- Vendors have commenced preliminary engineering for the longest lead items
- Delivery-time on other items have been reduced materially
- Argex focused on 2015 production and revenue
MONTREAL, Nov. 25, 2013 /CNW Telbec/ - Argex Titanium Inc. (TSX: RGX) ("Argex" or the "Company") announced today that it has commenced preliminary engineering work with the equipment vendors for the longest lead items as the first step in the ordering of the equipment for the Valleyfield industrial-sized plant.
"This is an important step in the equipment ordering process," commented Enrico Di Cesare, Argex's Chief Operating Officer and Vice-President of Technology, "it effectively maintains our company's planned schedule by securing our priority with the vendors for delivery."
"Furthermore, other equipment items that we had previously identified as having some of the longest lead times have been recategorized based on updated vendor information," commented Mr. Di Cesare, "the ongoing testing work that we have been carrying-out with many of the equipment vendors have led to their improved understanding of our requirements and this has led to materially reduced delivery times. In some cases, weaker market conditions for required equipment have also improved the delivery times and prices previously expected."
"Our core strategy at Argex continues to be to mitigate risk while moving rapidly towards 2015 production and revenue," he added, "the next steps will be the finalization of the purchase orders for the long lead items and the selection of the remaining equipment in the first quarter of 2014."
About Argex Titanium Inc.
ARGEX Titanium Inc. is a near-term producer of Titanium Dioxide (TiO2) pigment. 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. 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.
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SOURCE: Argex Titanium Inc.
For further information:
Roy Bonnell, President and Chief Executive Officer
Argex Titanium Inc.
514 843-5959 ext. 109
The Howard Group
Sun International Communications