Argentex Mining has intersected high grade silver and gold from its 2011 exploration program at its 100%-owned Pinguino project located in Santa Cruz, Argentina.

The intersection returned assays of 12.0m grading 512.5g/t Ag and 1.1g/t Au at the project.

To date, the company has completed 11,195m of RC drilling in 162 holes and 3,611m of diamond drilling in 19 holes.

The program was designed to expand silver targets from our 2010 reconnaissance program as well as test new targets.

Prior to 2010, primary mineralization at Marta Este was drill tested at depth and high concentrations of silver were discovered, meriting further investigation.

The new shallow drilling intersected wide intervals of silver and gold mineralization with higher-grade values in the centers.

The Marta Sur zone has had minimal drill testing, but contains large exposures of banded and colloform epithermal quartz, which is typically found in areas of prospective epithermal mineralization.

Previous reconnaissance drilling in this zone returned 33.7g/t Ag and 7.82g/t Au over 3.26m in hole P44-05.

The recent eight shallow drill holes intersected anomalous silver and gold mineralization.