Argentex files independent NI 43-101 mineral resource estimate for silver-zinc-indium Pinguino property, Argentina

VANCOUVER, Oct. 29 /PRNewswire-FirstCall/ - Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to announce that the independent National Instrument 43-101 mineral resource estimate for Pinguino, the company's 100%-owned polymetallic property in Santa Cruz province, Argentina, has been filed on SEDAR (www.sedar.com). The announcement of the resource estimate was made in a news release issued on September 14, 2009.

At a cutoff grade of 1.6 oz/t (50 g/t) silver equivalent, the mineral resource estimate includes:

    -   35.4 million tonnes at 4.0 oz/t (123.63 g/t) silver equivalent
        (inferred category) and
    -   7.32 million tonnes at 5.5 oz/t (169.64 g/t) silver equivalent
        (indicated category)

"Silver equivalent" grades were calculated from a combination of individual silver, gold, zinc, lead and indium grades using a specific formula and metal pricing referred to in the September 14, 2009 news release.

The report recommends a comprehensive two-phase exploration program, metallurgical testing and a preliminary economic assessment (scoping study). The 2009-2010 exploration program is recommended to include 15,000 meters (49,212 feet) of drilling, together with geological mapping, IP geophysics, soil geochemistry and regional airborne magnetometry. Drilling is targeted to test and expand near-surface oxidized silver and gold mineralization as well as the primary sulphide mineralization.

"We are excited about the potential of Patagonian Argentina and Santa Cruz province, which has recently attracted a great deal of attention for base and precious metal exploration projects," said Ken Hicks, President of Argentex. "We recognized the geological similarities between epithermal gold occurrences in Nevada and the under-explored Deseado Massif of Santa Cruz early on and acquired a large number of high-quality grassroots properties. In the past five years, we have made a significant polymetallic discovery at Pinguino. As well, we have a pipeline of emerging silver-gold properties in Santa Cruz, including Condor and Cerro Contreras. These properties show good geological potential for low-sulphidation epithermal silver-gold type deposits. Our objective is to use our expertise and experience to continue to advance our highly prospective portfolio of mineral properties in Santa Cruz."

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 the 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.

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 objective is to use our expertise and experience to continue to advance our highly prospective portfolio of mineral properties in Santa Cruz. 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 or raise funds sufficient to 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.

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

SOURCE Argentex Mining Corporation