MONTREAL,
May 9, 2012 /CNW Telbec/ - Argex
Mining Inc. ("Argex") (TSXV: RGX) (FSE: ASV) (OTCBB: ARGEF)
announced today that all of the holders (the "Holders") of
the milestone warrants (the "Milestone Warrants") issued in
connection with Argex's qualifying transaction on October 30th, 2009, have renounced their right to
exercise the Milestone Warrants and returned said Milestone
Warrants to Argex for cancellation.
A total of 16,000,000 Milestone Warrants, each
of which were convertible into one common share of Argex, have
consequently been cancelled.
In other news, Argex announced that it will
issue 100,000 common shares to Exploration Esbec Inc.
("Esbec") as consideration for the purchase by Argex of the
3% net smelter royalty ("NSR") owned by Esbec on the Lac
Brûlé claims which were purchased by Argex from Quinto Mining
Corporation on March 21st,
2012. The shares are the only consideration for the NSR
purchase.
As a result of the NSR acquisition, there are
109,988,996 common shares of Argex issued and outstanding. Under
the applicable securities legislation, the securities issued to
Esbec are subject to a four-month hold period expiring on
September 10th, 2012.
As a result of both the NSR acquisition and the
cancellation of the Milestone Warrants, there are 135,453,671
common shares of Argex on a fully diluted basis.
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 a
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 Argex's
shareholders.
Forward-Looking Statements and Disclaimer
This press release may contain forward-looking information
within the meaning of applicable securities laws. All
information and statements other than statements of historical
facts contained in this press release are forward-looking
information. Such statements and information may be
identified by words such as "about", "approximately", "may",
"believes", "expects", "will", "intends", "should", "plans",
"predicts", "potential", "projects", "anticipates", "estimates",
"continues" or similar words or the negative thereof or other
comparable terminology. Forward-looking statements are based
on the best estimates available to Argex Mining Inc. ("Argex") at
this time and involve known and unknown risks, uncertainties and
other factors that may cause Argex's actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. A description of the risks
affecting Argex's business and activities appears under the heading
"Risk Factors" in Argex's Amended and Restated Annual Information
Form dated January 14, 2011 for
the fiscal year ended December 31,
2009, and under the heading "Risk Factors" in Argex's
Management's Discussion and Analysis of the Financial Condition and
Results of Operations for the fiscal year ended December 31, 2010, both of which are
available on SEDAR at www.sedar.com. No assurance can be
given that any events anticipated by the forward-looking
information in this press release will transpire or occur, or if
any of them do so, what benefits that Argex will derive
therefrom. In particular, no assurance can be given as to the
future financial performance of Argex. The forward-looking
information contained in this press release is made as of the date
hereof and Argex undertakes no obligation to publicly update such
forward-looking information to reflect new information, subsequent
or otherwise, unless required by applicable securities laws.
The reader is warned against placing undue reliance on these
forward-looking statements.
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.
