ARGEX MINING OBTAINS RECEIPT FOR FINAL PROSPECTUS

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

MONTREAL, Jan. 20 /CNW Telbec/ - Argex Mining Inc. ("Argex") (TSX-V: RGX) (FSE: ASV) (OTCBB: ARGEF) is pleased to announce that it has obtained a receipt for its final prospectus dated January 17, 2011, filed in the provinces of Ontario, Québec, Alberta and British Columbia.  The prospectus qualifies for distribution 17.5 million common shares and common share purchase warrants of Argex, issuable upon the exercise of 17.5 million special warrants previously issued by Argex.  The 17.5 million special warrants will be automatically exercised at 5:00 p.m. (Montreal time) on January 26, 2011, being the fifth business day after the date of issuance of the receipt for the prospectus.  Each common share purchase warrant will entitle its holder to acquire one additional common share of Argex at a price of $0.52 until September 29, 2014.

As previously announced, Argex issued the special warrants by way of private placement on September 29, 2010 at a price of $0.30 per special warrant, resulting in gross proceeds to Argex of $5,250,000.  MGI Securities Inc. acted as agent for the private placement.

As the date hereof there are 57,221,800 common shares of Argex issued and outstanding. After giving effect to the conversion of the special warrants into common shares and Warrants of Argex, there will be 74,721,800 common Shares of Argex issued and outstanding.

A  NI 43-101 compliant technical report completed by Consul-Teck of Val d'Or has been filed on SEDAR in conjunction with the prospectus. Argex has contracted Met-Chem of Montreal to complete a NI 43-101 compliant resource report as previously announced, which is expected in the first quarter of 2011.

About MGI Securities Inc.

MGI is an integrated Canadian investment dealer offering professional wealth management solutions for individual investors, a comprehensive range of specialized services for institutional investors, and corporate finance advisory services for issuers, including mergers and acquisitions, equity underwritings, corporate restructuring, structured financings, market research, and business valuation services. MGI is based in Toronto, with additional offices in Winnipeg, Saskatoon, Calgary and London, Ontario. MGI is a member of IIROC and is a subsidiary of Jovian Capital Corporation (TSX: JOV.TO). MGI has approximately $1.3 billion in client assets under administration.

About Argex Mining Inc.

Argex is a junior titanium, iron, vanadium and magnesium explorer with projects in Québec, Canada.  Headquartered in Montreal, Québec, the Company is committed to the interests of its shareholders, 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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