Argentex Mining Corporation announced that its 2009-2010 exploration and engineering program has commenced in Santa Cruz province, Argentina. This multi-property program is scheduled to include drill testing, trenching and a combination of geochemistry, airborne and ground geophysics. Drilling at Pinguino is expected to total 15,000 meters (49,212 feet), with the initial phase designed to test and expand near-surface oxidized silver and gold mineralization. In addition, metallurgical samples are being collected from oxide phases of three different vein types and the preliminary economic assessment (scoping study) of Pinguino has commenced. To date, the majority of drilling at Pinguino has focused on primary silver-zinc-indium sulphide mineralization, which begins at a depth of approximately 40 meters (131.2 feet) below surface. A zone of oxidized silver-gold mineralization occurs between the surface and the primary sulphide mineralization. This shallow precious-metal mineralization remains largely untested by drilling. The initial phase of this new Pinguino drill program is designed to expand and define the near-surface silver and gold mineralization. Extensive drilling is proposed for high-grade silver and gold zones, including Marta Norte, which returned 8.8 meters (28.8 feet) of 1,095 grams per tonne (g/t) silver in hole P032; Marta Noroeste, which intersected 6.7 meters (21.9 feet) of 11 g/t gold in hole P196; and Yvonne, which revealed 30.6 g/t gold over 1.0 meters (3.2 feet) in hole P048.

Argentex Mining Corporation summarized its completed mineral resource estimate with highlights from the core diamond drilling completed to date on its Pinguino property in Santa Cruz, Argentina. Argentex announced the completion of its first-ever National Instrument 43-101-compliant mineral resource estimate for Pinguino, its 100%-owned polymetallic property in Santa Cruz province, Argentina. At a cutoff grade of 1.6 oz/t silver equivalent, the mineral resource estimate includes: 35.4 million tonnes at 4.0 oz/t silver equivalent (inferred category) and 7.32 million tonnes at 5.5 oz/t silver equivalent (indicated category). Nine veins of a total of 15 drill tested veins had sufficient density to be used in the mineral resource estimate. More than 47 veins have been mapped to date on the property and numerous geophysical targets remain to be tested. The Mineral Resources fall within a volume or shell defined using long term metal price estimates of $795.45/oz for gold, $13.83/oz for silver, $1.14/lb for zinc, $0.92/lb for lead and spot price of $465 per kilogram for indium. The Silver Equivalent (AgEq) calculation is as follows: AgEq = Ag(g/t) +(Au g/t * 25.57/0.44) +(Pb% * 20.282/0.44) +(Zn% * 25.132/0.44) +(In g/t * 0.465/0.44). 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 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.

Argentex Mining Corporation announced that it has received the initial mineral resource estimate for its 100%-owned polymetallic Pinguino property in Santa Cruz province, Argentina. This estimate is based on a total of 258 drill holes, totaling 29,149 meters (95,633 feet) of HQ core drilling, and 55 surface trenches, all completed between 2004 and 2008. 11,911 drill and trench samples were used from nine steeply dipping veins exposed on surface and the majority analyzed for gold, silver, lead, zinc and indium(1). This estimate is based on less than all of the 269 drill holes, 311 trenches and the 15 drill-tested veins on the Pinguino property to date. Five of these veins-Marta Centro, Marta Este, Marta Sur, Marta Norte and Yvonne-provided sufficient drill density for the creation of an indicated mineral resource. Mineralization peripheral to the area of high drill hole density was combined with more widely spaced drilling from the four other veins modeled to compile the inferred resource. 753 samples collected during the first phase of drilling in 2005 were analyzed only for gold and silver and not for lead, zinc and indium. The mineral resources are reported within a defined volume and at various silver equivalent cutoff grades as presented in tables 2 and 3, below. Due to the multiple veins involved with differing mineralogy in the various veins, a silver equivalent cutoff would better represent the relative metal grades of the veins in a polymetallic system. For this calculation 36 month rolling monthly average price data was collected from Kitco for gold and silver, MinorMetals for indium and Indexmundi for zinc and lead. A silver equivalent grade has been calculated from the combined gold, silver, zinc, lead and indium grades(2,3).