Argentex Mining Corporation reports that initial results from its ongoing geophysical and geochemical surveys identified well-defined geophysical and geochemical signatures that extend existing veins at its Pinguino project, located in Santa Cruz province, Argentina.

Pinguino Overview

Pinguino's 12 kilometer long by 5 kilometer wide epithermal silver-gold vein field contains more than 50 individual veins, with more than 75 line-kilometers of strike length, and with less than one third tested to date. Within the central part of the vein field, previous exploration identified and drill tested a number of mineralized veins, which form the core of the current resource estimate completed in 2009.

New Target Definition

All of the resource veins remain open along strike, but with limited outcrop exposure in these areas, the Company initiated a comprehensive program of geophysical and geochemical surveys in an effort to identify vein extensions to expand the resource base.

The geochemical "footprint" of the largest new silver anomalies is more than twice that of the nearby silver-rich Marta Este vein, which has had more than 104 holes drilled to date. With limited outcropping vein material on surface, but with coincident geophysical and geochemical anomalies, it identifies excellent potential for the discovery of a new silver-rich vein. In addition, IP surveys have also identified a 500-meter extension to the silver-gold Marta Noroeste vein, and numerous other extensions within the Tranquilo fault, Marta Sur and other parallel structures. Maps of these newly generated preliminary geochemical and geophysical targets are posted on the Company's website (www.argentexmining.com) with the press release.

Mineral Resource Estimate Update Independent engineering consultants from Moose Mountain Technical Services are currently working with the Company's on-site geologists to combine the 56,000-meter (564 holes) Pinguino drillhole database with geological interpretations. The 43-101 mineral resource estimate update is on schedule for completion by approximately year-end.

"The updated mineral resource estimate will highlight veins with the best economic potential. We will focus our efforts on expanding the resource by targeting the newly discovered extensions of the key high-grade veins along strike of the known resource and also on the new targets within the core silver-gold region," commented Ken Hicks, President of Argentex. "With a strong treasury of approximately $10 million, we anticipate a targeted drill program in 2012, which we believe will continue to enhance the resource potential of Pinguino."