MONTREAL, April 3, 2012 /CNW Telbec/ - Argex Mining Inc. (Argex) (TSXV: RGX) (FSE: ASV) (OTCBB: ARGEF) announced today that it has entered into a technical collaboration agreement (the Agreement) with PPG Industries (NYSE: PPG) to develop and optimize PPG's technology for Titanium Dioxide (TiO2) pigment for paints and coatings applications to be produced by Argex, intended to make Argex's TiO2 pigment compatible with various end-use applications for PPG. Terms were not disclosed.
The Agreement provides for the negotiation of a purchase and supply agreement between Argex and PPG based on the successful development of the treatment technologies. Both companies have agreed to certain terms of mutual exclusivity during the negotiation period.
PPG is the world's leading coatings and specialty products company, serving customers in construction, consumer products, industrial and transportation markets and aftermarkets. PPG operates in more than 60 countries around the world, with sales in 2011 of US$14.9 billion. PPG shares are traded on the New York Stock Exchange (symbol:PPG).
"PPG and Argex plan to combine efforts with the goal of developing a titanium dioxide product that can meet conventional standards for interior and exterior paint applications," said Charles F. Kahle II, PPG chief technology officer and vice president, research and development, coatings. "This strategic initiative offers PPG the opportunity to leverage our expertise and secure an enhanced supply of this critical raw material. Volatile pricing for titanium dioxide continues to be an important issue for the company."
Roy Bonnell, Argex president and chief executive officer, said, "PPG's decision to collaborate closely with Argex as both a technical and commercial partner is a further validation of our process and the suitability of the Argex TiO2 pigment for commercial use. PPG's involvement will assist Argex greatly in our stated goal to advance rapidly to production."
PPG previously manufactured titanium dioxide using the chloride process at its Natrium, W.Va., chemicals plant and sold titanium dioxide pigment for coatings and other end-use applications. Titanium dioxide is a raw material widely used in the paint and coatings industry as pigment for its hiding, durability and whiteness characteristics.
About Argex Mining Inc.
ARGEX MINING INC. is a near-term producer of commodities that the world needs: Titanium Dioxide, Iron and Vanadium Pentoxide. 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 TiO2 directly from run-of-mine material from its 100%-owned deposit.
The process is running continuously at a mini-plant in Mississauga, Ontario. The closed-loop process is environmentally friendly and produces minimal inert tailings.
Additionally, the Company owns 100% of the Mouchalagane property, which is a large Labrador Trough iron ore property that represents further potential upside for Argex's shareholders.
About PPG Industries, Inc.: Bringing Innovation to the Surface (TM)
PPG Industries' vision is to continue to be the world's leading coatings and specialty products company. Through leadership in innovation, sustainability and color, PPG helps customers in industrial, transportation, consumer products, and construction markets and aftermarkets to enhance more surfaces in more ways than does any other company. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in more than 60 countries around the world. Sales in 2011 were $14.9 billion. PPG shares are traded on the New York Stock Exchange (symbol:PPG). For more information, visit www.ppg.com.
Bringing Innovation to the Surface is a registered trademark of PPG Industries Ohio, Inc.
Forward-Looking Statements and Disclaimer
This press release may contain forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of historical facts contained in this press release are forward-looking information. Such statements and information may be identified by words such as "about", "approximately", "may", "believes", "expects", "will", "intends", "should", "plans", "predicts", "potential", "projects", "anticipates", "estimates", "continues" or similar words or the negative thereof or other comparable terminology. Forward-looking statements are based on the best estimates available to Argex Mining Inc. ("Argex") at this time and involve known and unknown risks, uncertainties and other factors that may cause Argex's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. A description of the risks affecting Argex's business and activities appears under the heading "Risk Factors" in Argex's Amended and Restated Annual Information Form dated January 14, 2011 for the fiscal year ended December 31, 2009, and under the heading "Risk Factors" in Argex's Management's Discussion and Analysis of the Financial Condition and Results of Operations for the fiscal year ended December 31, 2010, both of which are available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that Argex will derive therefrom. In particular, no assurance can be given as to the future financial performance of Argex. The forward-looking information contained in this press release is made as of the date hereof and Argex undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws. The reader is warned against placing undue reliance on these forward-looking statements.
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.
For further information:
Roy Bonnell, President and Chief Executive Officer
Argex Mining Inc.
Argex Mining Inc.
Sarah Moreau, Consultant, Financial & Regulatory Affairs
514 395-0375, ext.234