Argentex Mining Receives $5 Million Investment from Austral Gold for Pingüino

Argentex Mining Corporation (TSXV:ATX,OTCQB:AGXMF) announced that they have received a strategic investment of $5,000,000 from Austral Gold , which will support, among other things development activities at the flagship Pingüino project.

As quoted in the press release:

The $5.0 million investment will provide the Company with a strong treasury and assistance of a strategic partner to focus on advancing the Pingüino silver-gold project. Argentex will use approximately 60% of the proceeds to fund its ongoing exploration programs in the Patagonia region of Argentina, with the balance of approximately 40% to be used for working capital and general corporate purposes.

Argentex’s President and CEO, Michael Brown, said:

We view this strategic investment by Austral Gold as very significant for Argentex and its development and exploration plans for it’s Argentinean projects. It enables us to advance the development activities at our flagship Pingüino project by providing the sufficient funding for this and as well as for working capital, and leaving us with a treasury in excess of $6 million.

To view the whole press release, click here.