Argentex Commences Exploration at Promising Pinguino Property.

Business Editors

TORONTO--(BUSINESS WIRE)--April 28, 2004

Argentex Mining Corporation (OTCBB:AGXM) today announced that it has commenced its Phase 1 exploration program at Pinguino. Pinguino is located in Santa Cruz Province in Argentina's mineral-rich Patagonia gold region. The property is geologically promising with at least three mineralized systems, including a large, easily accessible epithermal gold-silver system. The main Pinguino vein system is a highly silicified system that has a strike length of more than 11,000 feet. Resampling of ten of the 155 trenches that were excavated by the previous operator returned values ranging up to 0.3 ounces/ton gold equivalent over a width of up to 26 feet.

The Phase 1 exploration program at Pinguino consists of mapping, prospecting, soil sampling and re-sampling of existing trenches. Argentex has also scheduled a geophysical program to commence at Pinguino in May and further details will be released at that time.

Soil and Rock Geochemistry 

Initially, Argentex expects to collect a minimum of 500 to 1,000 soil samples and tighten up the grid within and around anomalous zones. Previous soil sampling undertaken by Mincorp, Anglo Gold's Argentinean subsidiary, was carried out on a regional basis. The soil sampling program that Argentex is involved in will be on a more localized basis with samples being taken approximately every 160 feet versus Mincorp's 1,300 feet.

Argentex will conduct diamond saw channel sampling along the existing Mincorp trenches, which returned enriched gold and silver values during a recent resampling program. Argentex plans to sample the entire width of the trench and expects results will augment the earlier positive results reported by Mincorp, which did not sample the entire width of the trench.

"Our objective is to further define the resource that we believe exists on the Pinguino property and generate enough positive data to identify sound exploration drill targets to be tested later in the field season," said Chris Dyakowski, President & CEO of Argentex Mining Corporation. "Our exploration efforts will help us further define the anomalies that were predefined by Mincorp and augmented with our own sampling initiatives, adding to the underlying value of the Pinguino property and thereby increasing our major discovery potential. We look forward to a successful exploration season at our very promising Pinguino property -- consisting of over 24,000 acres with multiple targets that will be explored in detail. Our success will be measured by the confirmation of known mineralization and the extent to which we are able to expand the resource."

ABOUT ARGENTEX:

Argentex Mining Corporation is a junior mining exploration company with significant holdings in the Patagonia region of Argentina. The company owns mineral rights to 26 properties with over 240,000 acres of highly prospective land, located in the Rio Negro and Santa Cruz provinces of Argentina. Argentex is well funded for its 2004 exploration program. The company trades under the symbol AGXM on the OTCBB.

Information Regarding Forward-Looking Statements: Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Argentex's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, volatility of commodity prices, product demand, market competition, and risks inherent in Argentex's operations. 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.

Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.