Argentex Mining Appoints Peter A. Ball as Executive VP of Corporate Development and Grants Stock Options
TORONTO, March 14 /CNW/ --
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 /CNW/ - 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.
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For further investor information, please contact the company at:
E-mail: info@argentexmining.com
Phone: 604-568-2496 or 1-866-594-7687
Website: www.argentexmining.com