MONTREAL, Oct. 22, 2013 /CNW Telbec/ - Argex Titanium Inc. (TSX: RGX) ("Argex") announced today that it has signed a letter of intent ("LOI") with one
of the world's largest chemical distribution companies to distribute up
to 25,000 tonnes per year of Argex TiO2 to be produced at Argex's proposed production facility in
The intent of this LOI is to act as a guideline for the negotiation of a
definitive marketing and off-take agreement between the parties. Argex
intends to share more details as to the counter-party and details of
the definitive agreements once negotiations are finalized.
"The successful completion of a definitive marketing and off-take
agreement of this scale means that now a significant majority of all
available TiO2 product from our initial industrial module will already be spoken for
well in advance of actual production for many years to come," noted
Philippe Guillemaille, Head of Sales and Marketing for Argex.
The initial industrial module will have a capacity of 50,000 tonnes per
year of TiO2 pigment production. However, it is expected that additional modules
will be added at the current location where they would benefit from
capital investment in infrastructure already absorbed by the first
module or constructed at other locations, following the successful
commissioning of the first industrial module.
The main product will be coated and uncoated TiO2 pigment mainly used for architectural paint, plastic and cosmetics
applications. Commercial by-products of significant value will be
generated during the processing of the feedstock which consequently
minimizes costs associated with waste treatment and disposal.
About Argex Titanium Inc.
ARGEX Titanium Inc. is a near-term producer of Titanium Dioxide (TiO2). 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 pigment-grade
TiO2 directly from run-of-mine material. The closed-loop process is
environmentally friendly and produces minimal inert tailings.
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
forward-looking statements. Forward-looking statements should not be
read as guarantees of future performance or results, and will not
necessarily be accurate indications of whether, or the times at or by
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.
Argex Titanium Inc.
The Howard Group
Sarah Moreau, Consultant, Financial & Regulatory Affairs
514 395-0375, ext.234