---

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10-Q

[(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2010

or

[   ] TRANSITION REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to
____________

Commission file number 000-49995

ARGENTEX MINING CORPORATION(Exact name of registrant as specified in its charter)

|Delaware                                         | 71-0867623                          
|------------------------------------------------ | ------------------------------------
|(State or other jurisdiction of incorporation or | (I.R.S. Employer Identification No.)
|organization)                                    |                                     

602 - 1112 West Pender Street, Vancouver, British Columbia
Canada V6E 2S1(Address of principal executive offices) (zip
code)

604.568.2496(Registrants telephone
number, including area code)

Not Applicable(Former name, former
address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [X]    No 
[   ]

Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (§232.405 of this chapter) during the preceding 12 months (or
for such shorter period that the registrant was required to submit and post such
files).
Yes [   ]    No  [   ]

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- 2 -

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See definitions of large accelerated filer, accelerated
filer, and smaller reporting company in Rule 12b-2 of the Exchange Act.
(Check one):

|Large accelerated filer [   ] |                                               | Accelerated
      filer                 
      [   ]
|----------------------------- | --------------------------------------------- | ----------------------------------------------------
|Non-accelerated filer   [   ] | (Do not check if a smaller reporting company) | Smaller reporting company
[X]                       

Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes [  
]    No [X]

APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuers
classes of common equity, as of the latest practicable date:

44,486,754 common shares issued and outstanding as at June
11, 2010.

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- 3 -

PART I

Item 1. Financial Statements.

It is the opinion of management that the interim consolidated
financial statements for the quarter ended April 30, 2010, include all
adjustments necessary in order to ensure that the interim consolidated financial
statements are not misleading.

Our interim consolidated financial statements are stated in
United States dollars and are prepared in accordance with United States
generally accepted accounting principles.

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- 4 -





ARGENTEX MINING CORPORATION (An Exploration Stage
Company)



CONSOLIDATED FINANCIAL STATEMENTS



At April 30, 2010 and January 31, 2010 and for the Three
Months Ended April 30, 2010 and 2009

(UNAUDITED)



(Stated in U.S. Dollars)

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- 5 -

ARGENTEX MINING CORPORATION(An Exploration Stage
Company)CONSOLIDATED BALANCE SHEETS(Stated in U.S. Dollars)

|                                                                                                                                                                                                          |   | April 30,   |   |   | January 31, |  
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - | ----------- | - | - | ----------- | -
|                                                                                                                                                                                                          |   | 2010        |   |   | 2010        |  
|                                                                                                                                                                                                          |   | (Unaudited) |   |   |             |  
|ASSETS                                                                                                                                                                                                    |   |             |   |   |             |  
|                                                                                                                                                                                                          |   |             |   |   |             |  
|Current                                                                                                                                                                                                   |   |             |   |   |             |  
|Cash and cash equivalents                                                                                                                                                                                 | $ | 2,287,673   |   | $ | 3,209,786   |  
|Receivables                                                                                                                                                                                               |   | -           |   |   | 497         |  
|Prepaid expenses and deposit                                                                                                                                                                              |   | 102,962     |   |   | 109,359     |  
|                                                                                                                                                                                                          |   |             |   |   |             |  
|Total current assets                                                                                                                                                                                      |   | 2,390,635   |   |   | 3,319,642   |  
|                                                                                                                                                                                                          |   |             |   |   |             |  
|Equipment (Note 4)                                                                                                                                                                                        |   | 49,719      |   |   | 52,534      |  
|                                                                                                                                                                                                          |   |             |   |   |             |  
|Total assets                                                                                                                                                                                              | $ | 2,440,354   |   | $ | 3,372,176   |  
|                                                                                                                                                                                                          |   |             |   |   |             |  
|                                                                                                                                                                                                          |   |             |   |   |             |  
|LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                                                      |   |             |   |   |             |  
|                                                                                                                                                                                                          |   |             |   |   |             |  
|Current liabilities                                                                                                                                                                                       |   |             |   |   |             |  
|Accounts payable                                                                                                                                                                                          | $ | -           |   | $ | 57          |  
|Accrued liabilities                                                                                                                                                                                       |   | 2,727       |   |   | 22,111      |  
|Accrued professional fees                                                                                                                                                                                 |   | 59,743      |   |   | 68,813      |  
|Accrued investor relations and
      communications                                                                                                                                                       |   | 20,602      |   |   | 32,112      |  
|Accrued mineral property interests                                                                                                                                                                        |   | 305,616     |   |   | 262,529     |  
|Accrued consulting                                                                                                                                                                                        |   | 17,500      |   |   | 20,000      |  
|Due
      to related parties (Note 6)                                                                                                                                                                     |   | -           |   |   | 36,318      |  
|                                                                                                                                                                                                          |   |             |   |   |             |  
|Total liabilities                                                                                                                                                                                         |   | 406,188     |   |   | 441,940     |  
|                                                                                                                                                                                                          |   |             |   |   |             |  
|Commitments (Note 10)                                                                                                                                                                                     |   |             |   |   |             |  
|                                                                                                                                                                                                          |   |             |   |   |             |  
|Stockholders' equity(Note 7)                                                                                                                                                                              |   |             |   |   |             |  
|Preferred stock, $0.001
      par value, authorized 100,000,000,    
         nil shares issued and outstanding at April 30, 2010
      and        January 31, 2010                                       |   | -           |   |   | -           |  
|Preferred stock, Series A convertible,
      $0.001 par value,        authorized
      2,000, nil shares issued and outstanding
      at        April 30, 2010, and
      January 31, 2010                |   | -           |   |   | -           |  
|Common stock, $0.001 par
      value, authorized
      100,000,000,        44,486,754 and
      43,921,754 issued and outstanding
      at        April 30, 2010 and
      January 31, 2009, respectively |   | 44,487      |   |   | 43,922      |  
|Additional paid-in capital                                                                                                                                                                                |   | 20,293,324  |   |   | 19,995,457  |  
|Deficit accumulated during the
      exploration stage                                                                                                                                                    |   | (18,423,138 | ) |   | (17,078,930 | )
|Accumulated other comprehensive gain (loss)                                                                                                                                                               |   | 119,493     |   |   | (30,213     | )
|Total stockholders' equity                                                                                                                                                                                |   | 2,034,166   |   |   | 2,930,236   |  
|                                                                                                                                                                                                          |   |             |   |   |             |  
|Total liabilities and stockholders' equity                                                                                                                                                                | $ | 2,440,354   |   | $ | 3,372,176   |  

The accompanying notes are an integral part of these interim
consolidated financial statements

---

- 6 -

ARGENTEX MINING CORPORATION(An Exploration Stage
Company)CONSOLIDATED STATEMENTS OF OPERATIONS(Stated in
U.S. Dollars)(UNAUDITED)

|                                                                                |   |                            |   |   |                  |   |   | From
      December |  
|------------------------------------------------------------------------------- | - | -------------------------- | - | - | ---------------- | - | - | ------------------- | -
|                                                                                |   | For the Three Months Ended |   |   | 21,              |  
|                                                                                |   | April 30,                  |   |   | 2001 (Inception) |  
|                                                                                |   | 2010                       |   |   | 2009             |   |   | to April 30, 2010   |  
|                                                                                |   |                            |   |   |                  |   |   |                     |  
|Expenses                                                                        |   |                            |   |   |                  |   |   |                     |  
|                                                                                |   |                            |   |   |                  |   |   |                     |  
|Consulting fees                                                                 | $ | 284,003                    |   | $ | 156,207          |   | $ | 4,105,536           |  
|Depreciation                                                                    |   | 2,816                      |   |   | 2,050            |   |   | 24,342              |  
|Foreign exchange loss                                                           |   | 13,024                     |   |   | 10,088           |   |   | 324,091             |  
|Investor relations and communication                                            |   | 36,901                     |   |   | 36,742           |   |   | 1,880,140           |  
|Mineral property interests (Note
      5)                                       |   | 837,782                    |   |   | 106,807          |   |   | 8,342,685           |  
|Office and sundry                                                               |   | 41,948                     |   |   | 17,033           |   |   | 558,069             |  
|Professional fees                                                               |   | 76,819                     |   |   | 58,144           |   |   | 1,553,553           |  
|Rent                                                                            |   | 9,356                      |   |   | 6,060            |   |   | 122,987             |  
|Transfer agent fees                                                             |   | 12,093                     |   |   | 6,316            |   |   | 222,628             |  
|Travel                                                                          |   | 29,466                     |   |   | 9,163            |   |   | 344,109             |  
|Write-down of mineral claims                                                    |   | -                          |   |   | -                |   |   | 408,496             |  
|                                                                                |   |                            |   |   |                  |   |   |                     |  
|Net operating loss                                                              |   | (1,344,208                 | ) |   | (408,610         | ) |   | (17,886,636         | )
|                                                                                |   |                            |   |   |                  |   |   |                     |  
|Interest (expense)                                                              |   | -                          |   |   | (4,328           | ) |   | (536,502            | )
|                                                                                |   |                            |   |   |                  |   |   |                     |  
|Net loss                                                                        | $ | (1,344,208                 | ) | $ | (412,938         | ) | $ | (18,423,138         | )
|                                                                                |   |                            |   |   |                  |   |   |                     |  
|Net loss per share - basic and diluted                                          | $ | (0.03                      | ) | $ | (0.01            | ) |   |                     |  
|                                                                                |   |                            |   |   |                  |   |   |                     |  
|Weighted average number of        
      shares outstanding - basic and diluted |   | 49,590,263                 |   |   | 32,667,886       |   |   |                     |  

The accompanying notes are an integral part of these interim
consolidated financial statements

---

- 7 -

ARGENTEXMININGCORPORATION(AnExplorationStageCompany)CONSOLIDATEDSTATEMENTOFSTOCKHOLDERS'EQUITY(DEFICIT)ANDCOMPREHENSIVEINCOME(LOSS)FOR THEPERIODFROMJANUARY31, 2009 TOAPRIL30, 2010(Statedin U.S.Dollars)(UNAUDITED)

