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MONTREAL, Sept. 21, 2011 /CNW Telbec/ - Argex Mining Inc. (Argex) (TSXV: RGX) (FSE: ASV) (OTCBB: ARGEF) announces today that it has filed a National Instrument 43-101
compliant Technical Report for its 100%-owned Mouchalagane property on
the SEDAR website (http://www.sedar.com). The report entitled "Technical Report - Mouchalagane Iron Ore
Property, Eastern Quebec" has been completed by Jean-Sébastien
Lavallée, P.Geo., Vice-President and Project Manager for Consul-Teck,
an independent Qualified Person as defined by NI 43-101 for the Standards of Disclosure for Mineral Projects. The Technical Report is also available on the Company website (http://www.argex.ca).
The Mouchalagane property is located 275 km north of the city of
Baie-Comeau, adjacent to the Manicouagan Reservoir. The property is
composed of one block of 637 designated claim cells covering 335 square
kilometres and is 100% owned by Argex.
The property covers extensive iron formation stratigraphy known as
meta-taconites, which are interpreted to be part of the prolific Wabush
Geological Formation hosting the major iron ore deposits of the
Fermont-Labrador City region. A recent 2,447 line-km airborne
geophysical survey completed by Argex at the end of 2010 highlighted
several magnetic anomalies representing more than 50 km of iron
formation stratigraphy on the property.
Exploration work conducted in the 50's, 60's and 70's consisting of
mapping, ground geophysics, diamond drilling and metallurgical testing
successfully identified numerous magnetite and hematite-rich iron
formations on the property. Iron formation thicknesses reported from
drill holes vary from a few metres up to more than a hundred metres
with average grades ranging from 25% Fe total up to 42% Fe total.
Extensive metallurgical testing of the magnetite-rich and hematite-rich
facies completed on surface samples and drill core composites returned
concentrate grades between 65% and 71% Fe total.
The Company is in the process of finalizing a thorough data compilation
of the historical information available with the objective of
evaluating the exploration potential of the property. Additional
information will be made available to the shareholders as soon as the
historical data compilation is completed.
Argex President and CEO, Roy Bonnell, commented on the expectation that
the results of the PEA would soon be ready. "We have targeted the
publication of the results of the PEA as one of the key milestones for
the Company this fall", he said. "In many ways, we have gone well
beyond the parameters of what is normally expected in a PEA. This has
allowed us to refine the assumptions that we can make about our project
in a very positive way. The extra effort has been a true value added.
It is our expectation that the results will be available within the
next four weeks."
The technical information disclosed in this news release has been
reviewed and approved by André Laferrière, M.Sc. P.Geo., Qualified
Person for Argex Mining Inc. as defined by National Instrument 43-101
for the Standards of Disclosure for Mineral Projects.
About Argex Mining Inc.
ARGEX MINING INC. has recently transitioned from a mining exploration
company to a near-term producer of commodities that the world needs:
Titanium Dioxide, Iron and Vanadium Pentoxide. 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 that
allows it to produce high purity TiO2 directly from its 100% owned deposit.
The process is running continuously at the Company's mini-plant in
Mississauga, Ontario. The closed-loop process is environmentally
friendly and produces minimal inert tailings.
Additionally, the Company owns 100% of the Mouchalagane property, which
is a large Labrador Trough iron ore property that represents further
potential upside for the Argex shareholders.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE ARGEX MINING INC.
For further information:
Roy Bonnell, President and Chief Executive Officer
Argex Mining Inc.