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Mining Exploration Agreement in Place
Argex granted exclusivity within a 100 km of any Argex claim
MONTREAL, Jan. 31 /CNW Telbec/ - Argex Mining Inc. ("Argex") (TSX-V: RGX) (FSE: ASV) (OTCBB: ARGEF) and the Innu of Pessamit enjoy an excellent relationship according to
the Argex President and CEO Michael Dehn. "Last May we announced the
signing of an exclusive exploration agreement with the Innu of
Pessamit. The agreement provides Argex with the consent of the Innu to
carry-out our mining exploration campaign on lands that are the subject
of ancestral rights claims of the Innu of Pessamit. Additionally, under
the terms of the agreement, the Innu extend to Argex an exclusive right
to mining exploration and development on the territory within a 100
kilometre radius of any Argex Claims," he said.
Recognizing the benefits of working together, Argex and the Innu agreed
to put in place a definitive agreement detailing their collaboration in
the development of the economic potential of the mining resources.
"Both parties are actively engaged in collaborating," Mr. Dehn added.
"We are working towards the definitive agreement now and foresee its
completion over the next few months."
Chief Raphaël Picard of the Innu of Pessamit added, "The Innu of
Pessamit have a very good relationship with Argex, one based on mutual
respect. We signed an agreement with Argex last year, which allows
Argex to drill on our land. We look forward to continuing to work with
Argex to develop a mine at Lac La Blache, a project that will be
beneficial to Argex shareholders and the Innu of Pessamit."
Argex continues to work closely with the Innu of the Pessamit in the
development of the La Blache Project to the benefit of all
About the Innu Council of Pessamit
The Innu Council of Pessamit is the political organization representing
a community of close to 4,000 residents. The reserve (25,242 hectares)
is located on the North shore of the St. Lawrence River, 54 kilometres
south west of Baie-Comeau.
About Argex Mining Inc.
Argex is a junior titanium, iron, vanadium and magnesium explorer with
projects in Québec, Canada. Headquartered in Montreal, Québec, 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, Québec. Argex also owns 100%
of the Mouchalagane Iron Ore project, 380 kilometres north of
Baie-Comeau, Québec and of the same type of deposit as ore bodies
currently being mined by Québec Cartier Mining's (Arcelor Mittal) Fire
Lake Mine and Consolidated Thompson's Bloom Lake Mine. Recently, Argex
expanded its land holdings near Baie-Comeau, Québec surrounding
Consolidated Thompson's Lac Brûlé Titanium-Iron-Vanadium deposit. 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 MINING INC.
For further information:
Michael Dehn, President and CEO
Argex Mining Inc.
Paradox Public Relations at 514-341-0408 or 1-866-460-0408