|                                                                    | Preferred Stock              |  |   | Common
        Stock |  |  |            |  |   | Accumulated |  |   | Total       |  
|------------------------------------------------------------------- | ---------------------------- |  | - | -------------------- |  |  | ---------- |  | - | ----------- |  | - | ----------- | -
|                                                                    | Series
        A Convertible |  |   |                      |  |  |            |  |   | Additional  |  |   |             |  
|                                                                    | Number of                    |  |   | Number of            |  |  |            |  |   | Paid-in     |  |   | Accumulated |  
|                                                                    | Shares                       |  |   | Par Value            |  |  | Shares     |  |   | Par Value   |  |   | Capital     |  
|                                                                    |                              |  |   |                      |  |  |            |  |   |             |  |   |             |  
|Balance at January 31, 2009                                         | -                            |  | $ | -                    |  |  | 32,590,553 |  | $ | 32,591      |  | $ | 14,186,804  |  
|Conversion of convertible debenture                                 | -                            |  |   | -                    |  |  | 1,500,000  |  |   | 1,500       |  |   | 148,500     |  
|Equity component of convertible
                debenture converted | -                            |  |   | -                    |  |  | -          |  |   | -           |  |   | (44,102     | )
|Common stock issued for cash                                        | -                            |  |   | -                    |  |  | 9,056,201  |  |   | 9,056       |  |   | 5,180,691   |  
|Cost of issuing stock                                               | -                            |  |   | -                    |  |  | -          |  |   | -           |  |   | (240,584    | )
|Exercise of warrants                                                | -                            |  |   | -                    |  |  | 500,000    |  |   | 500         |  |   | 119,500     |  
|Exercise of stock options                                           | -                            |  |   | -                    |  |  | 275,000    |  |   | 275         |  |   | 77,725      |  
|Stock-based compensation                                            | -                            |  |   | -                    |  |  | -          |  |   | -           |  |   | 566,923     |  
|                                                                    |                              |  |   |                      |  |  |            |  |   |             |  |   |             |  
|Net loss for the period                                             | -                            |  |   | -                    |  |  | -          |  |   | -           |  |   | -           |  
|Unrealized foreign currency exchange loss                           | -                            |  |   | -                    |  |  | -          |  |   | -           |  |   | -           |  
|                                                                    |                              |  |   |                      |  |  |            |  |   |             |  |   |             |  
|Balance at January 31, 2010                                         | -                            |  |   | -                    |  |  | 43,921,754 |  |   | 43,922      |  |   | 19,995,457  |  
|Exercise of stock options                                           | -                            |  |   | -                    |  |  | 115,000    |  |   | 115         |  |   | 56,385      |  
|Exercise of warrants                                                | -                            |  |   | -                    |  |  | 450,000    |  |   | 450         |  |   | 67,050      |  
|Stock-based compensation                                            | -                            |  |   | -                    |  |  | -          |  |   | -           |  |   | 174,432     |  
|                                                                    |                              |  |   |                      |  |  |            |  |   |             |  |   |             |  
|Net loss for the period                                             | -                            |  |   | -                    |  |  | -          |  |   | -           |  |   | -           |  
|Unrealized foreign currency exchange gain                           | -                            |  |   | -                    |  |  | -          |  |   | -           |  |   | -           |  
|                                                                    |                              |  |   |                      |  |  |            |  |   |             |  |   |             |  
|                                                                    |                              |  |   |                      |  |  |            |  |   |             |  |   |             |  
|Balance at April 30, 2010                                           | -                            |  | $ | -                    |  |  | 44,486,754 |  | $ | 44,487      |  | $ | 20,293,324  |  

The accompanying notes are an integral part of these interim
consolidated financial statements

---

ARGENTEX MINING CORPORATION(An Exploration Stage
Company)CONSOLIDATED STATEMENTS OF CASH FLOWS(Stated in
U.S. Dollars)(UNAUDITED)

|                                                                                  |   | For the Three Months Ended |   |   | From
      December 21, |  
|--------------------------------------------------------------------------------- | - | -------------------------- | - | - | ----------------------- | -
|                                                                                  |   | April 30,                  |   |   | **2001 (Inception) to** |  
|                                                                                  |   | 2010                       |   |   | 2009                    |  
|                                                                                  |   |                            |   |   |                         |  
|Cash flows from operating activities                                              |   |                            |   |   |                         |  
|Net loss for the period                                                           | $ | (1,344,208                 | ) | $ | (412,938                | )
|Adjustments to reconcile net loss to net cash used in
      operating activities: |   |                            |   |   |                         |  
|Depreciation                                                                      |   | 2,816                      |   |   | 2,050                   |  
|Stock-based compensation                                                          |   | 174,432                    |   |   | 101,696                 |  
|Debt discount                                                                     |   | -                          |   |   | 2,027                   |  
|Shares issued to acquire mineral properties                                       |   | -                          |   |   | -                       |  
|Shares issued in payment
      of bonus                                           |   | -                          |   |   | -                       |  
|Non-cash interest                                                                 |   | -                          |   |   | -                       |  
|Write-down of mineral claims                                                      |   | -                          |   |   | -                       |  
|Changes in operating assets and liabilities                                       |   |                            |   |   |                         |  
|Receivables                                                                       |   | 497                        |   |   | (930                    | )
|Prepaid expenses and deposit                                                      |   | 6,396                      |   |   | 8,004                   |  
|Accounts payable                                                                  |   | (57                        | ) |   | -                       |  
|Accrued liabilities                                                               |   | (19,384                    | ) |   | -                       |  
|Accrued professional fees                                                         |   | (9,070                     | ) |   | 20,593                  |  
|Accrued investor relations and communications                                     |   | (11,510                    | ) |   | -                       |  
|Accrued mineral property
      interests                                          |   | 43,087                     |   |   | -                       |  
|Accrued consulting                                                                |   | (2,500                     | ) |   | -                       |  
|Due to related parties                                                            |   | (36,318                    | ) |   | -                       |  
|                                                                                  |   |                            |   |   |                         |  
|Net cash used in operating activities                                             |   | (1,195,819                 | ) |   | (279,498                | )
|                                                                                  |   |                            |   |   |                         |  
|Cash flows from investing activities                                              |   |                            |   |   |                         |  
|Acquisition of mineral property interests                                         |   | -                          |   |   | -                       |  
|Acquisition of equipment                                                          |   | -                          |   |   | -                       |  
|                                                                                  |   |                            |   |   |                         |  
|Net cash used in investing activities                                             |   | -                          |   |   | -                       |  
|                                                                                  |   |                            |   |   |                         |  
|Cash flows from financing activities                                              |   |                            |   |   |                         |  
|Issuance of convertible debentures                                                |   | -                          |   |   | -                       |  
|Issuance of promissory
      notes                                                |   | -                          |   |   | -                       |  
|Repayment of promissory notes                                                     |   | -                          |   |   | -                       |  
|Proceeds from issuance of capital stock                                           |   | 124,000                    |   |   | 491,627                 |  
|                                                                                  |   |                            |   |   |                         |  
|Net cash provided by financing activities                                         |   | 124,000                    |   |   | 491,627                 |  
|                                                                                  |   |                            |   |   |                         |  
|Effects of foreign currency exchange                                              |   | 149,706                    |   |   | -                       |  
|                                                                                  |   |                            |   |   |                         |  
|(Decrease) increase in cash during the period                                     |   | (922,113                   | ) |   | 212,129                 |  
|                                                                                  |   |                            |   |   |                         |  
|Cash and cash equivalents, beginning of period                                    |   | 3,209,786                  |   |   | 108,560                 |  
|                                                                                  |   |                            |   |   |                         |  
|Cash and cash equivalents, end of period                                          | $ | 2,287,673                  |   | $ | 320,689                 |  
|                                                                                  |   |                            |   |   |                         |  
|Supplemental disclosures                                                          |   |                            |   |   |                         |  
|Cash paid during the period for:                                                  |   |                            |   |   |                         |  
|Taxes                                                                             | $ | -                          |   | $ | -                       |  
|Interest                                                                          | $ | -                          |   | $ | -                       |  
|                                                                                  |   |                            |   |   |                         |  
|Non-cash financing transactions:                                                  |   |                            |   |   |                         |  
|Conversion of convertible debenture into
      common stock                       | $ | -                          |   | $ | -                       |  
|Stock based compensation on issuance of brokers warrants                          | $ | -                          |   | $ | -                       |  
|Notes and related accrued interest converted to common
      stock                | $ | -                          |   | $ | -                       |  

The accompanying notes are an integral part of these interim consolidated
  financial statements

8

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ARGENTEX MINING CORPORATION(An Exploration Stage
Company)NOTES TO CONSOLIDATED FINANCIAL STATEMENTSAPRIL
30, 2010(Unaudited)(Stated in U.S. Dollars)

NOTE 1  ORGANIZATION AND BASIS OF PRESENTATION

Nature of Operations

We were incorporated in the State of Nevada on December 21,
2001 under the name Delbrook Corporation. On March 15, 2004, we changed our name
to Argentex Mining Corporation. We effected this name change by merging with our
wholly owned subsidiary, Argentex Mining Corporation, a Nevada corporation that
we formed specifically for this purpose. Our company was the surviving company
in the merger. On November 5, 2007, we moved our state of domicile from Nevada
to Delaware. This re-domicile was effected by merging with our wholly owned
subsidiary Argentex Mining Corporation, a Delaware corporation that we formed
specifically for this purpose. Our subsidiary was the surviving entity upon
completion of the merger. Since November 5, 2007, we have been a Delaware
corporation.

We have one subsidiary, SCRN Properties Ltd., a Delaware
corporation incorporated on February 13, 2004, which we formed for the purpose
of acquiring and exploring natural resource properties in Argentina.

In these notes, the terms Argentex, Company, we, us or
our mean Argentex Mining Corporation and its subsidiary, SCRN Properties Ltd.,
whose operations are included in these consolidated financial statements.

Argentex is involved in acquiring and exploring mineral
properties in Argentina. We have not determined whether our properties contain
mineral reserves that are economically recoverable.

Exploration Stage

We have not produced any significant revenues from our
principal business or commenced significant operations and are considered an
exploration stage company as defined by SEC Guide 7 with reference to Financial
Accounting Standards Board (FASB) issued Accounting Standards Codification (ASC)
topic 915.

We are in the early exploration stage. In the exploration
stage, management devotes most of its time to conducting exploratory work and
developing its business. These unaudited consolidated financial statements have
been prepared on a going-concern basis, which implies that we will continue to
realize our assets and discharge our liabilities in the normal course of
business.

Basis of Presentation

These unaudited consolidated financial statements are stated in
U.S. dollars and have been prepared in accordance with accounting principles
generally accepted in the United States for interim financial information and
with the instructions to Form 10-Q and Article 8 of Regulation S-X. They do not
include all information and notes required by generally accepted accounting
principles for complete financial statements. However, except as disclosed
herein, there have been no material changes in the information disclosed in the
notes to the consolidated financial statements included in Argentexs annual
report on Form 10-K for the year ended January 31, 2010. In the opinion of
management, all adjustments (including normal recurring accruals) considered
necessary for a fair presentation have been included. Operating results for the
three months ended April 30, 2010 are not necessarily indicative of the results
that may be expected for any other interim period or the entire year. For
further information, these unaudited consolidated financial statements and the
related notes should be read in conjunction with our audited consolidated
financial statements for the year ended January 31, 2010 included in our annual
report on Form 10-K.

9

---

ARGENTEX MINING CORPORATION(An Exploration Stage
Company)NOTES TO CONSOLIDATED FINANCIAL STATEMENTSAPRIL
30, 2010(Unaudited)(Stated in U.S. Dollars)

NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Recently Adopted and Recently Issued Accounting Guidance

Adopted

In June 2009, the FASB issued ASC topic 860-20 for changes
to the accounting for transfers of financial assets. These changes remove
the concept of a qualifying special-purpose entity and remove the exception from
the application of variable interest accounting to variable interest entities
that are qualifying special-purpose entities; limits the circumstances in which
a transferor derecognizes a portion or component of a financial asset; defines a
participating interest; requires a transferor to recognize and initially measure
at fair value all assets obtained and liabilities incurred as a result of a
transfer accounted for as a sale; and requires enhanced disclosure; among
others. These changes were effective for us on February 1, 2010. The adoption of
these changes did not have an impact on our consolidated financial
statements.

