Breaking News

Tweet TWEET

Argentex Defines 23.6 Million Ounces Ag Eq. @ 132.4 g/t Ag Eq. Indicated Mineral Resource Estimate at Pinguino Silver-Gold

Argentex Defines 23.6 Million Ounces Ag Eq. @ 132.4 g/t Ag Eq. Indicated 
Mineral Resource Estimate at Pinguino Silver-Gold Project 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/31/13 -- Argentex
Mining Corporation ("Argentex" or the "Company") (TSX
VENTURE:ATX)(OTCQB:AGXMF) is pleased to announce the preliminary
results of a National Instrument ("NI") 43-101 compliant Mineral
Resource Estimate (the Report) by Mine Development Associates ("MDA")
of Reno, Nevada for the Company's 100%-owned Pinguino Silver-Gold
Project, located in Santa Cruz province, Argentina. 
"These results confirm management's belief that the Pinguino Project
contains a significant high-grade silver and gold resource in veins
that outcrop at surface," commented Mike Brown, President and CEO of
Argentex. "With close to 84% of the resource falling into the
Indicated category, we are accelerating internal engineering studies
and completing initial metallurgical studies. Our decision to prepare
a new Preliminary Economic Assessment based on this Report will
depend upon the outcomes of these studies. Our immediate goal is to
determine Pinguino's economic potential as an open pit mining
operation. We are confident that we can continue to add high grade
near surface mineral resources as we continue to drill the known vein
systems, although this is not an immediate priority." 
Highlights include: 


 
--  23.6 million ounces of silver equivalent (84% of the total reported
    resource) in the Indicated category at a grade of 102.8g/t Ag and
    0.59g/t Au 
--  4.7 million ounces silver equivalent in the Inferred category at a grade
    of 58.0g/t Ag and 0.74g/t Au 
--  Only eight of the 36 veins drill tested to date have been used to
    populate the resource model 
--  60+ veins remain to be fully tested in vein structures that remain open
    in all directions 
--  Mineralisation outcrops at surface, allowing the prospect for an open
    pit mine operation 
--  Low elevation and excellent local infrastructure, including extensive
    road network, sea ports, and new power grid currently under construction
    proximal to site 
--  Polymetallic mineralisation provides potential for additional economic
    upside
 
------------------------------------------------------------------
--------
 Indicated           Grade (g/t)                       Ounces             
--------------------------------------------------------------------------
Tonnes             Ag        Au     AgEq.         Ag         Au      AgEq.
--------------------------------------------------------------------------
5,564,000       102.8      0.59     132.4 18,385,000    106,000 23,685,000
--------------------------------------------------------------------------
--------------------------------------------------------------------------
  Inferred           Grade (g/t)                       Ounces             
--------------------------------------------------------------------------
Tonnes             Ag        Au     AgEq.         Ag         Au      AgEq.
--------------------------------------------------------------------------
1,531,000        58.0      0.74      95.1  2,854,000     36,400  4,674,000
--------------------------------------------------------------------------

 
Ag equivalent grade presented in news release is calculated as Ag
grade + (Au grade (i) 50) (Rounding may cause apparent
discrepancies). 
The varying cutoffs used in the resource model are given below: 


 
--------------------------------------------------------------------------
Cutoff                                 Indicated                          
AgEq              Tonnes      AgEq        Ag        Au        Zn        Pb
(g/t)            (000's)     (g/t)     (g/t)     (g/t)       (%)       (%)
--------------------------------------------------------------------------
Reported           5,564     132.4     102.8      0.59      0.85      0.56
--------------------------------------------------------------------------
20.0              10,463      85.9      65.7      0.40      0.85      0.45
40.0               6,201     125.1      96.6      0.57      1.03      0.57
60.0               4,042     165.7     129.7      0.72      1.11      0.65
80.0               2,884     204.5     162.4      0.84      1.12      0.72
100.0              2,183     241.5     194.5      0.94      1.07      0.75
150.0              1,239     333.4     275.4      1.16      0.87      0.81
200.0                804     420.4     354.5      1.32      0.69      0.83
--------------------------------------------------------------------------
Cutoff                                 Inferred                           
                  Tonnes      AgEq        Ag        Au        Zn        Pb
AgEq(g/t)        (000's)     (g/t)     (g/t)     (g/t)       (%)       (%)
--------------------------------------------------------------------------
Reported           1,531      95.1      58.0      0.74      0.63      0.34
--------------------------------------------------------------------------
20.0               4,701      54.7      35.3     0.390      0.75      0.28
40.0               2,229      84.5      52.8     0.633      1.03      0.37
60.0               1,253     112.2      68.3     0.879      1.11      0.43
80.0                 788     137.7      82.0     1.114      1.20      0.50
100.0                514     163.8      94.8     1.380      1.16      0.51
150.0                226     217.5     126.2     1.823      1.35      0.59
200.0                 98     276.6     176.7     1.998      1.37      0.61
--------------------------------------------------------------------------
 
