http://www.marketwire.com/press-release/westernzagros-provides-operational-update-tsx-venture-wzr-1519193.htm

WesternZagros Resources Ltd.

TSX VENTURE : WZR

May 26, 2011 02:01 ET

WesternZagros Provides Operational Update

Argentex has now completed 18,673 meters of drilling to-date in the 2011 program with a total of 201 holes. Results below are from the most recent 16 holes from the Marta Este, Marta Sur and Marta Centro veins:

*True widths are estimated to be 85-90% of the stated interval
"P" represents core holes, "PR" represents RC holes

"The discovery of high-grade silver and gold values within the near-surface oxide zone in the upper portions of mineralized veins, which we previously thought of as only primarily polymetallic mineralization, has opened up the precious metal potential of the entire property", commented Ken Hicks, President of Argentex. "We continue to expand this core of high grade mineralization. In many cases, this high grade mineralization is surrounded by a larger envelope of plus 1 gram gold-equivalent mineralization, which is also very promising. For these reasons, we have expanded our original drilling program to continue to test these zones further along strike and to depth."

Results

The table above displays selected analytical results from a total of 16 reverse circulation and core holes; 2 holes from Marta Este, 2 holes from Marta Sur and 12 holes from Marta Centro. A map of drill hole collars is available on our web site at www.argentexmining.com.

In addition, between May 20 and May 24, 2011 one of the Company's investors exercised share purchase warrants pursuant to which it purchased 500,000 of the Company's common shares at an exercise price of $0.15 share for aggregate gross proceeds of $75,000 and two of its investors exercised share purchase warrants pursuant to which they purchased an aggregate of 70,000 of the Company's common shares at an exercise price of CDN$0.90 share for aggregate gross proceeds of approximately $64,400 (CDN$63,000).

About Pinguino

Argentex's Pinguino property is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. Argentex believes that recent high-grade silver discoveries within newly tested structures of the district scale vein system at Pinguino show potential for the development of a significant silver resource.

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.

Quality Assurance

Samples selected for analysis are sent to Acme Analytical Laboratories' sample preparation lab in Mendoza, Argentina. From there, sample pulps are sent to Santiago, Chile for fire assay gold analysis and to Vancouver, Canada for Group 1DX multi-element MS-ICP analysis. Samples with over-limit zinc, lead, silver and/or copper are reanalyzed using an ore-grade high detection limit 7AR analysis, also conducted in Vancouver. Acme Analytical Laboratories is an accredited ISO 9000:2001 full-service commercial laboratory with its head office in Vancouver. Referee analyses will be carried out by Alex Stewart (assayers) Argentina S.A. in Mendoza, Argentina. Argentex, Acme and Alex Stewart all maintain comprehensive and independent Quality Control/Quality Assurance programs.

Exploration on the Pinguino property is being conducted under the supervision of Mr. Kenneth Hicks, P.Geo. Argentex's President and a "Qualified Person" (QP) as defined by Canada's National Instrument 43-101.

Argentex filed a prospectus of a shares offering, total at nearly 3 millions shares (insiders and institutions). That's a whole lot of shares that haven't filled yet. I was wondering what was up w/ the SP when #silver has been holding on to gains.


Filed pursuant to Rule 424(b)(3)
Registration No. 333-164393
Prospectus
2,980,407 Shares
Argentex Mining Corporation
Common Stock
_________________________________
The selling stockholders identified in this prospectus may offer and sell up to 2,980,407 shares of our common stock that were issued or may be issued upon exercise of warrants. The warrants were acquired by the selling stockholders directly from our company in private placements that were exempt from the registration requirements of the Securities Act of 1933.
The selling stockholders may sell all or a portion of the shares being offered pursuant to this prospectus at fixed prices, at prevailing market prices at the time of sale, at varying prices or at negotiated prices.
Our common stock is quoted on Financial Industry Regulatory Authority’s OTC Bulletin Board under the symbol “AGXM” and is listed on the TSX Venture Exchange under the symbol “ATX”. On May 17, 2011, the closing price of our common stock on the OTC Bulletin Board was $1.20 per share and the closing price of our common stock on the TSX Venture Exchange was CDN$1.15.
We will not receive any proceeds from the sale of the shares of our common stock by the selling stockholders. We may, however, receive proceeds upon exercise of the warrants by the selling stockholders. We will pay for expenses of this offering, except that the selling stockholders will pay any broker discounts or commissions or equivalent expenses and expenses of their legal counsels applicable to the sale of their shares.


Name
of
Selling Stockholder
Shares Owned
by the
Selling Stockholder
before the
Offering⁽¹⁾
Total Shares
Offered
in the Offering
Number of Shares to Be Owned
by Selling Stockholder and Percent of
Total Issued and Outstanding Shares
After the Offering ⁽¹⁾
# of
Shares⁽²⁾
% of
Class^(2),(3)
Dominion Employee Benefit Trustees Ltd. re Cheyne Trust A – David Treadwell FT⁽⁴⁾
513,636⁽⁵⁾
50,000
463,636
1.05%
Nassar Abdalla Alnassar
877,272⁽⁶⁾
50,000
827,272
1.87%
Gasland Investment SA⁽⁷⁾
150,000⁽⁸⁾
50,000
100,000
*
Barnet Investments Ltd. ⁽⁹⁾
214,500⁽¹⁰⁾
71,500
143,000
*
Hinde Gold Fund⁽¹¹⁾
428,571⁽¹²⁾
142,857
285,714
*
Hambros (Guernsey Nominees) Limited⁽¹³⁾
428,700⁽¹⁴⁾
142,900
285,800
*
TD Asset Management Inc.⁽¹⁵⁾
1,277,100⁽¹⁶⁾
285,700
991,400
2.24%
Samuel Belzberg
150,000⁽¹⁷⁾
50,000
100,000
*
David Lyall
537,000⁽¹⁸⁾
179,000
358,000
*
Grafton Capital Corporation⁽¹⁹⁾
214,500⁽²⁰⁾
71,500
143,000
*
Smith & Williamson Nominees Limited⁽²¹⁾
428,700⁽²²⁾
142,900
285,800
*
11