In June 2009, the FASB issued changes to the accounting for
variable interest entities. These changes require an enterprise to perform
an analysis to determine whether the enterprises variable interest or interests
give it a controlling financial interest in a variable interest entity; to
require ongoing reassessments of whether an enterprise is the primary
beneficiary of a variable interest entity; to eliminate the quantitative
approach previously required for determining the primary beneficiary of a
variable interest entity; to add an additional reconsideration event for
determining whether an entity is a variable interest entity when any changes in
facts and circumstances occur such that holders of the equity investment at
risk, as a group, lose the power from voting rights or similar rights of those
investments to direct the activities of the entity that most significantly
impact the entitys economic performance; and to require enhanced disclosures
that will provide users of financial statements with more transparent
information about an enterprises involvement in a variable interest entity.
These changes were effective for us on February 1, 2010. The adoption of these
changes did not have an impact on our consolidated financial statements.

Issued

In March 2010, the FASB issued changes related to existing
accounting requirements for embedded credit derivatives. Specifically, the
changes clarify the scope exception regarding when embedded credit derivative
features are not considered embedded derivatives subject to potential
bifurcation and separate accounting. These changes become effective for us on
August 1, 2010. The adoption of these changes is not expected to have an impact
on our consolidated financial statements.

NOTE 3  GOING CONCERN

These consolidated financial statements have been prepared
using accounting principles generally accepted in the United States of America
applicable to a going-concern basis, which implies our company will continue to
realize its assets and discharge its liabilities in the normal course of
business. We have not generated any revenues from mineral sales since inception,
have never paid any dividends and are unlikely to pay dividends or generate
significant earnings in the immediate or foreseeable future. The continuation of
our company as a going concern is dependent upon the continued financial support
of our shareholders, our ability to obtain equity financing and the attainment
of profitable operations. Our ability to achieve and maintain profitability and
positive cash flows is dependent upon our ability to locate profitable mineral
properties, generate revenues from mineral production and control production
costs.

10

---

ARGENTEX MINING CORPORATION(An Exploration Stage
Company)NOTES TO CONSOLIDATED FINANCIAL STATEMENTSAPRIL
30, 2010(Unaudited)(Stated in U.S. Dollars)

NOTE 3  GOING CONCERN, continued

From inception (December 21, 2001) through April 30, 2010, we
had accumulated losses of $18,423,138. Based upon our current plans, we expect
to continue to incur operating losses in future periods. We plan to mitigate
these operating losses through controlling our operating costs and we plan to
obtain additional working capital through debt or equity financing and private
loans, though there can be no assurance that we will be able to do so. In
addition, there is no assurance that we will be able to generate any revenues
from our operations in the future. These factors raise substantial doubt
regarding our ability to continue as a going concern. These consolidated
financial statements do not give any effect to any adjustments that would be
necessary should our company be unable to continue as a going concern and
therefore be required to realize its assets and discharge its liabilities in
other than the normal course of business and at amounts different from those
reflected in the accompanying consolidated financial statements.

NOTE 4  EQUIPMENT

| |                        |   | April 30, 2010 | 
| | ---------------------- | - | -------------- | 
| |                        |   |                | 
| |                        |   | Cost           | 
| |                        |   |                | 
| | Equipment              | $ | 48,672         | 
| | Furniture and fixtures |   | 8,839          | 
| | Computer equipment     |   | 15,957         | 
| |                        | $ | 73,468         | 

| |                        |   | January 31, 2010 | 
| | ---------------------- | - | ---------------- | 
| |                        |   |                  | 
| |                        |   | Cost             | 
| |                        |   |                  | 
| | Equipment              | $ | 48,672           | 
| | Furniture and fixtures |   | 8,838            | 
| | Computer equipment     |   | 15,958           | 
| |                        | $ | 73,468           | 

NOTE 5  MINERAL PROPERTY INTERESTS

| | a) | Pinguino Property                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |    | Pursuant to the terms of a mineral property option
      agreement, dated February 24, 2004, between the Company and an affiliate
      of an ex-director, the Company agreed to purchase an option to purchase a
      100% interest in a mineral property located in the Santa Cruz Province of
      the Republic of Argentina, known as the Pinguino
Property.                                                                                                                                                                                                                                                                                     
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| |    | To acquire the Pinguino property the Company made the
      following payments: CDN$50,000 on or before July 1, 2004 (paid);
      CDN$75,000 on or before July 1, 2005 (paid); CDN$100,000 on or before July
      1, 2006 (paid); CDN$100,000 on or before July 1, 2007 (paid); and
      CDN$125,000 on or before July 1, 2008 (paid). The agreement is subject to
      a 2% net smelter royalty. The Company has the right at any time up to 60
      days after commencement of commercial production to repurchase either
      one-half of the royalty for $935,191 (CDN$1,000,000) or all of the royalty
      for $1,870,382 (CDN$2,000,000).

11

---

ARGENTEX MINING CORPORATION(An Exploration Stage
Company)NOTES TO CONSOLIDATED FINANCIAL STATEMENTSAPRIL
30, 2010(Unaudited)(Stated in U.S. Dollars)

NOTE 5  MINERAL PROPERTY INTERESTS, continued

| |     | The agreement also provides for an area of interestsuch that, in the event that the optionor records any property claims
      within five (5) kilometers of the boundaries of the property, such claims
      will become subject to the mineral property option agreement.                                                                                                                                                                                                                                                                                                                                                                                                                   
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | (b) | Condor Property                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |     | Pursuant to the terms of a mineral property acquisition
      agreement, dated February 20, 2004, between the Company and an affiliate
      of an ex-director, the Company paid CDN$10,000 to acquire a 100% interest
      in certain mineral claims located in the Santa Cruz Province of the
      Republic of Argentina, known as the Condor Property,subject to a
      2% net smelter return royalty in favor of an ex-director.                                                                                                                                                                                                                                                        
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |     | The Company has the right to repurchase either one-half
      of the royalty for $935,191 (CDN$1,000,000) or all of the royalty for
      $1,870,382 (CDN$2,000,000).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | c)  | Santa Cruz and Rio Negro Properties                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |     | Pursuant to the terms of a Mineral Property Acquisition
      Agreement, dated February 24, 2004, between the Company and an affiliate
      of an ex-director of the Company, the Company acquired mineral claims
      located in the Santa Cruz Province of the Republic of Argentina, then
      known as the Dyakowski Property for total consideration of 833,333
      common shares of the Company (subsequently increased, as a result of a
      stock dividend, to 2,499,999). These shares were issued and were subject
      to an Escrow Agreement dated March 2, 2004.                                                                                                          
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |     | On June 30, 2005, we entered into an amending agreement
      whereby we amended the Mineral Property Acquisition the Escrow Agreement.
      This amending agreement was restated August 8, 2005 whereby we agreed to
      release the 2,499,999 shares of our common stock that were being held in
      escrow. Of the 2,499,999 released shares, 2,374,999 of these shares were
      released to us for cancellation, and 125,000 of these shares were released
      to an ex-director for the transfer of the mineral claims to us.                                                                                                                                                    
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |     | In addition, pursuant to the terms of a Share Purchase
      Agreement, dated February 24, 2004, between the Company and an affiliate
      of an ex-director of the Company, the Company acquired a 100% interest in
      SCRN Properties Ltd. (SCRN), a Delaware corporation, the sole asset of
      which consisted of mineral claims located in the Rio Negro Province of the
      Republic of Argentina, known as the SCRN Property, for total
      consideration of 833,333 common shares of the Company (subsequently
      increased, as a result of a stock dividend, to 2,499,999). The shares have
      been issued and are subject to an Escrow Agreement dated March 2, 2004.
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |     | On June 30, 2005, we entered into an amending agreement
      whereby we amended the Share Purchase Agreement. This amending agreement
      was restated August 8, 2005 whereby we agreed to release the 2,499,999
      shares of our common stock that were being held in escrow. Of the
      2,499,999 shares released, 2,374,999 of these shares were released to us
      for cancellation, and 125,000 of these shares were released to an
      ex-director for the transfer of the mineral claims to us.                                                                                                                                                                             
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |     | The Mineral Property Acquisition Agreement and the Share
      Purchase agreement also provide for an area of interestsuch
      that, in the event that the vendor records any property claims within five
      (5) kilometers of the boundaries of either the Dyakowski Property or the
      SCRN Property, such claims will become subject to the respective
      Agreements.                                                                                                                                                                                                                                                                                                            

12

---

ARGENTEX MINING CORPORATION(An Exploration Stage
Company)NOTES TO CONSOLIDATED FINANCIAL STATEMENTSAPRIL
30, 2010(Unaudited)(Stated in U.S. Dollars)

NOTE 5  MINERAL PROPERTY INTERESTS, continued

| | d) | Storm Cat Property                                                                                                                                                                                                                                                                                                                                                
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                   
| |    | Pursuant to the terms of a mineral property acquisition
      agreement, dated February 20, 2004, between the Company and an affiliate
      of an ex-director, the Company paid $10,000 to acquire a 100% interest in
      mineral claims located in the Santa Cruz and Rio Negro Provinces of the
      Republic of Argentina, known as the Storm Cat Property.
| |    |                                                                                                                                                                                                                                                                                                                                                                   
| |    | Subsequent to acquisition of these properties, the
      Company has accounted for expenditures by
province.                                                                                                                                                                                                                                                      

Mineral property interest expense reflected in the accompanying
  consolidated statement of operations relates to the following projects:

| |                                      |   | Three     |  |   | Three     |  |   | December       | 
| | ------------------------------------ | - | --------- |  | - | --------- |  | - | -------------- | 
| |                                      |   | Months    |  |   | Months    |  |   | 21, 2001       | 
| |                                      |   | Ended     |  |   | Ended     |  |   | (Inception) to | 
| |                                      |   | April 30, |  |   | April 30, |  |   | April 30, 2010 | 
| |                                      |   | 2010      |  |   | 2009      |  |   | 2010           | 
| |                                      |   |           |  |   |           |  |   |                | 
| | Pinguino Project:                    |   |           |  |   |           |  |   |                | 
| | Claim maintenance                    | $ | 35,175    |  | $ | -         |  | $ | 53,564         | 
| | Assaying, testing and
      analysis |   | 38,624    |  |   | 27,567    |  |   | 606,576        | 
| | Camp and field supplies              |   | 147,436   |  |   | 63,250    |  |   | 1,781,981      | 
| | Drilling                             |   | 490,691   |  |   | -         |  |   | 4,659,108      | 
| | Geological and geophysical           |   | 59,720    |  |   | 12,364    |  |   | 873,807        | 
| | Travel and accommodation             |   | 13,579    |  |   | 3,626     |  |   | 141,534        | 
| |                                      |   | 785,225   |  |   | 106,807   |  |   | 8,116,570      | 
| |                                      |   |           |  |   |           |  |   |                | 
| | Condor Project:                      |   |           |  |   |           |  |   |                | 
| | Claim maintenance                    |   | -         |  |   | -         |  |   | 7,528          | 
| | Camp and field supplies              |   | -         |  |   | -         |  |   | 198            | 
| | Geological and geophysical           |   | -         |  |   | -         |  |   | 4,185          | 
| |                                      |   | -         |  |   | -         |  |   | 11,911         | 
| |                                      |   |           |  |   |           |  |   |                | 
| | Santa Cruz Properties:               |   |           |  |   |           |  |   |                | 
| | Claim maintenance                    |   | -         |  |   | -         |  |   | 21,851         | 
| | Camp and field supplies              |   | 52,557    |  |   | -         |  |   | 52,557         | 
| |                                      |   | 52,557    |  |   | -         |  |   | 74,408         | 
| |                                      |   |           |  |   |           |  |   |                | 
| | Rio Negro Properties:                |   |           |  |   |           |  |   |                | 
| | Claim maintenance                    |   | -         |  |   | -         |  |   | 7,108          | 
| | Camp and field supplies              |   | -         |  |   | -         |  |   | 51,836         | 
| | Geological and geophysical           |   | -         |  |   | -         |  |   | 39,833         | 
| | Travel and accommodation             |   | -         |  |   | -         |  |   | 9,614          | 
| |                                      |   | -         |  |   | -         |  |   | 108,391        | 
| |                                      |   |           |  |   |           |  |   |                | 
| | Other:                               |   | -         |  |   | -         |  |   | 31,405         | 
| |                                      |   |           |  |   |           |  |   |                | 
| |                                      | $ | 837,782   |  | $ | 106,807   |  | $ | 8,342,685      | 

13

---

ARGENTEX MINING CORPORATION(An Exploration Stage
Company)NOTES TO CONSOLIDATED FINANCIAL STATEMENTSAPRIL
30, 2010(Unaudited)(Stated in U.S. Dollars)

NOTE 6 - RELATED PARTY TRANSACTIONS

On November 1, 2005, the Company entered into a management
agreement with an officer at CDN$2,500 per month. During the three months ended
April 30, 2010 and 2009, the Company paid consulting fees of $Nil (2009 -
$6,009) relating to this management agreement. This contract was cancelled on
August 15, 2009.

