This Revised Press Release replaces the Press Release issued
earlier today to correct the date of appointment and to add
disclosure about the grant of stock options.
TORONTO, March 14 /PRNewswire-FirstCall/ - Argentex
Mining Corporation ("Argentex" or "the Company") (TSXV: ATX)
(OTCBB: AGXM) is pleased to announce the appointment of Peter A.
Ball as its Executive Vice President of Corporate Development,
effective March 11, 2011. In his new position, Mr. Ball will
be responsible for developing, implementing and executing all
aspects of Argentex's corporate development opportunities designed
to enhance its shareholder value. Included in the role will be the
forging of new relationships with institutional investors, raising
of capital to fund the continued development of the Company's
exploration and development programs, an expanded marketing and
public relations program, and assisting with corporate governance
and regulatory matters. Mr. Ball is a mining professional
with close to 25 years of experience in senior management roles
encompassing finance, investor relations, securities trading, mine
engineering, business development, corporate communications, public
relations and marketing. He will be based at the Company's
corporate headquarters in Vancouver, British Columbia, Canada.
Prior to joining Argentex, Mr. Ball held the
position as Vice President of Investor Relations for Century Mining
Corporation, where he was responsible for the management of
corporate communications, investor and public relations and
business development. He began his career in the 1980s,
gaining valuable experience as a mining engineer, a technical
representative, and various business-corporate relations management
roles for a number of mining companies including Sherritt Gordon
Mines, Hudson Bay Mining & Smelting, Echo Bay Mines and
Eldorado Gold Corporation.
Mr. Ball spent eight years in the financial
sector, first as a financial advisor with RBC Dominion Securities
and later as a portfolio manager, revenue analyst and marketing
manager with Bell Canada. From 2006 to 2009, Mr. Ball held
the senior positions of Vice President of Corporate Communications
for Hawthorne Gold Corp. and also Adriana Resources Inc. Mr.
Ball is a graduate of the Mine Engineering Program, Haileybury
School of Mines (1989), the Business Program (Finance/Marketing) at
Georgian Business College (1996) and the Canadian Securities
Program (1994 and 1999). He is a member of the Canadian
Investor Relations Institute (CIRI) and the Canadian Institute of
Mining, Metallurgy and Petroleum (CIM).
"We are pleased to add Peter to our senior
management team," said Ken Hicks, President of Argentex.
"Peter's diverse background and extensive knowledge of the mining
industry on all fronts, coupled with his extensive investor
relations and corporate development experience, industry contacts
and proven track record, will play a key role as the Company
continues to expand its excellent pipeline of advanced exploration
assets and focuses to increase shareholder wealth."
Also on March 11, 2011 and pursuant to a written
consulting agreement with Mr. Ball, Argentex has granted to Mr.
Ball options to purchase 150,000 shares of its common stock at an
exercise price of US$1.04, being the closing price (last sale of
the day) on the OTC-BB on March 10, 2011. These options are
for a term of three years from the date of grant, vesting quarterly
in four equal installments, with the first installment vesting June
1, 2011.
About Argentex:
Argentex Mining Corporation is an exploration
company focused on the discovery of silver, gold and polymetallic
deposits on its advanced late-stage exploration projects in the
Patagonia region of southern Argentina.
In 2011, through an extensive targeted
exploration program, Argentex is currently advancing its highly
prospective projects, specifically its 100% controlled Pinguino
project, located in Santa Cruz province. An early 2011 drill
program of approximately 17,000 meters is underway at Pinguino,
where Argentex plans to drill test the extents of previously
identified high-grade silver targets discovered in 2010. More
than 6,300 meters of the proposed 17,000-meter program have so far
been completed. The new discoveries being drill tested
include the Tranquilo and Luna veins at Pinguino, which returned
high-grade results in previous drill programs, including 6.0 meters
of over 2,400 g/t silver and 0.22 g/t gold and 6.4 meters of 486.6
g/t silver and 1.91 g/t gold. More than 50 individual veins have so
far been discovered at Pinguino, with a combined strike length in
excess of 75 line kilometers. Only a small percentage of
veins and potential targets have been drill tested in the 42,300
meters of drilling completed at Pinguino to date.
With the recent financing of approximately $7.3
million Cdn from International Finance Corporation (IFC), a member
of the World Bank Group, Argentex has a strong treasury to carry
out its exploration plans. IFC offers mining clients in
developing countries a broad range of financial and advisory
services throughout the mining life cycle. Through its early
equity investment program, IFC assists exploration-stage companies
such as Argentex with financing and advice on best practice
environmental and social management.
Argentex's 10,000 hectare Pinguino property is
located in Argentina's Patagonia region, within the Deseado Massif
of Santa Cruz province. Pinguino is easily accessible, situated
approximately 400 meters above sea level in low-relief
topography. An existing system of all-weather roads provides
year-round access to the property.
The Deseado Massif is a region of recent
prolific gold/silver exploration, development and M&A activity.
In addition to the four currently operating precious metal mines,
the recent $3.6 billion acquisition of Andean Resources for its
Cerro Negro property by Goldcorp Inc. highlights the world-class
potential of this emerging silver-gold district.
In total, Argentex owns 100% of the mineral
rights to more than 35 projects located within approximately
307,981 acres (124,636 hectares) of highly prospective land located
in the Santa Cruz and Rio Negro provinces of Argentina. Shares of
Argentex common stock trade under the symbol ATX on the TSX Venture
Exchange and on the OTCBB under the symbol AGXM.
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.
On behalf of Argentex Mining Corporation:
"Ken E. Hicks"
President
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 are based on
current facts and analysis and on forecasts of future results,
estimates of amounts not yet determined and assumptions of
management. Forward-looking statements in this news release include
statements about the company's belief that Peter's diverse
background and extensive knowledge of the mining industry on all
fronts, coupled with his extensive investor relations and corporate
development experience, industry contacts and proven track record,
will play a key role as the Company continues to expand its
excellent pipeline of advanced exploration assets and focuses to
increase shareholder wealth. 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.
SOURCE Argentex Mining Corporation