VANCOUVER, July 28 /CNW/ - Argentex Mining Corporation (TSX-V: ATX,
OTCBB: AGXM) is pleased to announce that effective today, Monday, July 28,
2008, its common shares will begin trading on Canada's TSX Venture Exchange
(TSX-V) in addition to the company's existing listings in the U.S. and
Germany. The company's shares will trade on the TSX-V under the symbol "ATX."
In 2004 Argentex acquired a large package of prospective exploration
properties in the Patagonia region of Argentina. The Pinguino property quickly
became the focus of the company's exploration efforts, which in early 2006
culminated in the discovery of a significant new polymetallic and precious
metal occurrence. Since that initial discovery, numerous additional vein
systems have been discovered, covering more than 60 kilometers (37 miles) in
total strike length, using detailed geological mapping, soil geochemistry,
magnetometry and IP geophysics. Diamond drill testing has been successfully
carried out on more than eight major Pinguino veins identified to date,
returning excellent intersections of mineralization.
"Argentex has made a significant new mineral discovery in the Patagonia
region of Argentina. The impressive extent of mineralization at Pinguino
together with the indium-enriched zinc-silver-lead chemistry make it a unique
discovery in the region," said Ken Hicks, President of Argentex. "Indium is a
high-value strategic metal used in flat-panel LCD-plasma displays and
leading-edge solar cell technology and markets for both applications continue
to grow at impressive rates. Our discovery at Pinguino continues to attract
the interest of numerous major mining and smelting companies. We intend to
continue expanding our exploration activities and advancing our engineering
studies at Pinguino, a flagship project where we see great future potential."
Drilling at Pinguino has so far tested only a small portion of
near-surface and deeper subsurface targets. Mineralization has been discovered
in exposed surface trenches and drilled to a depth of 250 meters (820 feet)
below surface. Results showed no change in the strength of sulphide
composition with depth and the mineralizing system remains open at depth and
along strike. Argentex has so far completed more than 20,000 meters (65,617
feet) of targeted diamond drilling during its 2007-2008 exploration season,
for a total of more than 30,000 meters (98,425 feet) to date.
Pinguino displays two distinct styles of mineralization. The first is a
northwest-trending structurally controlled epithermal precious metal vein
system, with a low sulphide content and enriched in silver and gold. Pinguino
also shows a second, distinct high-sulphide style, occasionally massive in
sections and containing a suite of higher-temperature elements including tin
and tungsten. Typically, massive sulphide mineralization is surrounded by a
wide zone of disseminated sulphides. The host tuffs and continental sediments
are some of the oldest and deepest rocks exposed in the Deseado Massif.
Within the last 12 months, Argentex has completed two rounds of financing
to raise aggregate gross proceeds in excess of five million dollars. The
company has used the net proceeds of these financings to advance exploration
at Pinguino, to fund exploration of other Santa Cruz mineral properties and
for general corporate purposes.
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 eight 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).
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 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.
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. Shares of Argentex common
stock trade under the symbol AGXM on the OTCBB and, beginning July 28, 2008,
trade 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, a "qualified person" as
defined by Canada's NI 43-101. Mr. Hicks has read and approved the contents of
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
Pinguino is a flagship project with great future potential. 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, email@example.com