During the three months ended April 30, 2010 and 2009, the
Company paid consulting fees of $10,552 (CDN$10,500), (2009 - $Nil) to an
officer of the Company.

At April 30, 2010 and January 31, 2010 the Company was indebted
to a director in the amount of $Nil (2009 - $1,109).

On August 1, 2009, we entered into a two year consulting
agreement with our president and Frontera Geological Services Ltd., (Frontera) a
company wholly-owned by our President whereby we agreed to pay a consulting fee
for services ordinarily provided by a Chief Executive Officer of $12,306
(CDN$12,500) per month and agreed to issue to this director options to purchase
100,000 shares of our common stock with a three year term and an exercise price
equal to the closing price, last sale of the day, on the OTC Bulletin Board on
the date the options are granted. Under the terms of the agreement, if during
the period from August 1, 2009 to August 1, 2010 (a) the Company receives gross
proceeds from the sale of equity of $6,000,000 or more or $4,500,000 or more, if
the average price of the equity sold is equal to or greater than $1 per share,
an incentive bonus is to be paid to this director based on the closing price of
the Companys common stock in the period the financing takes place, times
250,000 (b) the Company receives gross proceeds from the sale of shares of
common stock or warrants of $4,500,000 or more, if the average price of the
equity sold is equal or greater than $1.50 per share, an additional incentive
bonus is to be paid to this director based on the closing price of the Companys
common stock in the period the financing takes place, times 150,000, (c) a
resource estimate and a complete and positive scoping study is completed on the
Companys Pinguino property, a cash incentive bonus is to be paid to this
director based on the closing price of the Companys common stock on the date
the scoping study is completed, times 150,000 or (d) the average price for the
Companys common stock equals or exceeds $3 for 20 consecutive trading days, an
additional incentive bonus is to be paid to this director based on the closing
price of the Companys stock at the end of 20 consecutive days of trading times,
250,000.

During the three months ended April 30, 2010 and 2009, the
Company paid or accrued consulting fees of $39,124 (2009 - $21,633) and recorded
stock based compensation of $7,913 (2009 - $Nil) relating to this consulting
agreement.

On July 14, 2009, we entered into a one year consulting
agreement with an officer and a management services company controlled by him
whereby we agreed to pay a consulting fee for services consistent with those
ordinarily provided by an Executive Vice President of Corporate Development of
$11,690 (CDN$12,500) per month and agreed to issue to this officer options to
purchase 1,000,000 shares of our common stock at an exercise price of $0.60 per
share for three years. Under the terms of the agreement, if during the period
from July 14, 2009 to July 14, 2010 (a) the Company receives gross proceeds from
the sale of equity of $6,000,000 or more or $4,500,000 or more if the average
price of the equity sold is equal to or greater than $1 per share, an incentive
bonus is to be paid to this officer based on the closing price of the Companys
stock in the period the financing takes place, times 250,000 (b) the Company
receives gross proceeds from the sale of shares of our common stock or warrants
for $4,500,000 or more if the average price of the equity sold is equal or
greater than $1.50 per share, an additional incentive bonus is to be paid to
this officer based on the closing price of the Companys stock in the period the
financing takes place, times 150,000, or (c) the average price for the Companys
common stock equals or exceeds $3 for 20 consecutive trading days an additional
incentive bonus is to be paid to this officer, based on the closing price of the
Companys stock at the end of 20 consecutive days of trading, times 250,000.

14

---

ARGENTEX MINING CORPORATION(An Exploration Stage
Company)NOTES TO CONSOLIDATED FINANCIAL STATEMENTSAPRIL
30, 2010(Unaudited)(Stated in U.S. Dollars)

NOTE 6 - RELATED PARTY TRANSACTIONS, continued

During the three months ended April 30, 2010, the Company paid
consulting fees of $41,828 and recorded stock based compensation of $85,218,
relating to this consulting agreement. At April 30, 2010 and January 31, 2010,
the Company was indebted to this management services company in the amounts of
$Nil and $35,210, respectively.

See Notes 7 and 10.

NOTE 7  CAPITAL STOCK

Stock Transactions

On February 2, 2010, we issued a total of 75,000 shares of our
common stock at $0.62 per share for proceeds of $46,500 on the exercise of
75,000 stock options.

On February 2, 2010, we issued 40,000 shares of our common
stock at $0.25 per share to a director for proceeds of $10,000 on the exercise
of 40,000 stock options. (Notes 6)

On March 16, 2010, we issued 450,000 shares of our common stock
at $0.15 per share to a director for proceeds of $67,500 on the exercise of
450,000 warrants. (Note 6)

Share purchase warrants

Share purchase warrant transactions are summarized as follows:

| |                             |  |            |   |   | Weighted       |  
| | --------------------------- |  | ---------- | - | - | -------------- | -
| |                             |  | Number of  |   |   | Average        |  
| |                             |  | Shares     |   |   | Exercise Price |  
| |                             |  |            |   |   |                |  
| | Balance at January 31, 2009 |  | 4,960,637  |   | $ | 1.17           |  
| | Issued                      |  | 7,933,443  |   |   | 0.58           |  
| | Exercised                   |  | (500,000   | ) |   | (0.24          | )
| | Expired                     |  | (2,935,637 | ) |   | (1.54          | )
| | Balance at January 31, 2010 |  | 9,458,443  |   |   | 0.61           |  
| | Exercised                   |  | (450,000   | ) |   | (0.15          | )
| | Balance at April 30, 2010   |  | 9,008,443  |   | $ | 0.64           |  

15

---

ARGENTEX MINING CORPORATION(An Exploration Stage
Company)NOTES TO CONSOLIDATED FINANCIAL STATEMENTSAPRIL
30, 2010(Unaudited)(Stated in U.S. Dollars)

NOTE 7  CAPITAL STOCK, continued

Share purchase warrants, continued

At April 30, 2010, the following share purchase warrants were
outstanding and exercisable:

| | Number of | Exercise          |                  
| | --------- | ----------------- | -----------------
| | shares    | Price             | Expiry Date      
| |           |                   |                  
| | 357,648   | $ 0.71 (CDN$0.72) | November 27, 2010
| | 325,000   | $
      0.15      | January 15, 2011 
| | 1,328,334 | $
      0.45      | April 24, 2011   
| | 434,782   | $
      0.45      | May 22, 2011     
| | 500,000   | $
      0.15      | May 28, 2011     
| | 455,000   | $
      0.65      | June 18, 2011    
| | 727,272   | $
      0.65      | July 13, 2011    
| | 1,000,000 | $
      0.15      | November 12, 2011
| | 2,980,407 | $ 0.89 (CDN$0.90) | November 27, 2011
| | 900,000   | $
      1.25      | April 11, 2012   
| |           |                   |                  
| |           |                   |                  
| | 9,008,443 |                   |                  

Stock Options

Stock option transactions are summarized as follows:

| |                                 |  |           |   |   | Weighted       |  
| | ------------------------------- |  | --------- | - | - | -------------- | -
| |                                 |  | Number of |   |   | Average        |  
| |                                 |  | Shares    |   |   | Exercise Price |  
| |                                 |  |           |   |   |                |  
| | Balance at January 31, 2009     |  | 1,833,334 |   |   | 0.50           |  
| | Granted                         |  | 3,035,000 |   |   | 0.54           |  
| | Exercised                       |  | (275,000  | ) |   | (0.28          | )
| | Expired                         |  | (200,000  | ) |   | (0.25          | )
| | Balance at January 31, 2010     |  | 4,393,334 |   | $ | 0.56           |  
| | Exercised                       |  | (115,000  | ) |   | (0.49          | )
| | Expired                         |  | (15,000   | ) |   | (1.37          | )
| | Balance at April
      30, 2010 |  | 4,263,334 |   | $ | 0.56           |  

The weighted average fair value per stock option granted during
the three months ended April 30, 2010 and 2009 $Nil and $0.27.

16

---

ARGENTEX MINING CORPORATION(An Exploration Stage
Company)NOTES TO CONSOLIDATED FINANCIAL STATEMENTSAPRIL
30, 2010(Unaudited)(Stated in U.S. Dollars)

NOTE 7  CAPITAL STOCK, continued

Stock Options, continued

At April 30, 2010, the following stock options were
outstanding:

| | Number
      of | Exercise |                  
| | --------------- | -------- | -----------------
| | shares          | Price    | Expiry Date      
| |                 |          |                  
| | 50,000          | $0.25    | June 26, 2010    
| | 400,000         | $0.49    | February 7, 2011 
| | 200,000         | $0.58    | February 9, 2011 
| | 150,000         | $1.35    | May 11, 2011     
| | 1,000,000       | $0.60    | July 14, 2012    
| | 100,000         | $0.675   | September 1, 2012
| | 100,000         | $1.13    | November 13, 2012
| | 193,334         | $0.25    | March 26, 2013   
| | 150,000         | $0.35    | October 28, 2013 
| | 1,370,000       | $0.37    | February 10, 2014
| | 550,000         | $0.855   | January 19, 2015 
| | 4,278,334       |          |                  

The fair value of stock options granted during the three months
ended April 30, 2010 and 2009 was $Nil and $377,501 which is being recognized
over the options vesting periods. At January 31, 2010, 3,275,834 stock options
were exercisable.

Total stock-based compensation recognized during the three
months ended April 30, 2010 and 2009 was $174,432 and $101,696. Stock-based
compensation has been recorded in the consolidated statements of operations as
follows, with corresponding additional paid-in capital recorded in stockholders'
equity:

| |                    |   | Three       |  |   | Three       | 
| | ------------------ | - | ----------- |  | - | ----------- | 
| |                    |   | Months      |  |   | Months      | 
| |                    |   | Ended April |  |   | Ended April | 
| |                    |   | 30,         |  |   | 30,         | 
| |                    |   | 2010        |  |   | 2009        | 
| |                    |   |             |  |   |             | 
| | Consulting fees    | $ | 174,432     |  | $ | 88,066      | 
| | Investor relations |   | -           |  |   | 13,630      | 
| |                    | $ | 174,432     |  | $ | 101,696     | 

The following weighted average assumptions were used for the
Black-Scholes valuations of stock options granted:

| |                          | Three      |              
| | ------------------------ | ---------- | -------------
| |                          | Months     | Year         
| |                          | Ended      | Ended January
| |                          | April 30,  | 31,          
| |                          | 2010       | 2010         
| | Risk-free interest rate  | 1.23%      | 1.23%        
| | Expected life of options | 4.28 years | 4.28 years   
| | Annualized volatility    | 93%        | 93%          
| | Dividend rate            | 0%         | 0%           

17

---

ARGENTEX MINING CORPORATION(An Exploration Stage
Company)NOTES TO CONSOLIDATED FINANCIAL STATEMENTSAPRIL
30, 2010(Unaudited)(Stated in U.S. Dollars)

NOTE 7  CAPITAL STOCK, continued

Stock Options, continued

At April 30, 2010, the aggregate intrinsic value (AIV) of all
outstanding, vested stock options was $974,909 and the AIV of options exercised
during the three months ended April 30, 2010 was $32,050.

