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MONTREAL, April 28 /CNW Telbec/ - Argex Mining Inc. (Argex) (TSXV: RGX) (FSE: ASV) (OTCBB: ARGEF) is pleased to announced that it has filed its Annual Audited Financial
Statement for the year ending December 31, 2010 and the accompanying
Management's Discussion and Analysis ("MD&A"). These reports are
available at www.argex.ca and www.sedar.com.
As outlined in its Annual Audited Financial Statements and MD&A, Argex
spent a total of $6,368,464 in exploration expenses in 2010. In 2009,
the Company raised a total of $4,110,000 in flow-through financing,
which it was obligated to spend by December 31, 2010. Argex is pleased
to report that surpassed this minimum commitment by $2,258,464 during
our 2010 drilling campaign at La Blache.
In addition, as reported in the Subsequent Events, since December 31,
2010, the Company has issued 14,003,404 common shares upon the exercise
of warrants, broker warrants and options. In 2011, this has resulted in
additional cash flow of $5,380,768 to the Company.
The fourth quarter of 2010 marked a significant period for us, as we
began the process of evolving Argex Mining Inc. from an exploration
company to a development company, with the objective of becoming a
producer in the next 20 months.
Argex completed drilling on the Hervieux East and Hervieux West targets
on the La Blache property in 2010 with a resource report due imminently
from Met-Chem. Argex also acquired by staking the Lac Brûlé Property,
which completely surrounds the Lac Brûlé Property of Consolidated
Thompson. By the end of 2010, work commenced on the Mouchalagane Iron
Property, which is now three times the original property size and
covers what we believe to be all the iron formations in the area into
A successful institutional financing with MGI Securities followed with
new institutional investors into Argex. Currently Argex is more than
50% institutionally owned.
Several milestones were achieved in 2010 and Argex has several goals for
Completion of the 43-101 compliant Resource Report by Met-Chem
Completion of Mini-Plant test work with Process Research Ortech
Completion of 43-101 compliant Preliminary Economic Assessment by BBA
Completion of new access/haul roads into the La Blache Property
Commencement of bulk sampling at the La Blache Property
ARGEX MINING INC. is transitioning from a titanium, iron and vanadium
explorer to a development company with projects in Quebec, Canada. The
Company is committed to its strategic plan of rapidly advancing towards
profitable production at its 100% owned La Blache deposits located near
Baie-Comeau, Quebec. For additional information please visit our
website at www.argex.ca.
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.
Paradox Public relations at 514-341-0408 or 1-866-460-0408