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Argentex Drills 10.8 Meters of 11% Lead-Zinc, 177 Ppm Indium in Polymetallic Massive Sulphide at Pinguino, Argentina

Posted on: Thursday, 13 July 2006, 09:00 CDT

TORONTO, July 13 /PRNewswire-FirstCall/ -- Argentex Mining Corporation (OTCBB: AGXM) is pleased to announce that results from the eighth and ninth holes of its recently completed 25-hole program have returned high-grade base metal, precious metal and indium values.

Hole 8 (P53) intersected 34.8 meters (114.2 feet) of mineralization, including 11% combined lead-zinc, 138.7 grams per tonne (g/t) silver and 177 parts per million (ppm) indium over 10.8 meters (35.4 feet). Hole 9 (P54) encountered 21.9 meters (71.9 feet) of mineralization, including 1.5% copper, 6% combined lead-zinc and 70 ppm indium over 8.0 meters (26.3 feet). These are the first holes drilled into the more than 700-meter (2,300-foot) Marta Centro vein segment.

"These latest results have exceeded our expectations", said Ken Hicks, President of Argentex. "We believe these are the first indications of the high-grade potential of our new massive sulphide discovery. Not only do we appear to have large intervals of mineralized rock, we also appear to have significant high-grade intercepts within that envelope."

The results of the massive sulphide mineralization from the Yvonne vein, announced on July 11, 2006, together with those from the Marta Centro segment, which lies on the northwestern extension of the Yvonne vein, appear to provide a potential zone of approximately 1.2 miles (2.0 kilometers) of polymetallic massive sulphide exploration potential.

Details of the two holes located in the Marta Centro segment are highlighted in the following table:

------------------------------------------------------------------------- Inter- val Sil- Ind- Hole From To Width Gold ver Copper Lead Zinc Tin ium ID (m) (m) (m) (g/t) (g/t) (ppm) (ppm) (ppm) (ppm)(ppm) GMV(x) ------------------------------------------------------------------------- Marta Centro (both holes intersected the zone below the level of oxidation) ------------------------------------------------------------------------- P53 A large zone of zinc and lead enrichment still in mineralization at hole end --------------------------------------------------------------------- 40.80 75.60 34.80 0.32 48.0 200 10,619 28,644 80 55 $183 --------------------------------------------------------------------- Including --------------------------------------------------------------------- 45.70 56.50 10.80 0.85 138.7 574 30,197 80,905 170 177 $536 --------------------------------------------------------------------- And --------------------------------------------------------------------- 50.80 51.25 0.45 1.31 196.7 2,115 52,300 329,500 513 1,184 $2,370 ------------------------------------------------------------------------- P54 A large zone of zinc, copper and lead enrichment --------------------------------------------------------------------- 56.00 77.90 21.90 0.35 21.7 5,749 4,834 19,143 59 25 $149 --------------------------------------------------------------------- Including --------------------------------------------------------------------- 56.00 64.00 8.00 0.90 50.8 15,657 10,607 49,967 92 70 $394 --------------------------------------------------------------------- And --------------------------------------------------------------------- 59.70 61.40 1.70 1.48 72.8 44,883 22,208 60,885 97 45 $654 --------------------------------------------------------------------- Anomalous lead and zinc continue to hole end --------------------------------------------------------------------- --------------------------------------------------------------------- (x) "GMV" is an abbreviation for "Gross Metal Value" that is used in this content to combine all of the above elements and use current metal prices to get a single value for comparative purposes only. The calculation does not take into account recovery factors of the individual elements or other metallurgical aspects of the mineralization. Metal prices for copper ($7.40/kg), lead ($1.01/kg), zinc ($3.30/kg) and tin ($8.35/kg) were taken from the website Metalprices.com showing LME three-month prices on July 3, 2006; prices for gold ($619.50/oz) and silver ($11.17/oz) were taken from Kitco.com on July 3, 2006; the price for indium ($940/kg) is a monthly average over a six-month period from January to June 2006. All prices are quoted in US dollars.

The two holes into Marta Centro were drilled at a -55 degrees northeast dip into the 50 degrees southwest dipping vein and, as such, drilled intervals are estimated to be close to true widths. Holes are spaced approximately 110 meters (360 feet) apart and intersected the mineralized zone below the level of oxidation that persists to a depth of 45 meters (148 feet). The Marta Centro segment is mapped on surface over a total length of 700 meters (2,296 feet) and has a strike of 335 degrees. This second group of results represents the eighth and ninth holes of the 25 holes drilled during the company's recently completed 1,876.5-meter (6,157-foot) program on the Pinguino property, Patagonia, Argentina. The company is awaiting the remaining results from holes 10 through 25.

QUALITY ASSURANCE

Exploration on the Pinguino project is being conducted under the supervision of Mr. Kenneth Hicks, P.Geo., Argentex's President and a "qualified person" as defined by National Instrument 43-101. Mr. Hicks is responsible for the preparation of technical information in this news release. Drilling was conducted by Connors Drilling, an independent Canadian contractor with an office in Mendoza, Argentina. Drill core for analysis was first sawed in half; one half was retained in the core box for future reference and the other half was submitted for analysis. All samples were collected in accordance with industry standards and were submitted to Alex Stewart Assayers, Argentina, S.A., in Mendoza, Argentina, for fire assay and ICP analysis. Selected samples of massive sulphides were submitted for a separate analysis for indium. Overlimit base metal ICP values were reanalyzed with ore grade detection limit procedures. Silver > 200 ppm in ICP were reanalyzed using gravimetric methods. Check assays are submitted to Acme Analytical Labs, an ISO-9001:2000 certified lab, in Santiago, Chile. Accuracy of results is tested through the systematic inclusion of standards, blanks and check assays.

ABOUT ARGENTEX:

Argentex Mining Corporation is a junior mining exploration company with significant holdings in the Patagonia region of Argentina. It currently owns 100% mineral rights to 30 properties with over 369,710 acres (149,616 hectares) of prospective land, located in the Santa Cruz and Rio Negro provinces of Argentina. Argentex is also in the due diligence review phase to acquire controlling interest of a gold project in Nevada's Battle Mountain region. The company trades under the symbol AGXM on the OTCBB.

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 Argentex's belief that these results confirm existence of a major new discovery of massive sulphide mineralization containing gold, silver, copper, lead, zinc and anomalous concentrations of tin and indium and that these results show a potential zone of approximately 1.2 miles (2.0 kilometers) of polymetallic massive sulphide exploration 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. 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 US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.

Argentex Mining Corporation

CONTACT: Argentex Mining Corporation, Investor Relations, 1-866-594-7687,info@argentexmining.com

Source: PRNewswire-FirstCall

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