See Note 11

NOTE 8 - SEGMENTED INFORMATION

At April 30, 2010 and January 31, 2010, the Company and its
subsidiary operated in one reportable segment, being the exploration for and the
development of mining properties in Argentina. Identifiable assets, revenues and
net loss in each geographic area are as follows:

|                    |   | April 30, |  |   | January 31, | 
|------------------- | - | --------- |  | - | ----------- | 
|                    |   | 2010      |  |   | 2010        | 
|                    |   |           |  |   |             | 
|Identifiable assets |   |           |  |   |             | 
|Canada              | $ | 2,164,152 |  | $ | 3,191,348   | 
|Argentina           |   | 276,202   |  |   | 180,828     | 
|                    | $ | 2,440,354 |  | $ | 3,372,176   | 

|                    |   | Three     |  |   | Three     | 
|------------------- | - | --------- |  | - | --------- | 
|                    |   | Months    |  |   | Months    | 
|                    |   | Ended     |  |   | Ended     | 
|                    |   | April 30, |  |   | April 30, | 
|                    |   | 2010      |  |   | 2009      | 
|                    |   |           |  |   |           | 
|Loss for the period |   |           |  |   |           | 
|Canada              | $ | 869,845   |  | $ | 285,520   | 
|Argentina           |   | 474,363   |  |   | 127,418   | 
|                    | $ | 1,344,208 |  | $ | 412,938   | 

18

---

ARGENTEX MINING CORPORATION(An Exploration Stage
Company)NOTES TO CONSOLIDATED FINANCIAL STATEMENTSAPRIL
30, 2010(Unaudited)(Stated in U.S. Dollars)

NOTE 9  FINANCIAL INSTRUMENTS

The FASB ASC topic 820 on fair value measurement and
disclosures establishes three levels of inputs that may be used to measure fair
value: quoted prices in active markets for identical assets or liabilities
(referred to as Level 1), observable inputs other than Level 1 that are
observable for the asset or liability either directly or indirectly (referred to
as Level 2), and unobservable inputs to the valuation methodology that are
significant to the measurement of fair value of assets or liabilities (referred
to as Level 3).

The carrying values and fair values of our financial
instruments are as follows:

|                                         |         |  |   | April
        30, 2010 |  |   | January
        31, 2010 | 
|---------------------------------------- | ------- |  | - | ---------------------- |  | - | ------------------------ | 
|                                         |         |  |   | Carrying               |  |   | Fair                     | 
|                                         | Level   |  |   | value                  |  |   | value                    | 
|Cash and equivalents                     | Level 1 |  | $ | 2,287,673              |  | $ | 3,209,786                | 
|Receivables                              | Level 2 |  | $ | -                      |  | $ | -                        | 
|                                         |         |  |   |                        |  |   |                          | 
|Accounts payable and accrued liabilities | Level 2 |  | $ | 406,188                |  | $ | 406,188                  | 

The following method was used to estimate the fair values of
our financial instruments:

The carrying amount approximates fair value because of the
short maturity of the instruments.

NOTE 10  COMMITMENTS

Lease Commitments

On December 15, 2007, we entered into a sublease agreement for
two years and eleven months at CDN$1,537 (US$1,513) per month until October 31,
2010.

On June 1, 2008, we entered into a three year lease agreement
at $2,350 per month until May 31, 2011.

At April 30, 2010, the minimum future lease payments under our
operating leases are as follows:

|At April 30,            | 2011     | 2012   
|----------------------- | -------- | -------
|                        |          |        
|Premises lease payments | $ 37,279 | $ 2,350
|                        |          |        

Consulting Commitments

On July 14, 2009, we entered into a one year consulting
agreement with a company controlled by an officer whereby we agreed to pay a
consulting fee of $12,306 (CDN$12,500) until July 13, 2010. (Note 6)

On August 1, 2009, we entered into a two year consulting
agreement with a company wholly-owned by our President whereby we agreed to pay
a consulting fee of $12,306 (CDN$12,500) until July 31, 2011. (Note 6)

At April 30, 2010, the minimum future payments under our
consulting contracts are as follows:

|At April 30,    | 2011      | 2012    
|--------------- | --------- | --------
|                |           |         
|Consulting fees | $ 178,431 | $ 36,917

19

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ARGENTEX MINING CORPORATION(An Exploration Stage
Company)NOTES TO CONSOLIDATED FINANCIAL STATEMENTSAPRIL
30, 2010(Unaudited)(Stated in U.S. Dollars)

NOTE 11  SUBSEQUENT EVENTS

In accordance with ASC 855 management evaluated all activity of
the Company through June 11, 2010 (the issue date of the financial statements)
and concluded that no subsequent events have occurred that would require
recognition in the consolidated financial Statements or disclosure in the
consolidated notes to the financial statements.

On May 11, 2010, the Company granted 400,000 stock options to a
newly appointed director. These stock options are exercisable at CDN$0.64
(US$0.63), expire in five years on May 10, 2015 and vest in four installments
each in the amount of 100,000 stock options on November 10, 2010, February 10,
2011, May 10, 2011 and November 10, 2011.

On May 31, 2010, the Company entered into a non-binding term
sheet with one investor to undertake a private placement of 9,184,000 units at
CDN$0.80 (US$0.79) per unit. Each unit is to consist of one common share and one
common share purchase warrant. Each warrant is exercisable into one common share
of the Company at CDN$1.34 (US$1.32) for a period of five years after
closing.

On June 7, 2010, the Company acquired a group of contiguous
mineral tenures known as the Clapperton Property, covering an aggregate of
approximately 825 hectares of land located in south central British Columbia,
approximately 25 kilometers northeast of the town of Merritt, British Columbia.

20

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- 21 -

Item 2. Managements Discussion and Analysis of Financial
Condition and Results of Operations.

FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q contains forward-looking
statements. Forward-looking statements are projections of events, revenues,
income, future economic performance or managements plans and objectives for
future operations. In some cases, you can identify forward-looking statements by
the use of terminology such as may, should, expects, plans,
anticipates, believes, estimates, predicts, potential or continue or
the negative of these terms or other comparable terminology. Examples of
forward-looking statements made in this quarterly report include statements
about:

- Our future exploration programs and results,
- Our future capital expenditures, and
- Our future investments in and acquisitions of mineral resource properties.

These statements are only predictions and involve known and
unknown risks, uncertainties and other factors, including:

- General economic and business conditions,
- Exposure to market risks in our financial instruments,
- Fluctuations in worldwide prices and demand for minerals,
- Fluctuations in the levels of our exploration and development activities,
- Risks associated with mineral resource exploration and development
  activities,
- Competition for resource properties and infrastructure in the mineral
  exploration industry,
- Technological changes and developments in the mineral exploration and
  mining industry,
- Regulatory uncertainties and potential environmental liabilities,
- Political changes in Argentina, which could affect our interests there, and
- The risks in the section of this quarterly report entitled Risk Factors,

any of which may cause our or our industrys actual results,
levels of activity, performance or achievements to be materially different from
any future results, levels of activity, performance or achievements expressed or
implied by these forward-looking statements.

While these forward-looking statements and any assumptions upon
which they are based are made in good faith and reflect our current judgment
regarding the direction of our business, actual results will almost always vary,
sometimes materially, from any estimates, predictions, projections, assumptions
or other future performance suggested herein. Except as required by applicable
law, including the securities laws of the United States, we do not intend to
update any of the forward-looking statements to conform these statements to
actual results.

Our consolidated financial statements are stated in United
States dollars and are prepared in accordance with United States generally
accepted accounting principles. The following discussion should be read in
conjunction with our interim unaudited consolidated financial statements and the
related notes that appear elsewhere in this quarterly report and our audited consolidated financial statements and
related notes included in our Annual Report on Form 10-K for the fiscal year
ended January 31, 2010 .

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- 22 -

In this quarterly report, unless otherwise specified, all
references to common shares refer to the common shares in our capital stock
and the terms we, us and our mean Argentex Mining Corporation, a Delaware
corporation, and our wholly owned subsidiary, SCRN Properties Ltd., a Delaware
corporation.

Plan of Operations

We are a junior exploration stage company that has not yet
generated or realized any revenues from our business operations. We currently
hold interests in mineral properties located in the Rio Negro and Santa Cruz
provinces of Argentina and in the Province of British Columbia, Canada. All of
the mineral exploration licenses with respect to the Argentine claims are
registered in the name of our Delaware subsidiary, SCRN Properties Ltd., while
all of the mineral tenures with respect to our British Columbia claims are
registered in the name of our company. One of the properties located in the
Santa Cruz province of Argentina consists of a group of claims that we refer to
as the Pinguino property and we have concentrated almost all of our exploration
efforts on this property. During the next year we intend to continue to focus
our exploration efforts primarily on the Pinguino property, where we have had
exploration success in discovering polymetallic mineralization in the past. We
believe that additional targeted exploration expenditures in the form of
geophysics, soil geochemistry, trenching and drilling on the Pinguino property
is warranted to test the limits of known mineralization as well as new target
testing.

We have not determined whether our properties contain any
mineral reserve. A mineral reserve is defined by the Securities and Exchange
Commission in its Industry Guide 7 (which can be viewed over the Internet at
http://www.sec.gov/divisions/corpfin/forms/industry.htm#secguide7) as
that part of a mineral deposit which could be economically and legally extracted
or produced at the time of the reserve determination.

We have not begun significant operations and are considered an
exploration stage company, as that term is defined in Industry Guide 7.

Cash Requirements

We anticipate that we will incur the following expenses during
the 12 month period ending May 31, 2011:

|Estimated Funding Required During the Next
        12 Months                       
|-----------------------------------------------------------------------------------
|Expense                                                                            
|Mineral exploration expenses and holding costs                                     
|General and administrative expenses, including investor relations                  
|Accrued accounts payable, repayment of debt and acquisition
        of fixed assets
|Total                                                                              
|Cash on hand, May 31, 2010, estimated                                              
|Proceeds from exercise of warrants and options                                     
|Estimated excess of cash requirements over cash resources                          

During the 12 months ending May 31, 2011, we anticipate that we
will require approximately $2.8 million in order to fund the plan of operations
outlined above.

Since April 30, 2010 we have not raised any additional funds.
Our cash on hand as at the date of this interim report on Form 10-Q is not
sufficient to fund our budgeted operating requirements for the next 12 months.
In addition, our budget could increase during the year in response to matters
that we are not aware of at the date of this annual report. Regardless of
whether our budget remains the same or increases during the year, we do not have
enough money to fund our budgeted requirements and we will have to raise
additional funds. We have historically raised capital to fund our activities
through the sale of debt or equity securities and we plan to raise any required
funds through private placement sales of our common stock. We do not currently
have any arrangements in place for the completion of any private placement
financings and there can be no assurance that we will be successful in
completing any private placement financings.

