ARGEX COMPLETES 2447 km AIRBORNE GEOPHYSICAL SURVEY ON MOUCHALAGANE PROPERTY

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

MONTREAL, Jan. 24 /CNW Telbec/ - Argex Mining Inc. (Argex) (TSX-V: RGX) (FSE: ASV) (OTCBB: ARGEF) has completed and received the final reports for a recently flown airborne geophysical survey completed on its 100% owned Mouchalagane property. Results from the survey demonstrate a magnetic anomaly of more than 40 km in length that corresponds with iron formations that have previously been mapped and from drilling on the property as well as two outlying magnetic anomalies that also correspond with previous work that demonstrated iron formations running 2 km long and 3 km long.

Argex continues to review the results of the recently completed airborne geophysical survey and will announce its future plans for the property shortly.

The survey was completed by Geophysics GPR International Inc. The survey reported magnetic and EM-VLF results. The survey consisted of one large block covering a minimum coverage of 2447 line kilometers. The survey used the Helimager™ which is a towed bird system configured as a horizontal magnetic gradiometer with two caesium vapour magnetometers installed at each end of the lateral arm, 6 metres apart, and a Totem-2A VLF receiver on the lower arm. The radar altimeter and a DGPS system were mounted on the central body of the HelimagerTM system. The property was survey with 100 metre line spacing and 1000 metre tie-line spacing.

The Mouchalagane property is 145 km North-Northwest of Manic Dam 5, just Northwest of Rene-Levasseur Island. The Mouchalagane property is also 185 km Southwest of Consolidated Thompson's Bloom Lake property, and 275km north of the City of Baie-Comeau. A map showing the location of Mouchalagane is attached in this release as Figure 1 (also available on the companies website at www.argex.ca and www.sedar.com).

The Mouchalagane Property is located in the North Shore region of Quebec, part of the Grenville Geological Province. The Grenville extends from more than 2,000 kilometres in length and skirts the North Shore of the St-Lawrence River. Its width varies from 300 kilometres to 600 kilometres and forms the south east segment of the Canadian Shield. The Archean rocks of the Superior Province and the Proterozoic rocks of the Otish Basin are separated from the Grenville Province by the Grenville Front.

The Grenville consists of gneiss domes and basins with complex and irregular structural patterns, and intrusive rocks of variable composition, from gabbros to alkaline rocks. The circular shaped Manicouagan Structure is located in proximity to the Mouchalagane.

The first map of the region dates from 1955 which shows several iron formation occurrences (Mount South, Mount Barn, Parr North Lake, Crazy Lake and Everett Lake) These iron formations were discovered by the Oliver Iron Mining Company in 1954 following the publication of an aeromagnetic survey completed by Canadian Aero Service in 1952.

In 1957 Consolidated Morrison Exploration undertook geological and magnetic surveys on the Moore Claims. The then named Lake La Roque Property covered four separate zones of iron formation. The iron mineralization was described as being of two types: mineralized quartzite with hematite and magnetite; and iron formation containing magnetite and iron silicates. Gravity and magnetic surveys were performed in 1960 by Sulmac Exploration Services over the same area.

Geological mapping, a magnetic survey and 11 holes were drilled, as well as metallurgical tests were performed in 1957 and 1958 on the Moore Claims. Additional metallurgical tests were completed in 1960 on more than 12 sites in the same area.

The region was mapped by Berard of the MRNFQ in the early 1960's. Berard describes all the geological units and the iron mineralization styles of the region.

Hanna Mining Co and Matonipi Mines were also very active on the Moore Claims in 1962 and 1963. They completed geological, magnetic and gravimetric surveys and metallurgical testing.

