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:
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