LCD, plasma) displays
and in leading-edge thin-film solar cell technology. The price of indium has
risen dramatically from $143 per kilogram at the beginning of 2001, as
reported by Platts Metals, to its current range of $685-$700 per kilogram, as
reported by the Northern Miner on August 25, 2008. This extraordinary growth
rate is due in part to the rapid deployment of all types of photovoltaics,
including thin-film photovoltaics (TFPV), one of the fastest-growing
technologies in the alternative energy sector. The low cost, flexibility and
manufacturing advantages associated with TFPV, compared to more established
crystalline silicon solar cells, also play a factor in the price of indium.
    While Argentex has found indium at Pinguino, there can be no assurance
that it exists in quantities sufficient to make production economically

    About Pinguino

    Argentex's Pinguino property is located in Argentina's Patagonia region,
within the Deseado Massif of Santa Cruz province. The
zinc-silver-indium-lead-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. Since 2006, exploration of
base-metal-rich targets has expanded to encompass more than 15 mineralized
zones, including Marta Centro, Yvonne, Yvonne Sur, Yvonne Norte, Sonia, Kasia,
Savary and Luna veins, within an area of approximately 8.0 square kilometers
(3.0 square miles).
    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.


    Argentex Mining Corporation is a junior mining exploration company with
significant holdings in the Patagonia region of Argentina. It owns 100% of the
mineral rights to the Pinguino property and 100% mineral rights to more than
30 other mineral properties with over 377,490 acres (152,766 hectares) in the
Santa Cruz and Rio Negro provinces of Argentina. In addition, Argentex
continues to look for new opportunities in Patagonia. 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 conducted under the supervision
of Mr. Kenneth Hicks, P.Geo., Argentex's President and a "qualified person" as
defined by Canada's NI 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 belief that it
will complete a resource estimate within the time projected, if at all, that
it can continue to update its knowledge of the deposit at Pinguino, that it
will identify any additional hidden mineralization during the 2008-9 season
and that it will commence drilling on the Condor property. 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:

For further information: Ken Hicks, President, Argentex Mining
Corporation, 1-866-594-7687,

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