Argentex drills 9.9 meters of 2.57 g/t gold near surface in Pinguino's
Tranquilo Trend

VANCOUVER, July 21 /CNW/ - Argentex Mining Corporation (TSX-V: ATX, OTCBB: AGXM) is pleased to provide an update on exploration activities at its wholly owned 10,000-hectare Pinguino property. Drilling is currently focused on expanding oxide gold and silver mineralization.

Hole P331-10, which was drilled into the Tranquilo vein, intersected a thick zone of oxidized vein breccia material containing 9.9 meters of 2.57 grams per tonne (g/t) gold and 34.5 g/t silver. This hole is located approximately 100 meters southeast of the 14.50-meter-long intersection of 116.9 g/t silver, which was reported in the company's news release dated June 15, 2010. Pinguino's Tranquilo Trend contains numerous veins, including Tranquilo and Luna.

Drilling at the Luna vein continues to define near-surface oxidized precious metal with long intersections of silver mineralization. Oxidized silver-gold discoveries are significant because, with more than 47 veins and 74 kilometers of strike length discovered on the Pinguino property to date, they could potentially contribute to a significant near-surface resource.

Also at Luna, deeper drilling at hole P346-10 has intersected a vein thickness of approximately 14.50 meters at the oxidized boundary 100 meters below surface. Hole P347-10 intersected 12.50 meters of quartz-sulphide breccia vein with visible pyrite, galena and chalcopyrite in unoxidized primary vein material 140 meters below surface. These deeper mineralized and thickening vein intersections illustrate the continuing strength of the system to depth. Results for these deeper holes are pending.

"Drilling of the Tranquilo and Luna veins along Pinguino's Tranquilo Trend continues to expand near-surface gold and silver mineralization. The precious metal grades being returned in recent drilling are multiples higher than the average silver grades published in our first resource calculation," said Ken Hicks, President of Argentex. "This validates our stated goal to further explore and define the precious metal mineralization within Pinguino's property boundaries. These results continue to enhance the potential of our Pinguino project as we await the release of our scoping study in the coming weeks."

With more than 74 line kilometers of veins discovered to date, Argentex's Pinguino property is host to the largest known undeveloped vein system in Santa Cruz province after the developed AngloGold Ashanti Cerro Vanguardia mine. Both vein systems fall within the Tranquilo regional fault, a major northwest structural corridor in central Santa Cruz. To date, Argentex has drilled 352 holes at Pinguino for a total of 33,559 meters.

Results

The following table displays selected analytical results from the Tranquilo and Luna veins, both located within the northwest Tranquilo Trend. The new Tranquilo hole is located approximately 100 meters southeast of hole P328-10, which is a previously published hole. This previously published hole is being included to provide context of the area's growing precious metal potential. In addition, results from four new holes drilled in the Luna vein are included. All of the holes in the table intersected oxidized gold and silver mineralization and are located in Pinguino's Tranquilo Trend. A map of drilling locations is available on our web site.

    
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                     From       To     Interval    Gold     Silver      Lead
    Drill Hole        (m)       (m)      (m)*    (g/t)     (g/t)        %
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    Vein: TRANQUILO (approx. 100 meters southeast of P328-10, shown below)
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    P331-10          35.60     45.50      9.90      2.57     34.60       0.2
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    Vein: TRANQUILO (previously published)
    --------------------------------------
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    P328-10          29.80     44.30     14.50      0.02    116.90       1.3
    -------------------------------------------------------------------------

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    Vein: LUNA
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    P334-10          42.60     52.60     10.00      0.16     65.46       0.6
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    P337-10          20.90     24.50      3.60      0.20     74.84       0.7
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    P339-10          38.50     49.90     11.40      0.16    112.49       0.3
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    P344-10          70.43     72.10      1.67      0.28    127.95       0.2
    -------------------------------------------------------------------------

    * True widths are estimated to be 85-90% of the stated core length
    

A total of 86 drill holes covering 5,832 meters have been completed at the Pinguino property as part of the ongoing 2009-2010 drill program. Samples have been collected from these holes and submitted for analysis. Additional results will be published as they are received.

Drilling is currently focused on the Tranquilo and Luna veins, two major new silver and gold discoveries located within the 11-kilometer-long Tranquilo Trend.

About Pinguino

Pinguino is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. With more than 74 line kilometers of veins discovered to date, the Pinguino property is host to the largest known undeveloped vein system in Santa Cruz province after the developed AngloGold Ashanti Cerro Vanguardia mine. Both vein systems fall within the Tranquilo Trend, a major northwest structural corridor in central Santa Cruz.

Quality Assurance

Exploration samples selected for analysis are sent to Acme Analytical Laboratories' sample preparation lab in Mendoza, Argentina. From there sample pulps are sent to Santiago, Chile for fire assay gold analysis and to Vancouver, Canada for Group 1DX multi-element MS-ICP analysis. Samples with over-limit zinc, lead, silver and/or copper are reanalyzed using an ore-grade high detection limit 7AR analysis, also conducted in Vancouver. Acme Analytical Laboratories is an accredited ISO 9000:2001 full-service commercial laboratory with its head office in Vancouver. Referee analyses will be carried out by ALS Chemex in Mendoza, Argentina and La Serena, Chile. Argentex, Acme and ALS Chemex all maintain comprehensive and independent Quality Control/Quality Assurance programs.

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. 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.

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. Mr. Hicks 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, "oxidized silver-gold discoveries...could potentially contribute to a significant near-surface resource." 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.

For further information: Ken Hicks, President, Argentex Mining Corporation, 1-866-594-7687, [email protected]