Name
of
Selling Stockholder
Shares Owned
by the
Selling Stockholder
before the
Offering⁽¹⁾
Total Shares
Offered
in the Offering
Number of Shares to Be Owned
by Selling Stockholder and Percent of
Total Issued and Outstanding Shares
After the Offering ⁽¹⁾
# of
Shares⁽²⁾
% of
Class^(2),(3)
Greg Thompson
53,700⁽²³⁾
17,900
35,800
*
William Washington
53,700⁽²⁴⁾
17,900
35,800
*
Jag Holdings Ltd.⁽²⁵⁾
112,500⁽²⁶⁾
37,500
75,000
*
Igor Mousasticoshvily
37,500⁽²⁷⁾
12,500
25,000
*
Benzion Schneider
15,000⁽²⁸⁾
5,000
10,000
*
John Horwood
48,700⁽²⁹⁾
10,000
38,700
*
Luke Norman
300,000⁽³⁰⁾
100,000
200,000
*
Richard Wyman
210,000⁽³¹⁾
70,000
140,000
*
Brisco Capital Partners Corp.⁽³²⁾
150,000⁽³³⁾
50,000
100,000
*
Darcy Higgs
107,250⁽³⁴⁾
35,750
71,500
*
Lorna Mjolsness
75,000⁽³⁵⁾
25,000
50,000
*
Barry Mjolsness
75,000⁽³⁶⁾
25,000
50,000
*
Klassic-Fore Investments Inc.⁽³⁷⁾
75,000⁽³⁸⁾
25,000
50,000
*
Spangler Enterprises Ltd.⁽³⁹⁾
52,500⁽⁴⁰⁾
17,500
35,000
*
Mark Hassett
75,000⁽⁴¹⁾
25,000
50,000
*
NuEnterprises Ltd.⁽⁴²⁾
75,000⁽⁴³⁾
25,000
50,000
*
WCM Holdings Ltd.⁽⁴⁴⁾
52,500⁽⁴⁵⁾
17,500
35,000
*
Riverspill Response Canada Ltd.⁽⁴⁶⁾
52,500⁽⁴⁷⁾
17,500
35,000
*
Joma Enterprises Ltd.⁽⁴⁸⁾
52,500⁽⁴⁹⁾
17,500
35,000
*
Alpha Capital⁽⁵⁰⁾
427,850⁽⁵¹⁾
142,850
285,000
*
Hansen Investments Ltd.⁽⁵²⁾
150,000⁽⁵³⁾
50,000
100,000
*
Christian Klingebiel
59,250⁽⁵⁴⁾
19,750
39,500
*
0820659 B.C. Ltd.⁽⁵⁵⁾
107,100⁽⁵⁶⁾
35,700
71,400
*
Lu Ma
85,650⁽⁵⁷⁾
28,550
57,100
*
John Bowles
53,550⁽⁵⁸⁾
17,850
35,700
*
William Randall
37,500⁽⁵⁹⁾
12,500
25,000
*
Serge Vanry
21,300⁽⁶⁰⁾
7,100
14,200
*
Michel Mendenhall
52,500⁽⁶¹⁾
17,500
35,000
*
Maria Burglehaus
90,600⁽⁶²⁾
25,000
65,600
*
Bradley Resources Canada Ltd.⁽⁶³⁾
107,100⁽⁶⁴⁾
35,700
71,400
*
12

Name
of
Selling Stockholder
Shares Owned
by the
Selling Stockholder
before the
Offering⁽¹⁾
Total Shares
Offered
in the Offering
Number of Shares to Be Owned
by Selling Stockholder and Percent of
Total Issued and Outstanding Shares
After the Offering ⁽¹⁾
# of
Shares⁽²⁾
% of
Class^(2),(3)
Frank Juriga
30,000⁽⁶⁵⁾
10,000
20,000
*
Peppy Holdings Ltd.⁽⁶⁶⁾
60,000⁽⁶⁷⁾
20,000
40,000
*
Muse Global Master Fund Ltd.⁽⁶⁸⁾
217,500⁽⁶⁹⁾
72,500
145,000
*
Aran Asset Management SA⁽⁷⁰⁾
427,500⁽⁷¹⁾
142,500
285,000
*
Morgan Stanley and Co.⁽⁷²⁾
645,000⁽⁷³⁾
215,000
430,000
*
Dennis Brooks
105,000⁽⁷⁴⁾
35,000
70,000
*
Newgen Mining Fund SPC⁽⁷⁵⁾
600,000⁽⁷⁶⁾
200,000
400,000
*
RAB Special Situations (Master) Fund Limited⁽⁷⁷⁾
315,000⁽⁷⁸⁾
105,000
210,000
*
Totals
10,485,729
2,980,407
7,505,322

Notes