------------------------------------------------------------------------
Cutoff                                Indicated                         
AgEq              Tonnes          Ag          Au          Zn          Pb
(g/t)            (000's)  (000's oz)  (000's oz) (000's lbs) (000's lbs)
------------------------------------------------------------------------
Reported           5,564      18,385       106.0     104,711      69,208
------------------------------------------------------------------------
20.0              10,463      22,097       135.6     196,690     103,886
40.0               6,201      19,253       113.6     140,242      78,495
60.0               4,042      16,854        93.7      98,488      57,995
80.0               2,884      15,065        78.0      71,258      45,564
100.0              2,183      13,649        66.1      51,651      36,136
150.0              1,239      10,969        46.2      23,726      22,038
200.0                804       9,163        34.1      12,254      14,698
------------------------------------------------------------------------
Cutoff                                Inferred                          
                  Tonnes          Ag          Au          Zn          Pb
AgEq(g/t)        (000's)  (000's oz)  (000's oz) (000's lbs) (000's lbs)
------------------------------------------------------------------------
Reported           1,531       2,854        36.4      21,122      11,554
------------------------------------------------------------------------
20.0               4,701       5,328        58.9      77,312      29,310
40.0               2,229       3,780        45.4      50,392      18,225
60.0               1,253       2,750        35.4      30,689      11,964
80.0                 788       2,079        28.2      20,819       8,696
100.0                514       1,566        22.8      13,152       5,727
150.0                226         917        13.2       6,710       2,916
200.0                 98         556         6.3       2,958       1,312
------------------------------------------------------------------------
 
1.  Ag equivalent grade = Ag grade + (Au grade (i) 50) (Rounding may cause
    apparent discrepancies). 
2.  Mineral Resources are not Mineral Reserves and do not have demonstrated
    economic viability. There is no certainty that all or any part of the
    estimated Mineral Resources will be converted into Mineral Reserves.
    All Mineral Resources have been classified in accordance with the
    Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
    Standards on Mineral Resources and Reserves, Definitions and Guidelines
    prepared by the Standards Committee on Reserve Definitions and adopted
    by the CIM Council on December 11, 2005 and updated on November 27,
    2010. 
3.  Mineral Resources tonnage and contained-metal have been rounded to the
    nearest thousand and numbers might not add due to rounding. 
4.  Two cutoffs are given for reporting the resources: 40g/t AgEq for
    elevations above 270m, and 100g/t AgEq for elevations below 270m
    elevation. Average elevation at Pinguino is 400 metres above sea-level. 
5.  MDA reports resources at cutoffs that are reasonable for deposits of
    this nature given anticipated mining methods and plant processing costs,
    while also considering economic conditions. 
6.  Grades presented are in situ and have been diluted to 3m by 6m by 4m
    (high) blocks.