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- 23 -

Results of Operations

Our operating results for the years ended January 31, 2010 and
2009 and the changes in our operating expenses between the years are summarized
below:

|                                     |   |              |  |   |                 |  |   | Changes         | 
|------------------------------------ | - | ------------ |  | - | --------------- |  | - | --------------- | 
|                                     |   |              |  |   |                 |  |   | Between the     | 
|                                     |   | Three Months |  |   | Three Months    |  |   | Three Months    | 
|                                     |   | Ended April  |  |   | Ended April 30, |  |   | Ended April 30, | 
|                                     |   | 30, 2010     |  |   | 2009            |  |   | 2010 and 2009   | 
|                                     |   |              |  |   |                 |  |   |                 | 
|Mineral exploration
      activities | $ | 837,782      |  | $ | 106,807         |  | $ | 730,975         | 
|Stock-based compensation             |   | 174,432      |  |   | 101,696         |  |   | 72,736          | 
|General and administrative           |   | 331,994      |  |   | 200,107         |  |   | 131,887         | 
|                                     |   |              |  |   |                 |  |   |                 | 
|Total expenses                       | $ | 1,344,208    |  | $ | 408,610         |  | $ | 935,598         | 

Revenue

We have not earned any revenue from operations since our
inception and we do not anticipate earning any revenue from our operations until
such time as we have entered into commercial production at one or more of our
mineral projects or we sell one or more of our mineral properties. We are
currently in the exploration stage of our business and we can provide no
assurances that we will discover a reserve on our properties or, if we do
discover a reserve that we will be able to enter into commercial production.

Expenses

Mineral Exploration Activities

Our mineral exploration expenses increased by $730,975 or 684%
from $106,807 for the three months ended April 30, 2009 to $837,782 for the
three months ended April 30, 2010. The increase in our mineral exploration
expenses was primarily due to our decision to temporarily suspend our drilling
and exploration program during the first three quarters of the year ended
January 31, 2010, due to the global economic downturn. After we completed a
private placement of approximately $4.4M during the fourth quarter of the year
ended January 31, 2010 we commenced our drilling and exploration program.

Stock-Based Compensation

Our stock-based compensation expense increased by $72,736 or
72% from $101,696 for the three months ended April 30, 2009 to $174,432 for the
three months ended April 30, 2010. The increase in our stock-based compensation
was due to an increase in the stock based compensation per share due to an
increase in the value of our shares during the year ended January 31, 2010.

General and Administrative

Our general and administrative expenses increased by $131,887
or 66% from $200,107 for the three months ended April 30, 2009 to $331,994, for
the three months ended April 30, 2010. This increase was primarily caused by
increases of $41,431 in consulting (net of $174,432 and $88,068
in stock based compensation) due to hiring more consultants; office and sundry
expenses of $24,915 and travel of $20,303 due to more travel to the mine site,
$18,675 in professional fees and $5,777 in transfer agent fees due to our
Canadian and US exchange listings.

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- 24 -

Liquidity and Capital Resources

Our working capital at April 30, 2010 and January 31, 2010 is
summarized below:

|                          |   |                   |  |   |                     |  |   | Changes between April 30, |  
|------------------------- | - | ----------------- |  | - | ------------------- |  | - | ------------------------- | -
|                          |   | At April 30, 2010 |  |   | At January 31, 2010 |  |   | 2010 and January 31, 2010 |  
|                          |   |                   |  |   |                     |  |   |                           |  
|Current assets            | $ | 2,390,635         |  | $ | 3,319,642           |  | $ | (929,007                  | )
|Current liabilities       |   | 406,188           |  |   | 441,940             |  |   | (35,752                   | )
|Working capital (deficit) | $ | 1,984,447         |  | $ | 2,877,702           |  | $ | (893,255                  | )

Current Assets

Our current assets decreased by $929,007 or 28% from $3,319,642
at January 31, 2010 to $2,390,635 at April 30, 2010. The decrease was primarily
due to raising only $124,000 in cash from equity financing during the three
month period ended April 30, 2010 while spending in excess of $1 million in cash
during the same period.

Current Liabilities

Our current liabilities decreased by $35,752 or 8% from
$441,940 at January 31, 2010 to $406,188 at April 30, 2010. The decrease was
primarily due to paying consulting fees to a director and officer that were
accrued at January 31, 2010.

Working Capital

Our working capital decreased by $893,255 or 31% from a working
  capital of $2,877,702 to working capital of $1,984,447. The decrease was primarily
  due to spending more cash than we received from equity financings.

The following table summarizes our sources and uses of cash
during the three month periods ended April 30, 2010 and 2009:

|                                                  |   | Three Months    |   |   | Three Months    |  
|------------------------------------------------- | - | --------------- | - | - | --------------- | -
|                                                  |   | Ended April 30, |   |   | Ended April 30, |  
|                                                  |   | 2010            |   |   | 2009            |  
|                                                  |   |                 |   |   |                 |  
|Cash flows used in operating
      activities     | $ | (1,195,819      | ) | $ | (279,498        | )
|Cash flows used in investing activities           |   | -               |   |   | -               |  
|Cash flows provided by
      financing activities |   | 124,000         |   |   | 491,627         |  
|Effect of foreign currency exchange               |   | 149,706         |   |   | -               |  
|Net (decrease) increase in cash during period     | $ | (922,113        | ) | $ | (212,129        | )

Net cash used in operating activities

Net cash used in operating activities during three months ended
April 30, 2010 was $1,195,819. This cash was primarily used to pay for the cost
of our drilling program.

Net cash used in operating activities during the three months
ended April 30, 2009 was $279,498. This cash was primarily used to cover the
cost of maintaining our mineral properties and to pay our consultants.

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- 25 -

Net cash used in investment activities

During the during the three months ended April 30, 2010 we did
not have any investment activities.

During the during the three months ended April 30, 2009 we did
not have any investment activities.

Net cash provided by financing activities

During the during the three months ended April 30, 2010, we
received cash of $56,500 on the issuance of 115,000 shares of common stock on
the exercise of 115,000 options and $67,500 on the issuance of 450,000 shares of
common stock on the exercise of 450,000 warrants.

During the during the three months ended April 30, 2009, we
received net cash of $441,627 on the issuance of 1,478,334 units sold in a
private placement offering of our equity securities and we received $50,000 in
cash on the issuance of 200,000 shares of our commons stock on the exercise of
200,000 options.

Product Research and Development

We do not anticipate that we will spend any significant sums on
product research and development over the twelve month period ending May 31,
2011.

Purchase of Significant Equipment

We do not intend to purchase any significant equipment over the
twelve month period ending May 31, 2011.

Going Concern

We have historically incurred losses since inception. From
inception through April 30, 2010, we have incurred losses of $18,423,138. We
anticipate that we will continue to incur losses without generating any revenue
from operations unless and until we are able to sell one or more of our resource
properties or identify a mineral resource in a commercially exploitable quantity
on one or more of our mineral properties and build and operate a mine, and there
can be no assurance that we will ever be able to do so. Because of these
historical losses and our continuing failure to generate any revenue from
operations, we believe that we will require additional working capital to
continue our exploration programs and develop our business operations in the
future. We intend to raise any additional working capital required through
private placements, public offerings and/or advances from related parties or
shareholder loans. We have recently entered into a non-binding term sheet with
International Finance Corporation pursuant to which we propose to sell 9,184,000
shares of our common stock and 9,184,000 share purchase warrants for $7,000,000,
but there can be no assurance that we will be able to complete this proposed
financing. With the exception of this non-binding term sheet with International
Finance Corporation, we do not currently have any arrangements for any such
financing in place, nor can we provide any assurance that we will be able to
arrange any such financing. If adequate working capital is not available we may
not be able to continue our operations.

These conditions raise substantial doubt about our ability to
continue as a going concern. Our unaudited interim consolidated financial
statements for the three months ended April 30, 2010 were prepared assuming that
we will continue as a going concern. This contemplates that our assets will be
realized and liabilities and commitments satisfied in the normal course of
business. In the notes to our consolidated financial statements for the year
ended January 31, 2010, our independent auditors included an explanatory
paragraph expressing concern about our ability to continue as a going concern.
The financial statements do not include any adjustments relating to the
recoverability and classification of asset carrying amounts or the amount and
classification of liabilities that might be necessary should we be unable to
continue as a going concern.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements and no
non-consolidated, special-purpose entities.

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- 26 -

Contingencies and Commitments

We had no contingencies at May 31, 2010.

We have the following long-term contractual obligations and
commitments:

Operating leases

On December 15, 2007, we entered into a sublease agreement for
two years and eleven months at CDN$1,537 (US$1,513) per month until October 31,
2010.

On June 1, 2008, we entered into a three year lease agreement
payable at $2,350 per month until May 31, 2011.

Consulting contract

On September 1, 2009, with retroactive effect to August 1,
2009, we entered into a new consulting agreement with Frontera Geological
Services Ltd. and Kenneth Hicks, our President, Chief Executive Officer and a
director of our company, pursuant to which Frontera Geological Services Ltd.
agreed to cause Kenneth Hicks to provide, among other things, services to our
company consistent with those ordinarily provided by a Chief Executive Officer,
including the duties and responsibilities set out at schedule A to the
consulting agreement and we agreed, among other things, to (i) pay Frontera
Geological Services Ltd. a monthly cash fee of CDN$12,500 (US$12,306); (ii)
grant Mr. Hicks options to purchase 100,000 shares of our common stock at an
exercise price equal to the closing price, last sale of the day, on the OTC
Bulletin Board on the date the options were granted and with a term of three
years from the date of grant; and (iii) pay incentive bonuses upon the
occurrence of specified milestones.

Internal and External Sources of Liquidity

To date we have funded our operations by selling our
securities, borrowing funds secured with promissory notes and issuing
convertible debentures.

Critical Accounting Policies

A summary of our critical accounting policies is included in
  our annual report on Form 10-K for the year ended January 31, 2010.

New accounting standards adopted during the three months
ended April 30, 2010 were:

In June 2009, the FASB issued ASC topic 860-20 for changes
to the accounting for transfers of financial assets. These changes remove
the concept of a qualifying special-purpose entity and remove the exception from
the application of variable interest accounting to variable interest entities
that are qualifying special-purpose entities; limits the circumstances in which
a transferor derecognizes a portion or component of a financial asset; defines a
participating interest; requires a transferor to recognize and initially measure
at fair value all assets obtained and liabilities incurred as a result of a
transfer accounted for as a sale; and requires enhanced disclosure; among
others. These changes were effective for us on February 1, 2010. The adoption of
these changes did not have an impact on our consolidated financial
statements.

In June 2009, the FASB issued changes to the accounting for
variable interest entities. These changes require an enterprise to perform
an analysis to determine whether the enterprises variable interest or interests
give it a controlling financial interest in a variable interest entity; to
require ongoing reassessments of whether an enterprise is the primary
beneficiary of a variable interest entity; to eliminate the quantitative
approach previously required for determining the primary beneficiary of a
variable interest entity; to add an additional reconsideration event for
determining whether an entity is a variable interest entity when any changes in
facts and circumstances occur such that holders of the equity investment at
risk, as a group, lose the power from voting rights or similar rights of those
investments to direct the activities of the entity that most significantly
impact the entitys economic performance; and to require enhanced disclosures
that will provide users of financial statements with more transparent
information about an enterprises involvement in a variable interest
entity. These changes were effective for us on February 1, 2010. The adoption of
these changes did not have an impact on our consolidated financial statements.

