Argentex Announces Resignations of CEO and Director and Appoints Interim President
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/23/12 -- Argentex Mining Corporation ('Argentex' or the 'Company') (TSX VENTURE: ATX)(OTCBB: AGXMF) announced today that, effective immediately, Mr. Kenneth Hicks has resigned as Chief Executive Officer, President and Secretary of the Company. Mr. Hicks, along with Mr. Colin Godwin, have also resigned from the Board of Directors of Argentex. Mr. Godwin's resignation was effective January 20, 2012 and Mr. Hicks' was effective January 22, 2012.
Mr. Peter A. Ball, the Company's Executive Vice President of Corporate Development has been appointed as the interim President. Mr. Ball is a mining professional with close to 25 years of mining and financial experience including senior management roles encompassing finance, investor relations, securities trading, mine engineering, business development, corporate communications, public relations and marketing. Mr. Ball has held previous technical, financial and management roles with various companies including Eldorado Gold, Echo Bay Mines, RBC Dominion Securities, Hudson Bay Mining and Smelting, and Adriana Resources. Mr. Ball is a graduate of the Haileybury School of Mines (1989), the Business Program at Georgian Business College (1996) and the Canadian Securities Program (1994 and 1999).
'We want to thank Mr. Hicks for his leadership and commitment to the Company over the past eight years. We wish him well in his future endeavors,' commented Peter A. Ball, President of Argentex.
The Board of Argentex will immediately undertake the process of recruiting and selecting a new CEO.
Argentex remains in a strong financial position, with approximately $10.8 million in cash and short-term investments, as at the Company's most recent quarter ending October 31, 2011. The Company's management and Board of Directors look forward to the completion of the Pinguino resource update and are focused on building superior shareholder value through organic growth initiatives and the ongoing evaluation of opportunities presented to the Company.
About Argentex
Argentex Mining Corporation is an exploration company focused on the discovery of silver, gold and polymetallic deposits on its advanced exploration project portfolio in the Patagonia region of southern Argentina. In total, Argentex owns 100% of the mineral rights to more than 35 properties located within approximately 307,981 acres (124,636 hectares) of highly prospective land located in the Santa Cruz and Rio Negro provinces.
Shares of Argentex common stock trade under the symbol ATX on the TSX Venture Exchange and under the symbol AGXMF on the OTCBB.
On behalf of Argentex Mining Corporation:
Peter A. Ball, President
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 in this news release include the Board of Argentex will immediately undertake the process of recruiting and selecting a new CEO, completion of the Pinguino resource update and the Board of Directors are focused on building superior shareholder value through organic growth initiatives and the ongoing evaluation of opportunities presented to the Company. 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, the availability of the Company's consultants and risks that are inherent in Argentex's operations including the risks that the Company may not find any minerals in commercially feasible quantity or raise enough money to fund its exploration plans. These and other risks are described in the Company's Annual Information Form and other public disclosure documents filed on the SEDAR website maintained by the Canadian Securities Administrators and the EDGAR website maintained by the Securities and Exchange Commission.
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.
Contacts:
Argentex Mining Corporation
Peter A. Ball
President
604-568-2496 (ext. 103) or 1-888-227-5285 (ext. 103)
peter@argentexmining.com
www.argentexmining.com