Mr. Mike Brown reports

ARGENTEX INCREASES PINGUINO SILVER-GOLD PROJECT MINERAL RESOURCE ESTIMATE TO 26.7 MILLION OUNCES AG EQ. @ 132.3 G/T AG EQ. INDICATED AND 7.0 MILLION OUNCES AG EQ. @ 98.0 G/T AG EQ. INFERRED

Argentex Mining Corp. has released the results of an updated National Instrument 43-101-compliant mineral resource estimate undertaken by Mine Development Associates (MDA) of Reno, Nev. This report incorporates drilling and trenching results from 2013 on the company's 100-per-cent-owned Pinguino silver-gold project, located in Santa Cruz province, Argentina.

Highlights:

• Increase in indicated category silver-equivalent ounces by 13 per cent (three million additional AgEq ounces to a total of 26.7 million ounces AgEq at 132.3 grams per tonne AgEq);
• Increase in inferred category AgEq ounces by 49 per cent (2.3 million additional AgEq ounces to a total of seven million ounces AgEq at 98.0 g/t AgEq);
• Four new veins were added to the resource to bring the total number of veins included in the updated resource estimate to 12;
• More than 60 veins remain to be fully tested in vein structures that remain open in all directions.

"This significant increase in the resource estimate follows our latest phase of exploration in the oxidation zone and further supports our belief in the potential for the future development of the Pinguino project. The increase resulted from the addition of four veins to the resource, as well as further drilling and trenching on certain veins included in the previous resource estimate of Jan. 31, 2013. The increase in enriched silver-gold grade oxide material continues to point to the potential to evaluate a staged development of the project and while the long-term future of Pinguino lies in the primary mineralisation, this high-grade oxide material could make an initial low-cost oxide operation feasible. The oxide material is enriched in Ag-Au, whilst the primary mineralization comprises either Ag-Au or Ag-Au-zinc-lead sulphide mineralization," commented Mike Brown, president and chief executive officer of Argentex. "These results, coupled with our understanding of the deposit and its expansion potential, will provide a solid foundation to our recently announced strategic review."

                                RESOURCE SUMMARY
     
Tonnes      AgEq    Ag    Au   Zn   Pb       Ag     AgEq    Au      Zn     Pb
(000)       (g/t) (g/t) (g/t)  (%)  (%)    (koz)    (koz) (koz)   (klb)  (klb)

Indicated 
6,281      132.3 103.4  0.58 0.77 0.54 20,877.0 26,717.0 116.8 107,225 74,993
Inferred       
2,207       98.0  65.3  0.66 0.52 0.35  4,632.0  6,957.0  46.5  25,378 17,062

1. AgEq grade equals Ag grade plus (Au grade times 50) (rounding may cause
apparent discrepancies).
2. Mineral resources are not mineral reserves and do not have demonstrated
economic viability. There is no certainty that all or any part of the 
estimated mineral resources will be converted into mineral reserves. All
mineral resources have been classified in accordance with the Canadian
Institute of Mining, Metallurgy and Petroleum standards on mineral resources 
and reserves, definitions, and guidelines prepared by the standards committee 
on reserve definitions and adopted by the CIM council on Dec. 11, 2005, and 
updated on Nov. 27, 2010, and on May 10, 2014.
3. Two cut-offs are used for reporting the resources: 40 g/t AgEq for
elevations above 270 metres and 100 g/t AgEq for elevations below 270 m 
elevation. Average surface elevations at Pinguino are around 400 metres above 
sea level.
4. MDA reports resources at cut-offs that are reasonable for deposits of this 
nature given anticipated mining methods and plant processing costs, while 
also considering economic conditions.
5. For the Luna, Savary and CSV veins, resources were reported only for those 
that fell within a floated cone based on reasonable assumptions and prices 
for resource reporting for open-pit mining.
6. Grades presented are in situ and have been reported to three m by six m by 
four m (high) blocks.
7. Tonnes reported are for all veins, as are gold and silver grades and 
ounces, but zinc and lead pounds and grades are exclusive of Luna, Savary, 
Karina and CSV veins, which did not have zinc and lead estimated.
8. All equivalent ounces for silver and gold were calculated by Argentex.

