MONTREAL, March 21, 2012 /CNW Telbec/ - Further to the announcement made on November 16, 2011, Argex Mining Inc. ("Argex") is pleased to announce today that it has completed its purchase from Quinto Mining Corporation ("Quinto"), a wholly-owned subsidiary of Cliffs Natural Resources Inc., of the claims located on the Lac Brûlé property, which is located 95 km northwest of the city of Forestville on the Quebec North Shore (the "Lac Brûlé Property"). The Lac Brûlé Property is composed of one block of 35 map-designated claims covering a total of 19.6 km2 and is located at the center of Argex's existing claim block in the sector.
Argex's President and CEO Roy Bonnell commented on the completion of the acquisition, "This acquisition completes our current set of properties in the Lac Brûlé area. It provides us with a strong complement to our La Blache deposits with the potential contribution of higher grade TiO2 mineralization. Processing significantly higher grade TiO2 through the hydro-metallurgical plant should strongly increase our project's potential cash-flow without increasing capital costs."
The Lac Brûlé Property covers part of the Labrieville anorthosite complex which hosts known magmatic iron oxide deposits strongly mineralized in titanium. Historical exploration work completed on the property in the 50's and 70's outlined three massive ilmenite lenses. An internal study completed in 2005 following definition drilling completed on Lens A and Lens B reported a mineral resource estimate totalling 3.8 million tonnes and having an average grade of 30.1% TiO2. Such tonnage is however not confirmed by the current NI 43-101 report dated December 23rd, 2005.
A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and Argex is not treating the historical estimate as current mineral resources or mineral reserves.
The technical information disclosed in this news release has been reviewed and approved by André Laferrière, P.Geo, Qualified Person for Argex, as defined by National Instrument 43-101 for the Standards of Disclosure for Mineral Projects.
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 the 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 the Argex shareholders.
Regards,
Hg