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- 27 -

New accounting standards to be adopted are as follows:

In March 2010, the FASB issued changes related to existing
accounting requirements for embedded credit derivatives. Specifically, the
changes clarify the scope exception regarding when embedded credit derivative
features are not considered embedded derivatives subject to potential
bifurcation and separate accounting. These changes become effective for us on
August 1, 2010. The adoption of these changes is not expected to have an impact
on our consolidated financial statements.

RISK FACTORS

An investment in our common stock involves a number of very
significant risks. You should carefully consider the following risks and
uncertainties in addition to other information in this Form 10-Q in evaluating
our company and our business before making any investment decision about our
company. Our business, operating results and financial condition could be
seriously harmed due to any of the following risks.

Risks Associated With Mining

All of our properties are in the exploration stage. There is
no assurance that we can establish the existence of any mineral reserve on any
of our properties. Unless and until we can do so, we cannot earn any revenues
from operations and if we do not do so we will lose all of the funds that we
have spent on exploration. If we do not discover any mineral reserve, our
business will fail.

Despite exploration work on our mineral properties, we have not
established that any of them contain any mineral reserve, nor can there be any
assurance that we will be able to do so. If we do not, our business will
fail.

A mineral reserve is defined by the Securities and Exchange
Commission in its Industry Guide 7 (which can be viewed over the Internet at
http://www.sec.gov/divisions/corpfin/forms/industry.htm#secguide7) as
that part of a mineral deposit which could be economically and legally extracted
or produced at the time of the reserve determination. The probability of an
individual prospect ever having a reserve that meets the requirements of the
Securities and Exchange Commissions Industry Guide 7 is extremely remote; in
all probability none of our mineral resource properties contains any reserve
and any funds that we spend on exploration will probably be lost.

The commercial viability of an established mineral deposit will
depend on a number of factors including, by way of example, the size, grade and
other attributes of the mineral deposit, the proximity of the resource to
infrastructure such as a smelter, roads and a point for shipping, government
regulation and market prices. Most of these factors will be beyond our control,
and any of them could increase costs and make extraction of any identified
mineral resource unprofitable.

Mineral operations are subject to applicable law and
government regulation. Even if we discover a mineral resource in a commercially
exploitable quantity, these laws and regulations could restrict or prohibit the
exploitation of that mineral resource. If we cannot exploit any mineral resource
that we might discover on our properties, our business may fail.

Both mineral exploration and extraction require permits from
various foreign, federal, state, provincial and local governmental authorities
and are governed by laws and regulations, including those with respect to
prospecting, mine development, mineral production, transport, export, taxation,
labour standards, occupational health, waste disposal, toxic substances, land
use, environmental protection, mine safety and other matters. There can be no
assurance that we will be able to obtain or maintain any of the permits required
for the continued exploration of our mineral properties or for the construction
and operation of a mine on our properties at an economically viable cost. If we
cannot accomplish these objectives, our business could fail. Although we believe
that we are in compliance with all material laws and regulations that currently
apply to our activities, we can give no assurance that we can continue to remain
in compliance. Current laws and regulations could be amended and we might not be
able to comply with them, as amended. Further, there can be no
assurance that we will be able to obtain or maintain all permits necessary for
our future operations, or that we will be able to obtain them on reasonable
terms. To the extent such approvals are required and are not obtained, we may be
delayed or prohibited from proceeding with planned exploration or development of
our mineral properties.

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- 28 -

If we establish the existence of a mineral reserve on any of
our properties, we will require additional capital in order to develop the
property into a producing mine. If we cannot raise this additional capital, we
will not be able to exploit the reserve and our business could fail.

If we do discover a mineral reserve on any of our properties,
we will be required to expend substantial sums of money to establish the extent
of the reserve, develop processes to extract it and develop extraction and
processing facilities and infrastructure. Although we may derive substantial
benefits from the discovery of a reserve, there can be no assurance that any
reserve established will be large enough to justify commercial operations, nor
can there be any assurance that we will be able to raise the funds required for
development on a timely basis. If we cannot raise the necessary capital or
complete the necessary facilities and infrastructure, our business may fail.

Mineral exploration and development is subject to
extraordinary operating risks. We do not currently insure against these risks.
In the event of a cave-in or similar occurrence, our liability may exceed our
resources, which would have an adverse impact on our company.

Mineral exploration, development and production involves many
risks which even a combination of experience, knowledge and careful evaluation
may not be able to overcome. Our operations will be subject to all of the
hazards and risks inherent in these activities and, if we discover a mineral
reserve, our operations could be subject to all of the hazards and risks
inherent in the development and production of a mineral reserve, including
liability for pollution, cave-ins or similar hazards against which we cannot
insure or against which we may elect not to insure. Any such event could result
in work stoppages and damage to property, including damage to the environment.
We do not currently maintain any insurance coverage against these operating
hazards. The payment of any liabilities that arise from any such occurrence
would have a material adverse impact on our company.

Mineral prices are subject to dramatic and unpredictable
fluctuations and the economic viability of any of our exploration properties and
projects cannot be accurately predicted.

We expect to derive revenues, if any, either from the sale of
our mineral properties or from the extraction and sale of precious and base
metals such as gold, silver, copper, zinc and indium. The price of these
commodities has fluctuated widely in recent years and is affected by numerous
factors beyond our control, including international, economic and political
trends, expectations of inflation, currency exchange fluctuations, interest
rates, global or regional consumptive patterns, speculative activities and
increased production due to new extraction developments and improved extraction
and production methods. The effect of these factors are based on the price of
precious metals and therefore the economic viability of any of our exploration
properties cannot accurately be predicted.

The mining industry is highly competitive and there is no
assurance that we will continue to be successful in acquiring mineral claims. If
we cannot continue to acquire properties to explore for mineral resources, we
may be required to reduce or cease operations.

The mineral exploration, development, and production industry
is largely unintegrated. We compete with other exploration companies looking for
mineral resource properties. In identifying and acquiring mineral resource
properties, we compete with many companies possessing greater financial
resources and technical facilities. This competition could adversely affect our
ability to acquire suitable prospects for exploration in the future.
Accordingly, there can be no assurance that we will acquire any interest in
additional mineral resource properties that might yield reserves or result in
commercial mining operations. While we may compete with other exploration
companies in the effort to locate and acquire mineral resource properties, we do
not believe that we will compete with them for the removal or sales of mineral
products from our properties if we should eventually discover the presence of
them in quantities sufficient to make production economically feasible. Readily
available markets exist worldwide for the sale of mineral products. Therefore,
we will likely be able to sell any mineral products that we identify and
produce.

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- 29 -

Risks Associated with Our Company

We have a limited operating history on which to base an
evaluation of our business and prospects and we can provide investors with no
assurance that we will generate any operating revenues or ever achieve
profitable operations.

Although we have been in the business of exploring mineral
resource properties since 2002, we have not yet located any mineral reserve and
we have never had any revenues from our operations. In addition, our operating
history has been restricted to the acquisition and exploration of our mineral
properties and this does not provide a meaningful basis for an evaluation of our
prospects if we ever determine that we have a mineral reserve and commence the
construction and operation of a mine. We have no way to evaluate the likelihood
of whether our mineral properties contain any mineral reserve or, if they do,
that we will be able to build or operate a mine successfully. We anticipate that
we will continue to incur operating costs without realizing any revenues during
the period when we are exploring our properties. During the 12 month period
ending May 31, 2011, we expect to spend approximately $2,800,000 million on the
exploration of our mineral properties and on general and administrative
expenses. We therefore expect to continue to incur significant losses into the
foreseeable future. If we are unable to generate significant revenues from
mining operations and any dispositions of our properties, we will not be able to
earn profits or continue operations. At this early stage of our operation, we
also expect to face the risks, uncertainties, expenses and difficulties
frequently encountered by companies at the start up stage of their business
development. We cannot be sure that we will be successful in addressing these
risks and uncertainties and our failure to do so could have a materially adverse
effect on our financial condition. There is no history upon which to base any
assumption as to the likelihood that we will prove successful and we can provide
investors with no assurance that we will generate any operating revenues or ever
achieve profitable operations.

The fact that we have not earned any operating revenues
since our incorporation raises substantial doubt about our ability to continue
to explore our mineral properties as a going concern.

We have not generated any revenue from operations since our
incorporation. During the three month period ended April 30, 2010, we incurred a
net loss of $1,344,208. From inception through April 30, 2010, we have incurred
an aggregate loss of $18,423,138. We anticipate that we will continue to incur
operating expenses without revenues unless and until we are able to sell one or
more of our resource properties or identify a mineral resource in a commercially
exploitable quantity on one or more of our mineral properties and build and
operate a mine. On June1, 2010, we had cash and cash equivalents in the amount
of approximately $1.7 million. We estimate our average monthly operating
expenses to be approximately $92,000, excluding exploration but including
general and administrative expenses and investor relations expenses. We do not
believe that our cash on hand is sufficient to fund our currently budgeted
operating requirements for the 12 month period ending May 31, 2011. In addition,
our budget could increase during the year in response to matters that cannot be
currently anticipated and we might find that we need to raise more capital in
order to properly address these items. As we cannot assure a lender that we will
be able to successfully explore and develop our mineral properties, we will
probably find it difficult to raise debt financing from traditional lending
sources. We have traditionally raised our operating capital from sales of equity
and debt securities, but there can be no assurance that we will continue to be
able to do so. The economic crisis in the United States and the resulting
economic uncertainty and market instability may make it harder for us to raise
capital as and when we need it and have made it difficult for us to assess the
impact of the crisis on our operations or liquidity and to determine if the
prices we might receive on the sale of minerals, if any, would exceed the cost
of mineral exploitation. If we cannot raise the money that we need to continue
exploration of our mineral properties, we may be forced to delay, scale back, or
eliminate our exploration activities. If any of these were to occur, there is a
substantial risk that our business would fail.

Because all of our officers and directors are located
outside of the United States, you may have no effective recourse against them
for misconduct and you may not be able to enforce judgment and civil liabilities
against our officers, directors, experts and agents.

All of our directors and officers are nationals and/or
residents of countries other than the United States and all or a substantial
portion of their assets are located outside the United States. As a result, it
may be difficult for investors to enforce within the United States any judgments
obtained against our officers or directors, including judgments predicated upon
the civil liability provisions of the securities laws of the United States or
any state thereof.

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Risks Associated with Our Common Stock

Our stock is a penny stock. Trading of our stock may be
restricted by the SECs penny stock regulations and the FINRAs sales practice
requirements, which may limit a stockholders ability to buy and sell our stock.

