MONTREAL, May 4 /CNW Telbec/ - Argex Silver Capital Inc. (TSX-V:RGX) reported today that it has signed a mining exploration agreement with the Innus of Pessamit.
The agreement provides Argex with the consent of the Innus to carry out its mining exploration campaign on lands that are the subject of ancestral rights claims of the Innus of Pessamit. Additionally, under the terms of the agreement, the Innus extend to Argex an exclusive right to mining exploration and development on the territory within a 100 kilometer radius of any Argex claims.
Argex agrees to communicate with the Innus of Pessamit in a timely manner with respect to its exploration plans and results. Recognizing the benefits of working together, Argex and the Innus have agreed to put in place a definitive agreement detailing their collaboration in the development of the economic potential of the mining resources. As part of their collaboration to develop any such mining resources, Argex and the Innus have agreed that the Innus of Pessamit shall have a right of first participation in the financing of Argex's future development projects on Pessamit territory.
"The determination to build a lasting relationship shown by both parties is beneficial to communities along the North Shore of Quebec, the Innus of Pessamit, and to all Argex shareholders," states Argex's President and CEO Michael Dehn.
Chief Raphaël Picard of the Innus of Pessamit added, "This agreement will allow the Innus of Pessamit to participate in the economic benefits of Argex's projects, to participate directly in the investment opportunity and to offer Argex the possibility of constructing production infrastructure on our territory." The Pessamit territory, which is near Argex's Lac La Blache property, covers an area of 135,000 km2 and includes 4,000 members of the Innu Nation.
Argex is a junior titanium, iron, vanadium and magnesium explorer with projects in Quebec, Canada . Headquartered in Montreal, Quebec, 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, 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 Titanium Inc.
For further information: For further information: Michael Dehn, President and CEO, Argex Silver Capital Inc, (647) 477-2382, firstname.lastname@example.org; Paradox Public relations, (514) 341-0408, 1-866-460-0408