- Program to assure commercial readiness of Argex technology
- Significant reduction in financial risk is expected as a result
MONTREAL, Aug. 25, 2015 /CNW Telbec/ - Argex Titanium Inc. (TSX: RGX) announced today that the preparation for its Process Intensification Program ("PIP") is well under way. Representing a technical surge by the Argex Engineering and Technology team, the success of the PIP will assure "commercial readiness" of its proprietary hydrometallurgical process. The PIP's purpose is to demonstrate process robustness through end-to-end manufacturing of high purity TiO2 with multiple batch cycles and systematic overview of Ilmenite selection, leaching, solvent extraction, hydrolysis and product finishing.
"The industry is under pressure to deliver safety and strong environmental controls under intense pricing competition. New production paradigms must be reached. We are very excited to further define our environmental footprint and final rendering among all of our attributes," said Roy Bonnell, CEO of Argex.
The program will compile data towards optimizing capital costs, operating costs and environmental footprint. Final metrics or ranges will consist of: leach circuit parameters, organic solvent operative windows, hydrolysis crystal characterizations and throughput, final water balances, recycling and regeneration plans, and bleed estimates.
Argex management is supported in this important strategic initiative by experienced external partners with strong hydrometallurgical scale-up experience. The PIP provides process robustness that helps ensure scale-up to commercial production for chemical and industrial facilities. The results of the PIP will also considerably reduce the financial risk for shareholders, strategic partners and other stakeholders.
About Argex Titanium
Argex Titanium Inc. has developed an advanced chemical process for the volume production of high grade titanium dioxide (TiO2) for use in high quality paint, plastics, cosmetics and other applications. The Corporation's unique proprietary process takes relatively inexpensive and plentiful source material from a variety of potential vendors, and produces TiO2 along with other valuable by-products. Argex's process provides a significant cost and environmental advantage over current legacy TiO2 production methods. The Corporation's primary near term goal is to advance toward a 50,000 tons per annum production module as a first step in its goal to transform the 5.7 million tons per annum TiO2 industry.
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 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" "target" 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, the Corporation's anticipated use of proceeds as well as those described under "Risk Factors" in Argex's Annual Information Form for the fiscal year ended December 31, 2014, 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.
SOURCE Argex Titanium Inc.
For further information: Corporation: Serge Depatie, VP Communications and Investor Relations and Interim CFO, Argex Titanium Inc., 514-843-5959 x 233, [email protected]; Investor Relations, The Howard Group, Dave Burwell, Tel 888-221-0915, [email protected]