Vendors have commenced preliminary engineering for the longest lead
Delivery-time on other items have been reduced materially
Argex focused on 2015 production and revenue
MONTREAL, Nov. 25, 2013 /CNW Telbec/ - Argex Titanium Inc. (TSX: RGX) ("Argex" or the "Company") announced today that it has commenced preliminary engineering work with
the equipment vendors for the longest lead items as the first step in
the ordering of the equipment for the Valleyfield industrial-sized
"This is an important step in the equipment ordering process," commented
Enrico Di Cesare, Argex's Chief Operating Officer and Vice-President of
Technology, "it effectively maintains our company's planned schedule by
securing our priority with the vendors for delivery."
"Furthermore, other equipment items that we had previously identified as
having some of the longest lead times have been recategorized based on
updated vendor information," commented Mr. Di Cesare, "the ongoing
testing work that we have been carrying-out with many of the equipment
vendors have led to their improved understanding of our requirements
and this has led to materially reduced delivery times. In some cases,
weaker market conditions for required equipment have also improved the
delivery times and prices previously expected."
"Our core strategy at Argex continues to be to mitigate risk while
moving rapidly towards 2015 production and revenue," he added, "the
next steps will be the finalization of the purchase orders for the long
lead items and the selection of the remaining equipment in the first
quarter of 2014."
About Argex Titanium Inc.
ARGEX Titanium Inc. is a near-term producer of Titanium Dioxide (TiO2) pigment. With a primary goal of advancing rapidly towards production,
Argex has adopted a simple and low-risk strategy for the scale-up of
its proprietary process. Argex is pleased to have selected Valleyfield,
Quebec as the location for its Research & Development centre and first
industrial-sized production facility. The location of the site can be
viewed at Argex Valleyfield.
This news release contains statements that may constitute
"forward-looking information" or "forward-looking statements" within
the meaning of applicable Canadian securities legislation.
Forward-looking information and statements may include, among others,
statements regarding the future plans, costs, objectives or performance
of Argex, or the assumptions underlying any of the foregoing. In this
news release, words such as "may", "would", "could", "will", "likely",
"believe", "expect", "anticipate", "intend", "plan", "estimate" and
similar words and the negative form thereof are used to identify
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read as guarantees of future performance or results, and will not
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which, such future performance will be achieved. No assurance can be
given that any events anticipated by the forward-looking information
will transpire or occur, or if any of them do so, what benefits Argex
will derive. Forward-looking statements and information are based on
information available at the time and/or management's good-faith belief
with respect to future events and are subject to known or unknown
risks, uncertainties, assumptions and other unpredictable factors, many
of which are beyond Argex's control. These risks, uncertainties and
assumptions include, but are not limited to, those described under
"Risk Factors" in Argex's Annual Information Form for the fiscal year
ended December 31, 2012, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from
those projected in any forward-looking statements. Argex does not
intend, nor does Argex undertake any obligation, to update or revise
any forward-looking information or statements contained in this news
release to reflect subsequent information, events or circumstances or
otherwise, except if required by applicable laws.
Neither the TSX nor its Regulation Services Provider (as that term is
defined in the policies of the TSX) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE: Argex Titanium Inc.
For further information:
Roy Bonnell, President and Chief Executive Officer
Argex Titanium Inc.
514 843-5959 ext. 109
The Howard Group
Sun International Communications