MONTREAL, June 22, 2015 /CNW Telbec/ - Argex Titanium Inc. (TSX: RGX) ("Argex" or the "Corporation"), an emerging producer of high grade titanium dioxide (TiO2) announces that it has completed work at its Valleyfield Technology Center confirming key hydrometallurgical process innovations for the production of pigment grade TiO2. The Argex hydrometallurgical process is based on the development of a fully integrated process, including chloride leaching of the feedstock, solvent extraction – separation and purification of iron and titanium compounds, hydrochloric acid recovery, iron chloride by-product recovery and the conversion of titanium to market grade TiO2. This work has also been supported by Argex's research services agreement with PPG Industries ("PPG") as well as endorsed by the positive technical due diligence announced last February.
Argex has put in place a technical team and a project execution plan to minimize technical risk, maximize commercial viability and provide the link for a proper technology transfer from the process technology to the design of a commercial production facility. A six (6) month Process Intensification Program has been planned by Argex to assure "commercial readiness" of the hydrometallurgical process technology. After three (3) months into the Process Intensification Program, Argex plans to launch Front-End Engineering Design (FEED/FEL3) work and the purchase of long delivery process equipment that will lead to plant design and construction.
In addition to the actions taken at the corporate level, immediate actions under the new budget measures include;
- The Technology (originally R&D) team will report to the consolidated Engineering & Technology team;
- The Engineering & Technology Manager and Project Director will continue to report to the Executive VP;
- The VP of Technology position has been eliminated, with the consequence of Enrico Di Cesare leaving the company to pursue other opportunities.
- Mr. Tim McKeen from Thibault & Associates Inc. will be based at the Technology Centre as technical advisor and coordinator of the Process Intensification Program, reporting to the Engineering & Technology Manager;
- Mr. J. Dean Thibault, senior process chemical engineer from Thibault & Associates Inc. will provide technical input to the Process Intensification Program and finalizing process flowsheet design, reporting to the Engineering & Technology Manager;
- Mr. Kody Belliveau and Mrs. Stephanie Goodine, process chemical engineers from Thibault & Associates Inc. will support Argex's engineering team. They will assist in bridging the link between the assessment of data from bench scale to pilot scale and commercial plant design;
- Tecnicas Reunidas (TR) will assign one of their hydro-metallurgical experts to the Technology centre, once the bench scale Process Intensification Program is completed and will start the pilot scale Process Intensification Program. TR will further assist on the leaching and SX circuit, as well as gain knowledge for the purpose of the project.
"These operational changes are necessary as we are getting closer to project build. We would like to thank Enrico for his important contributions in bringing the technology to where it stands today", commented Roy Bonnell, President and CEO of Argex.
Thibault & Associates Inc. specializes in the development of process technology, assessment of production economics and design of industrial processing facilities within the metallurgical, hydrometallurgical and chemical industrial sectors. Since 1988, Thibault & Associates Inc. has completed multifaceted projects for companies ranging from investment firms and mineral processing operators to major players in the chemicals, specialty metals and electronics industries.
Mr. Dean Thibault, principal of Thibault & Associates Inc. is a senior process chemical engineer. He has over 35 years of experience in the development of industrial process technologies and the design of industrial production facilities for metallurgical, hydrometallurgical and chemical industries. In addition to the development of industrial process chemistry, he has developed several process technologies for international clients, for the production of high purity metals used for electronics, specialty inorganic chemicals, heavy metal concentrates and treatment of water, wastewater and solid waste.
Mr. Tim McKeen is a lead process chemical engineer with Thibault & Associates Inc. He has over 15 years of experience in process development, assessment of process technologies, economic assessment, conceptual and detailed plant design and plant commissioning services. Mr. McKeen's experience has allowed him to specialize in the metallurgical industry (for the production of mineral concentrates by crushing, grinding, material and slurry transport, flotation, gravity separation and heavy media separation) and hydrometallurgical industry (for the production of high purity metals and inorganic chemicals by leaching ores/concentrates, solvent extraction, precipitation and electro-winning).
Thibault & Associates Inc. have conducted a detailed technical review of the bench scale and pilot test work completed to date by Argex and have given a favourable review of Argex's technology's capacity to scale up.
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 rapidly advance toward a 50,000 tonne per annum production module as a first step in its goal to transform the 5.7 million tonne 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 terms of the Offering, the successful completion of the Offering, the Corporation's anticipated use of proceeds and the expected timing for closing of the Offering 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, Argex Titanium Inc., 514-843-5959 Ext. 233, [email protected]; U.S. Investor Relations: Liolios Group Inc., Chris Tyson, Tel 949-574-3860, [email protected]; Canadian Investor Relations: The Howard Group, Dave Burwell, Tel 888-221-0915, [email protected]