 
Pinguino Exploration Historical Review 
Argentex began exploration activities at Pinguino in late 2004.
Between 2004 and 2009, the Company completed five phases of
exploration, which included 269 diamond drill holes (30,037 meters),
311 trenches, geological mapping, geochemical sampling and
geophysical surveys. The exploration data provided sufficient density
to interpret the basic structural geology from which a resource
estimate was made on nine of the known veins. That phase of work was
reported in the National Instrument ("NI") 43-101 compliant Report
"Resource Estimate for the Pinguino Silver, Zinc, Indium, Lead, Gold
Occurrence", dated October 28, 2009 (News Release, October 29, 2009). 
Argentex subsequently evaluated the data used in the 2009 resource
estimate and undertook scoping-level studies of the mining and
processing potential of the property. These evaluations led to the NI
43-101 compliant "Pinguino Property Preliminary Economic Assessment
2011", dated August 5, 2011, (results reported in News Release, March
22, 2011). 
From 2010 to 2012, Argentex completed three additional exploration
programs (Phase VI through to VIII), which included 153 diamond drill
holes (16,838 metres), 255 reverse circulation drill holes ("RC")
(19,610 metres) and 38,300 meters of trenching, all of which improved
the geological interpretation of the vein structures. The Company
also initiated metallurgical studies (ALS Ammtec and G&T
Metallurgical Services Ltd.) with the goal of identifying preliminary
recoveries of the oxide, transition and sulphide zones, and to
further assist in understanding the Pinguino vein system. The phase
VI - VIII exploration programs were focused on defining and expanding
resources in the oxide and transition zones of known vein systems,
and to test identified vein structures having the potential to build
resources. 
The resource model is based on a database of 677 drill holes (66,455
metres), and 744 surface trenches (42,019 metres), all completed
between 2004 and 2012 in exploration phases I through VIII. Of the 36
veins drill tested to date only 8 of the most intensely explored
veins (Marta Este, Marta Norte, Marta Centro, Marta Noroeste, Marta
Sur, Ivonne, Marta Oeste and Tranquilo) were selected to be included
in the resource model. These eight veins were focused on in recent
drill programs to define near surface high grade silver and gold
oxide material. This is a first step towards defining an open pit
minable resource as part of a future Preliminary Economic Assessment
(PEA). 
The Company believes there is significant scope for increasing the
mineral resource reported at Pinguino. Six other veins were evaluated
for potential resources but will require additional drilling before
they qualify. Total metal silver-equivalent ounces could range from
four to eight million equivalent ounces, with silver grades ranging
from 70 to 90 grams per tonne and gold grades ranging from one to two
grams per tonne. This range of potential quantity and grade is based
on the mapped strike length of the veins and the existing, albeit
relatively sparse, drill and trench sample assays. The potential
quantity and grade are conceptual in nature, as there is insufficient
work to define a mineral resource, and it is uncertain if further
exploration will result in the targets being delineated as a mineral
resource. The remainder of the tested (and untested) veins will also
require additional exploration and drilling before their resources
can be estimated. 
A best-practices and increasingly stringent protocol for the
collection, preparation and submission of rock samples for analysis
was followed throughout the phases of exploration at Pinguino. All
samples were analyzed by Acme Analytical Laboratories ("Acme Labs")
except for the 2006 drilling of Phase 2 which were sent to Alex
Stewart (Assayers), Argentina, S.A. The current analytical protocol,
which was largely instituted in 2007 for the Phase V drilling, and
which constitutes the bulk of the assay data that contributed to the
resource model, begins with all field samples being submitted to Acme
Labs' preparation laboratory in Mendoza, Argentina. From there, the
sample pulps were sent to its laboratory in Vancouver for
multi-element ICP-MS analysis (1DX procedure). Samples overlimit in
silver, lead, zinc or copper were rerun by a high-detection limit
ICP-ES procedure (Acme Labs code 7AR). Samples overlimit in silver
from that procedure and, more recently, all gold assays greater than
300 ppb were rerun by fire assay (G6 procedure). Acme Labs is an
accredited ISO 9000:2001 full-service commercial laboratory with its
head office in Vancouver. Quality control was maintained by
submitting field blanks and duplicates and by reviewing laboratory
results of its own replicates, duplicates and analytical standards.
The full QA/QC program was further evaluated by J.David Williams,
P.Eng. and reviewed by MDA. 
About Pinguino 
Argentex's 10,000-hectare advanced silver and gold exploration
Pinguino project is located in Argentina's Patagonia region, within
the Deseado Massif of Santa Cruz province. The Deseado Massif is an
active region of mining with four precious metal mines currently in
production, and includes multiple active advanced and early stage
exploration projects. 
The Pinguino system has grown to 70+ individual veins, with a
combined strike length approaching approx. 113 line-kilometers. The
Pinguino project is unique within the Deseado Massif region of Santa
Cruz province in that it contains two different and spatially
distinct types of mineralization, one precious metal and the other
sulphide-rich polymetallic. The Company continues to evaluate the
geological model of sulphide-enriched potentially mineralized
intrusives at depth, forming the probable source for the polymet
allic
veins exposed on surface. 
Pinguino is easily accessible, situated approximately 400 meters
above sea level in low-relief topography. An existing system of
all-weather roads provides year-round access to the property. 
The mineral resource estimate was prepared by Steven Ristorcelli, C.
P. G., Principal Geologist at Mine Development Associates in Reno,
Nevada in accordance with NI 43-101, and he is an independent
"Qualified Person" as defined by NI 43-101. Mr. S. Ristorcelli has
approved the details of the resource estimate as contained herewith. 
All other content of this press release has been reviewed and
approved by Mr. J. David Williams, P. Eng., and he is an independent
"Qualified Person" as defined by NI 43-101. 
The Company expects a complete copy of the Report will be filed on
SEDAR within 45 days of this press release. 
About Argentex 
Argentex Mining Corporation is an exploration company focused on
advancing its Pinguino silver-gold project in Santa Cruz, Argentina.
In total, Argentex owns 100% of the mineral rights to more than 35
properties located within approximately 307,981 acres (124,636
hectares) of highly prospective land located in the Santa Cruz and
Rio Negro provinces. 
Shares of Argentex common stock trade under the symbol ATX on the TSX
Venture Exchange and under the symbol AGXMF on the OTCQB.  
On behalf of Argentex Mining Corporation: 
Michael Brown, President and CEO 
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 those
concerning management's belief that the Pinguino project contains a
significant high-grade silver and gold resource, its confidence that
it can continue to add high grade near surface mineral resources as
it continues to drill the known vein systems, its view that
polymetallic mineralization provides potential for additional
economic upside, and its belief that there is significant scope for
increasing the resource with additional drilling on other veins, with
total metal silver-equivalent ounces that could range from four to
eight million equivalent ounces, with silver grades ranging from 70
to 90 grams per tonne and gold grades ranging from one to two grams
per tonne. 
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, the availability of
the Company's consultants and risks that are inherent in Argentex's
operations including the risks that the Company may not find any
minerals in commercially feasible quantity or raise enough money to
fund its exploration plans. These and other risks are described in
the Company's Annual Information Form and other public disclosure
documents filed on the SEDAR website maintained by the Canadian
Securities Administrators and the EDGAR website maintained by the
Securities and Exchange Commission. 
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. 
Contacts:
Argentex Mining Corporation
Peter A. Ball
EVP Corporate Development
604-568-2496 (ext. 103) or 1-888-227-5285 (ext. 103)
(604) 568-1540 (FAX)
peter@argentexmining.com
www.argentexmining.com