Our stock is a penny stock. The Securities and Exchange
Commission has adopted Rule 15g-9 which generally defines penny stock to be
any equity security that has a market price (as defined) less than $5.00 per
share or an exercise price of less than $5.00 per share, subject to certain
exceptions. Our securities are covered by the penny stock rules, which impose
additional sales practice requirements on broker-dealers who sell to persons
other than established customers and accredited investors. The term
accredited investor refers generally to institutions with assets in excess of
$5,000,000 or individuals with a net worth in excess of $1,000,000 or annual
income exceeding $200,000 or $300,000 jointly with their spouse. The penny stock
rules require a broker-dealer, prior to a transaction in a penny stock not
otherwise exempt from the rules, to deliver a standardized risk disclosure
document in a form prepared by the SEC which provides information about penny
stocks and the nature and level of risks in the penny stock market. The
broker-dealer also must provide the customer with current bid and offer
quotations for the penny stock, the compensation of the broker-dealer and its
salesperson in the transaction and monthly account statements showing the market
value of each penny stock held in the customers account. The bid and offer
quotations, and the broker-dealer and salesperson compensation information, must
be given to the customer orally or in writing prior to effecting the transaction
and must be given to the customer in writing before or with the customers
confirmation. In addition, the penny stock rules require that prior to a
transaction in a penny stock not otherwise exempt from these rules; the
broker-dealer must make a special written determination that the penny stock is
a suitable investment for the purchaser and receive the purchasers written
agreement to the transaction. These disclosure requirements may have the effect
of reducing the level of trading activity in the secondary market for the stock
that is subject to these penny stock rules. Consequently, these penny stock
rules may affect the ability of broker-dealers to trade our securities. We
believe that the penny stock rules discourage investor interest in, and limit
the marketability of, our common stock.

In addition to the penny stock rules promulgated by the
Securities and Exchange Commission, the Financial Industry Regulatory Authority
has adopted rules that require that in recommending an investment to a customer,
a broker-dealer must have reasonable grounds for believing that the investment
is suitable for that customer. Prior to recommending speculative low priced
securities to their non-institutional customers, broker-dealers must make
reasonable efforts to obtain information about the customers financial status,
tax status, investment objectives and other information. Under interpretations
of these rules, the Financial Industry Regulatory Authority believes that there
is a high probability that speculative low-priced securities will not be
suitable for at least some customers. The Financial Industry Regulatory
Authority requirements make it more difficult for broker-dealers to recommend
that their customers buy our common stock, which may limit your ability to buy
and sell our stock.

Trends, Risks and Uncertainties

We have sought to identify what we believe to be the most
significant risks to our business, but we cannot predict whether, or to what
extent, any of such risks may be realized nor can we guarantee that we have
identified all possible risks that might arise. Investors should carefully
consider all of such risk factors before making an investment decision with
respect to our common stock.

Item 3. Quantitative and Qualitative Disclosures About
Market Risk.

Not Applicable.

Item 4T. Controls and Procedures.

Disclosure controls and procedures are controls and other
procedures that are designed to ensure that information required to be disclosed
by our company in the reports that we file or submit under the Securities
Exchange Act of 1934 is recorded, processed, summarized and reported, within
the time periods specified in the Securities and Exchange Commissions rules and
forms. Disclosure controls and procedures include, without limitation, controls
and procedures designed to ensure that information required to be disclosed by
our company in the reports that we file or submit under the Securities Exchange Act of 1934 is accumulated and communicated to our management, including our principal
executive officer and principal financial officer, as appropriate, to allow
timely decisions regarding required disclosure.

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As required by Rule 13a-15 under the Exchange Act, we have
evaluated the effectiveness of the design and operation of our disclosure
controls and procedures at April 30, 2010, which is the end of the period
covered by this report. This evaluation was carried out by our President, who is
our principal executive officer, and our Chief Financial Officer, who is our
principal financial officer. Based on this evaluation, our President and our
Chief Financial Officer have concluded that the design and operation of our
disclosure controls and procedures were effective as at the end of the period
covered by this report.

There were no changes in our internal control over financial
reporting during the quarter ended April 30, 2010 that have materially affected
or are reasonably likely to materially affect our internal control over
financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

We know of no material, active or pending legal proceedings
against us, nor are we involved as a plaintiff in any material proceedings or
pending litigation. There are no proceedings in which any of our directors,
officers or affiliates, or any registered or beneficial shareholders are an
adverse party or has a material interest adverse to us.

Item 2. Unregistered Sales of Equity Securities and Use of
Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. (Removed and Reserved).

Item 5. Other Information.

On June 7, 2010, we acquired a group of three contiguous
mineral tenures known as the Clapperton Property, covering an aggregate of
approximately 825 hectares of land located in south central British Columbia,
approximately 25 kilometers northeast of the town of Merritt, British Columbia.
These mineral tenures will expire on June 7, 2011 unless we maintain ownership
by spending at least $3,301 in annual exploration expenses on these properties
or paying an equivalent amount in lieu.

The map reproduced below shows the location of the Clapperton
Property:

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There are no known mineral resources or reserves on the
Clapperton Property, nor can there be any assurance that we will be able to
identify any mineral resource or reserve there.

Item 6. Exhibits.

The following Exhibits are filed with this quarterly report:

|Exhibit |                                                                                                                                                                                                         
|------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number  | Description                                                                                                                                                                                             
|        |                                                                                                                                                                                                         
|(3)     | Articles of Incorporation and Bylaws                                                                                                                                                                    
|        |                                                                                                                                                                                                         
|3.1     | Restated Certificate of Incorporation (incorporated by
      reference from our Registration Statement on Form S-1 filed on January 19,
      2010)                                                     
|        |                                                                                                                                                                                                         
|3.2     | Bylaws (incorporated by reference from our Registration
      Statement on Form S-1 filed on January 19, 2010)                                                                                          
|        |                                                                                                                                                                                                         
|(4)     | Instruments Defining the Rights of Security Holders,
      including Indentures                                                                                                                         
|        |                                                                                                                                                                                                         
|4.1     | 2007 Stock Option Plan (incorporated by reference to an
      exhibit to our current report on Form 8-K filed on November 15, 2007)                                                                     
|        |                                                                                                                                                                                                         
|(10)    | Material Contracts                                                                                                                                                                                      
|        |                                                                                                                                                                                                         
|10.1    | Mineral Property Option Agreement dated February 24, 2004
      with Chris Dyakowski (incorporated by reference to an exhibit to our
      current report on Form 8-K filed on March 4, 2004)           
|        |                                                                                                                                                                                                         
|10.2    | Mineral Property Acquisition Agreement dated February 24,
      2004 with San Telmo Energy Ltd. (incorporated by reference to an exhibit
      to our current report on Form 8-K filed on March 4, 2004)

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|10.3  | Diamond Core
        Drilling (Surface) Agreement, dated as of January 18, 2005 with Connors
        Argentina S.A. (incorporated by reference to an exhibit to our current
        report on Form 8-K filed on January 24, 2005)                 
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                   
|10.4  | Consulting Agreement
        dated April 12, 2007 with Frontera Geological Services Ltd. (incorporated
        by reference to an exhibit to our current report on Form 8-K filed on
        April 18, 2007)                                      
|      |                                                                                                                                                                                                                                                   
|10.5  | Private Placement
        Subscription Agreement dated October 14, 2008 (incorporated by reference
        to an exhibit to our current report on Form 8-K filed on October 20, 2008)                                                             
|      |                                                                                                                                                                                                                                                   
|10.6  | Form of Subscription
        Agreement for Debentures (incorporated by reference to an exhibit to our
        current report on Form 8-K filed on January 14, 2009)                                                                               
|      |                                                                                                                                                                                                                                                   
|10.7  | Form of Subscription
        Agreement for Units (incorporated by reference to an exhibit to our current
        report on Form 8-K filed on January 15, 2009)                                                                                    
|      |                                                                                                                                                                                                                                                   
|10.8  | Form of Subscription
        Agreement (incorporated by reference to an exhibit to our current report
        on Form 8-K filed on April 27, 2009)                                                                                                
|      |                                                                                                                                                                                                                                                   
|10.9  | Form of Subscription
        Agreement (incorporated by reference to an exhibit to our current report
        on Form 8-K filed on May 26, 2009)                                                                                                  
|      |                                                                                                                                                                                                                                                   
|10.10 | Form of Subscription
        Agreement (incorporated by reference to an exhibit to our current report
        on Form 8-K filed on June 18, 2009)                                                                                                 
|      |                                                                                                                                                                                                                                                   
|10.11 | Form of Subscription
        Agreement (incorporated by reference to an exhibit to our current report
        on Form 8-K filed on July 13, 2009)                                                                                                 
|      |                                                                                                                                                                                                                                                   
|10.12 | Consulting Agreement
        dated July 14, 2009 with 0845557 B.C. Ltd. and Mark Vanry (incorporated
        by reference to an exhibit to our current report on Form 8-K filed on
        July 15, 2009)                                         
|      |                                                                                                                                                                                                                                                   
|10.13 | Agency Agreement
        dated November 27, 2009 with Wellington West Capital Markets Inc. and
        Canaccord Capital Corporation (incorporated by reference to an exhibit
        to our current report on Form 8-K filed on December 1, 2009)
|      |                                                                                                                                                                                                                                                   
|10.14 | Form of Broker
        Warrant Certificate Issued to Wellington West Capital Markets Inc. and
        Canaccord Capital Corporation (incorporated by reference to an exhibit
        to our current report on Form 8-K filed on December 1, 2009) 
|      |                                                                                                                                                                                                                                                   
|10.15 | Form of Subscription
        Agreement with the Selling Stockholders (incorporated by reference to
        an exhibit to our current report on Form 8-K filed on December 1, 2009)                                                                
|      |                                                                                                                                                                                                                                                   
|10.16 | Form of Warrant
        Certificate Issued to the Selling Stockholders (incorporated by reference
        to an exhibit to our current report on Form 8-K filed on December 1, 2009)                                                              
|      |                                                                                                                                                                                                                                                   
|10.17 | Consulting Agreement
        dated August 1, 2009 with Frontera Geological Services Ltd. and Kenneth
        Hicks filed (incorporated by reference to an exhibit to our current report
        on Form 10-Q filed on December 14, 2009)          
|      |                                                                                                                                                                                                                                                   
|(21)  | Subsidiaries                                                                                                                                                                                                                                      
|      |                                                                                                                                                                                                                                                   
|21.1  | Subsidiary of
        Argentex Mining Corporation: SCRN Properties Ltd., a Delaware corporation                                                                                                                                                   
|      |                                                                                                                                                                                                                                                   
|(31)  | Rule 13a-14(a)/15d-14(a)
        Certifications                                                                                                                                                                                                   
|      |                                                                                                                                                                                                                                                   
|31.1* | Certification
        of Chief Executive Officer pursuant to Rule 13a-14 and Rule 15d-14(a),
        promulgated under the Securities and Exchange Act of 1934, as amended
        (Chief Executive Officer).                                     
|      |                                                                                                                                                                                                                                                   
|31.2* | Certification
        pursuant to Rule 13a-14 and Rule 15d-14(a), promulgated under the Securities
        and Exchange Act of 1934, as amended (Chief Financial Officer).                                                                        
|      |                                                                                                                                                                                                                                                   
|(32)  | Section 1350
        Certifications                                                                                                                                                                                                               
|      |                                                                                                                                                                                                                                                   
|32.1* | Certification
        pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
        of the Sarbanes- Oxley Act of 2002 (Chief Executive Officer).                                                                                

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- 34 -

|32.2* | Certification
        pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
        of the Sarbanes- Oxley Act of 2002 (Chief Financial Officer).
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

*Filed herewith

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SIGNATURES

In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

By: /s/ Ken
HicksKenneth Hicks President and Director (Principal Executive
Officer) Date: June 14, 2010



By: /s/ Valerie
HelsinValerie
Helsing, Chief Financial Officer (Principal Financial Officer and Principal
Accounting Officer) Date: June 14, 2010

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