HISTORICAL RESULTS FROM THE MOUCHALAGANE PROPERTY (the results have been verified)*
OCCURRENCE
SAMPLES SAMPLE GRADE CONCENTRATE GRADE
  AMOUNT  COMPANY TYPE  FE% TYPE FE%   SiO2%   %WEIGHT
RECOVERY
Barn Mountain WSM OIM OC 31.4  MAG 69.1 3.5 42.4
Barn Mountain 19  WSM OIM OC 26.8  MAG - - -
Barn Mountain OIM DH 26.0  MAG 69.6 2.8 32.6
South Mountain WSM OIM OC 32.3  MAG (SPEC) 70.2 1.8 28.4
South Mountain OIM DH 28.1  MAG 69.2 2.3 37.5
Mushalagan R. WSM OC 33.4  MAG 68.5 4.1 35.3
Mushalagan R. OIM WSM OC 29.7  MAG - - -
S. Parr L. PM OIM WSM OC 33.7  MAG 68.1 3.6 41.6
S. Parr L. PM DH 33.8  MAG 64.5 5.1 41.1
N. Parr L. OIM WSM OC 42.1  SPEC 68.0 3.1 59.2
N. Parr L. PM (ore zones) DH 28.2  SPEC 66.7 4.1 34.8
N. Parr L. PM DH 19.8  SPEC - - -
Crazy L. PM OIM WSM OC 31.3  MAG 71.2 1.2 35.7
Everett L. 11  PM OIM WSM OC 34.7  SPEC MAG 68.8 2.4 48.5
Everett L. OIM PM WSM HG trenches  66.4 - - -
Everett L. PM HG areas  55.0 67.7 2.6 77.4
Matonipis L. WSM OC 38.2  SPEC 66.6 4.4 54.8
Portage Mountain WSM OIM OC 39.8  SPEC - - -
Portage Mountain WSM OIM OC 40.3  SPEC 68.0 3.0 53.7
W. Matonipil 11  OIM WSM OC 27.9  MAG SPEC 66.1 7.5 28.8
Saville Mountain OIM DH 33.5  MAG SPEC 66.8 5.7 42.6
Jones Mountain OIM WSM OC 32.9  MAG SPEC 67.6 5.5 37.7
Jones Mountain OIM DH 33.0  MAG SPEC 68.1 3.7 43.3
Bacouel L. OIM OC 27.0  SPEC 67.0 4.2 38.4

*Notes:    Hematite concentrate -35 mesh
  Magnetite concentrate -100 mesh
  OIM: Oliver Iron Mining Company
  PM: Pickands Mather & Co.
  WSM: Wabush Iron Co.
  OC: Outcrop
  DH: Drill hole
  HG: Hand Grab
  MAG: Magnetite
  SPEC: Hematite

In 1975 Matonipi Mines completed additional metallurgical testing on six difference type samples: The Mount South quartzite-oxide, Mount South magnetite-silicates, Parr Lake quartzite-oxide, Parr Lake magnetite-silicates, Mount Barn magnetite-silicates and Crazu Lake magnetite-silicates.

The property was inactive until 2006 when Fancamp Exploration and Sheridan Platinum Group resumed mineral exploration in the region. A magnetic and radiometric survey were completed over part of the current Mouchalagane property.

Jean-Sébastien Lavallée, P.Geo (OGQ #773), Consul-Teck Exploration Inc., of Val d'or, Québec, Argex's Silver Capital Inc. consulting geologist and qualified person since 2007, has reviewed and approved this release.

About Argex Mining Inc.
Argex is a junior titanium, iron, vanadium and magnesium explorer with projects in Québec, Canada.  Headquartered in Montreal, Québec with plans to rapidly advance towards titanium production at the 100%-owned La Blache deposit located near Baie-Comeau, Québec.  Argex also owns 100% of the Mouchalagane Iron Ore project, 380 kilometres north of Baie-Comeau, Québec and of the same type of deposit as ore bodies currently being mined by Québec Cartier Mining's (Arcelor Mittal) Fire Lake Mine and Consolidated Thompson's Bloom Lake Mine.  Recently, Argex expanded its land holdings near Baie-Comeau, Québec surrounding Consolidated Thompson's Lac Brûlé Titanium-Iron-Vanadium deposit.  For additional information, please visit our website at  www.argex.ca.

Forward-LookingStatements
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities

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:

Michael Dehn, President and CEO
Argex Mining Inc.
647-477-2382
michael@argex.ca

Or

Paradox Public Relations at 514-341-0408 or 1-866-460-0408

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ARGEX MINING INC.

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