The varying cut-offs used in the resource model are given in the table.

                  RESOURCE ESTIMATE BY CUT-OFF GRADES (AGEQ)

                                     INDICATED                                         

AgEq cut-off        Tonnes      AgEq        Ag        Au        Zn        Pb
(g/t)                 (000)     (g/t)     (g/t)     (g/t)       (%)       (%)

20                  11,635      86.4      66.6      0.40      0.78      0.44
40                   6,918     125.7      97.8      0.56      0.94      0.55
Reported           6,281.0     132.3     103.4      0.58      0.77      0.54
60                   4,552     165.6     130.5      0.70      0.99      0.63
80                   3,229     205.2     163.9      0.83      1.02      0.68
100                  2,442     242.5     196.0      0.93      0.98      0.72
150                  1,401     332.7     276.0      1.14      0.78      0.75
200                    912     418.9     355.0      1.28      0.63      0.77

AgEq cut-off              Ag        AgEq          Au          Zn          Pb
(g/t)                   (koz)       (koz)       (koz)       (klb)       (klb)

20                    24,897      32,327         149     199,614     112,511
40                    21,747      27,967         124     142,729      84,365
Reported              20,877      26,717         117     107,225      74,993
60                    19,102      24,237         103      99,633      63,010
80                    17,014      21,304          86      72,514      48,664
100                   15,389      19,034          73      52,862      38,549
150                   12,432      14,992          51      24,154      23,237
200                   10,409      12,284          38      12,756      15,575

                                      INFERRED

AgEq cut-off        Tonnes      AgEq        Ag        Au        Zn        Pb
(g/t)                 (000)     (g/t)     (g/t)     (g/t)       (%)       (%)

20                   6,043      57.6      39.3      0.37      0.64      0.29
40                   2,921      89.1      59.5      0.59      0.85      0.37
Reported             2,207      98.0      65.3      0.66      0.52      0.35
60                   1,656     119.9      78.5      0.83      0.91      0.43
80                   1,059     148.5      96.0      1.05      0.98      0.49
100                    699     179.3     114.1      1.30      0.96      0.53
150                    341     240.9     157.0      1.68      1.06      0.63
200                    173     307.6     216.9      1.81      0.97      0.68

AgEq cut-off              Ag        AgEq          Au          Zn          Pb
(g/t)                   (koz)       (koz)       (koz)       (klb)       (klb)

20                     7,631      11,206          72      84,880      38,344
40                     5,590       8,365          56      54,659      23,733
Reported               4,632       6,957          47      25,378      17,062
60                     4,181       6,381          44      33,083      15,619
80                     3,270       5,055          36      22,910      11,340
100                    2,565       4,030          29      14,762       8,141
150                    1,722       2,642          18       7,945       4,724
200                    1,206       1,711          10       3,694       2,584

The tables below summarize the division of the resource estimate by oxidation state, as defined from drill logs. Oxidation levels typically range from 40 metres to 60 m below the surface, although they can extend down to approximately 130 m below the surface within the veins. These are reported at the variable cut-off grades.

                     RESOURCE COMPOSITION BY OXIDATION STATE

Zone           Cut-off        Tonnes    AgEq      Ag      Au      Zn      Pb
             (AgEq g/t)         (000)   (g/t)   (g/t)   (g/t)     (%)     (%)
Indicated
Oxide         Variable         2,802   145.2   114.1    0.62    0.07    0.32
Transitional  Variable           717   134.5   106.6    0.56    0.23    0.41
Sulphide      Variable         2,763   118.6    91.7    0.54    1.62    0.80
Total                          6,282
Inferred      
Oxide         Variable           757   101.7    77.7    0.48    0.06    0.30
Transitional  Variable           163    93.9    72.9    0.42    0.30    0.34
Sulphide      Variable         1,287    96.5    57.1    0.79    0.77    0.38
Total                          2,207

