Argentex Mining Corporation (AGXM)
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Strong management, funding and
portfolio of properties has Argentex Mining ready to execute on their near and long-term
exploration projects in Argentina
CEOCFOinterviews: Mr. Dyakowski, Argentex recently started trading on the OTC bulletin board, will you tell us the background please?
Mr. Dyakowski: Argentex is a junior mining exploration firm with significant holdings in the emerging gold areas of Somuncura Massif and Deseado Massif regions of Argentina. The company has near-term exploration projects, based on existing gold discovery on one of its properties, with longer-term potential to become the exploration leader in the region based on proximity of the holdings to known gold reserves and mineralization.
CEOCFOinterviews: You recently went public; why was this a good time for you to do so? Is it because you recently picked up these properties?
Mr. Dyakowski: I personally have held these properties for some time. The Pinguino property, which is our flagship property, I have had in my possession since 1998, and the other properties in the province of Santa Cruz and Rio Negro, I acquired in May of 2003. The reason why Argentex is going for these properties, is due to the attractive price of gold that is trading at a ten-year high and also due to the fact that Argentina is an attractive place to invest in-terms of its currency; its valuation a couple of years ago; it is 70% more return than it did two years ago. Many other companies are currently investing in Argentina as well.
CEOCFOinterviews: Why is Argentina a good place to be and how does the government support you in terms of making things easy or difficult?
Mr. Dyakowski: In 1993, Argentina rewrote their mining code with the collaboration of the Canadian-based Musto Exploration Ltd. to develop the world class Bajo La Alumbrera copper-gold porphyry deposits, located in the province of Santa Monica, Argentina. This new code was designed to encourage foreign investments in the mining sector by facilitating the least repatriation of capital invested and earnings generated by Argentinas mining operations.
CEOCFOinterviews: You have raised money as you have gone public; what is the plan going forward?
Mr. Dyakowski: The plan is to carry out exploration on the property, and we are starting a comprehensive program on our flagship property known as the Pinguino property. This property is located about 35 kilometers northwest of the Cerro Vanguardia mine in the province of Santa Cruz. The Cerro Vanguardia mine brings worldwide interest in Patagonia because it was discovered in 1991 and subsequently brought into production by Minera Mincorp S.A. in 1998. Their annual production is reportedly 275,000 ounces of gold, and 3 million ounces of silver per year. What we are commencing to do right now is carry out the comprehensive exploration program that includes prospecting, mapping, soil geochemistry, rock geochemistry, that includes resampling some of the 165 trenches. Mincorp, who at one time owned the property, allowed it to become open to part of the global rationalization program, due to the low gold prices at the time; that is when I picked up the property. Getting back to our exploration, we are going to use a diamond saw to resample some of the trenches.
CEOCFOinterviews: Is the funding sufficient to do what you need to?
Mr. Dyakowski: Yes, the funding will take us right through our phase 1 program as currently planned.
CEOCFOinterviews: I understand that the Patagonia region is being referred to as the next Klondike; will you elaborate on that?
Mr. Dyakowski: When referring to the Klondike, one thinks of the great gold rush of 1898. What is happening in the Patagonia region of Argentina is arguably like the gold rush. What prefaced interest in the Patagonia region was the discovery of the world class Cerro Vanguardia gold and silver of 1990 and 1991.
CEOCFOinterviews: You are going to be working on the one property; will you tell us about the other property?
Mr. Dyakowski: Another property we have is the El Condor property and that is located approximately sixty kilometers northeast of Cerro Vanguardia and during a brief examination of the property by Ken Hicks, our VP of Exploration, he discovered a silicified ridge 25 meters wide and approximately 800 meters in length. On the property was an outcross of finely vantaged epathermy wooden vain containing visible gold, up to 180 grams per ounce gold. What we are planning to do there in the spring of this year (2004) is to go to this property and carry out some planed exploration.
CEOCFOinterviews: Are there newer technologies that you are able to take advantage now, that you might not have had available when you first picked up the property?
Mr. Dyakowski: One technology is known as induced polarization. One thing we know for sure is that the Pinguino properties never had an IP survey conducted on them by the previous owners.
CEOCFOinterviews: Will you tell us about the expertise of the management team and how important that is in what you are doing?
Mr. Dyakowski: As far as my personal background, which is approximately 25 years of experience and my background includes board of directors and running publicly traded mining companies. In addition, I supervised exploration programs, worked with regulated governments and located mining properties in Canada and the US.
CEOCFOinterviews: In closing, why should potential investors be looking at Argentex instead of any of the other hundreds of companies looking for gold, and are there other companies looking in Argentina?
Mr. Dyakowski: Argentex has a highly skilled management team. Secondly, I believe we have an excellent property portfolio, which includes the Pinguino property and the El Condor property. All of these properties are strategically located close to the Cerro Vanguardia project. We have the funds on hand to carry out the full and comprehensive details on these properties.
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