Argentex updates shareholders on anticipated IFC investment, Pinguino drill results and scoping study

VANCOUVER, Sept. 10 /PRNewswire-FirstCall/ - Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to provide an update on activities, including the anticipated private placement by IFC.

IFC

Argentex continues to work with IFC, a member of the World Bank Group, towards an investment in Argentex, on terms and conditions to be mutually agreed.

"We anticipate that an investment by IFC will help us achieve significant additional progress at Pinguino and help us enhance our presence in Argentina through new exploration discoveries, positive engineering developments and community involvement," said Ken Hicks, President of Argentex. "IFC's group of experts and specialists provide a wealth of experience that we believe will be invaluable to the long-term growth of our company and the project."

Drill Results

Additional analytical results from the diamond drilling program at Pinguino's Luna and Tranquilo precious metal veins have been received from Acme Analytical labs. The raw data is being compiled and interpreted by geological staff in Argentina, which enables the company to provide an overview of results for investors. Argentex expects to complete interpretation and provide a summary of these remaining results in the coming days.

Pinguino scoping study

Argentex's management and directors are reviewing the geological, engineering and economic data recently compiled by its independent engineering firm on the Pinguino project. These will define the base case and alternatives for the preliminary economic assessment, which is nearing completion. The company looks forward to providing summarized results in a news release later this month and it plans to file a complete technical report on SEDAR within 45 days of publication of the news release reporting the summarized results.

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. IFC creates opportunity for people to escape poverty and improve their lives. They do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, IFC's new investments climbed to a record $18 billion in fiscal 2010. For more information, visit www.ifc.org.

About Argentex Mining Corporation

Argentex Mining Corporation (www.argentexmining.com) is a Delaware corporation. It is a junior mining company in the exploration stage with significant holdings in the Patagonia region of Argentina. In total, the company owns 100% mineral rights to more than 35 properties with approximately 141,020 hectares of prospective land located in the Santa Cruz and Rio Negro provinces of Argentina, including the Pinguino property. Shares of Argentex common stock trade under the symbol AGXM on the OTCBB and on the TSX Venture Exchange under the symbol ATX.

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 such as,"The company looks forward to providing summarized results in a news release later this month and it plans to file a complete technical report on SEDAR within 45 days of publication of the news release reporting the summarized results, and Argentex expects to complete interpretation and provide a summary of these remaining (drilling) results in the coming days, and we anticipate that an investment by IFC will help us achieve significant additional progress at Pinguino and help us enhance our presence in Argentina through new exploration discoveries, positive engineering developments and community involvement." 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 risk that Argentex or the nature or amount of the proposed investment will not be approved by IFC, as well as risks that are inherent in Argentex's operations including the risk that it might 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, [email protected]

SOURCE Argentex Mining Corporation