Zone           Cut-off              Ag    AgEq      Au        Zn          Pb                                       
             (AgEq g/t)           (koz)   (koz)   (koz)     (klb)       (klb)
Indicated
Oxide         Variable          10,276  13,081      56     4,324      19,768
Transitional  Variable           2,458   3,103      13     3,595       6,500
Sulphide      Variable           8,146  10,536      48    98,550      48,487
Total                                   26,720     117   106,469      74,755
Inferred      
Oxide         Variable           1,890   2,475      12     1,001       5,007
Transitional  Variable             382     492       2     1,092       1,204
Sulphide      Variable           2,363   3,993      33    21,907      10,818
Total                                    6,960      47    24,000      17,029

Discussion

The addition of the Karina, Savary, Luna and CSV veins in the inferred category follows their discovery in the 2012 exploration program and follow-up drilling in the oxide zone in late 2013. The exhibited structural control of high-grade mineralization by crosscutting faults could offer significant potential to identify high-grade zones at depth. In general only the Marta Centro vein has been drilled to any significant depth (approximately 350 m). The untested deeper extensions of the veins focusing on zones of crosscutting structures for high-grade shoots are targets for resource expansion.

Of all metals listed and found in the veins, only silver, gold, zinc and lead were modelled. Indium occurs at Pinguino associated with zinc in higher-than-anomalous grades in the polymetallic veins, but it was not modelled.

With only 12 of the 70 or more discovered veins included in the current estimate, the company continues to believe in the potential of the mineral resource at Pinguino.

Quality assurance/quality control

A best practices and increasingly stringent protocol for the collection, preparation and submission of rock samples for analysis was followed throughout the phases of exploration at Pinguino. All samples were analyzed by Acme Analytical Laboratories except for the 2006 drilling of phase 2 which were sent to Alex Stewart (Assayers) Argentina SA. The current analytical protocol, which was largely instituted in 2007 for the phase V drilling, and which constitutes the bulk of the assay data that contributed to the resource model, begins with all field samples being submitted to Acme Labs' preparation laboratory in Mendoza, Argentina. From there, the sample pulps were sent to its laboratory in Vancouver for multielement ICP-MS analysis (1DX procedure). Samples overlimit in silver, lead, zinc or copper were rerun by a high-detection-limit ICP-ES procedure (Acme Labs code 7AR). Samples overlimit in silver from that procedure and, more recently, all gold assays greater than 300 parts per billion were rerun by fire assay (G6 procedure). Acme Labs is an accredited ISO 9000:2001 full-service commercial laboratory with its head office in Vancouver. Quality control was maintained by submitting field blanks and duplicates, company standards for the latest phase, and by reviewing laboratory results of its own replicates, duplicates and analytical standards.

About Pinguino

Argentex's 10,000-hectare advanced silver and gold exploration Pinguino project is located in Argentina's Patagonia region, within the Deseado massif of Santa Cruz province. The Deseado massif is an active region of mining with four precious metal mines currently in production, and includes multiple active advanced- and early-stage exploration projects.

The Pinguino system has grown to 70-plus individual veins, with a combined strike length approaching approximately 113 line kilometres. The Pinguino project is unique within the Deseado massif region of Santa Cruz province in that it contains two different and spatially distinct types of mineralization, one precious metal, and the other sulphide-rich polymetallic. The company continues to evaluate the geological model of sulphide-enriched potentially mineralized intrusives at depth, forming the probable source for the polymetallic veins exposed on surface.

Pinguino is easily accessible, situated approximately 400 m above sea level in low-relief topography. An existing system of all-weather roads provides year-round access to the property.

The mineral resource estimate was prepared by Steven Ristorcelli, CPG, principal geologist at Mine Development Associates in Reno, Nev., in accordance with NI 43-101, and he is an independent qualified person as defined by NI 43-101. Mr. Ristorcelli has approved the details of the resource estimate as contained herewith.

All other content of this press release has been reviewed and approved by Mike Brown, MAIG, qualified person as defined by NI 43-101.

The company expects a complete copy of the report will be filed on SEDAR within 45 days of this press release.

We seek Safe Harbor.