Mr. Michael Dehn reports

ARGEX REITERATES STRONG RELATIONSHIP WITH INNU OF PESSAMIT

Argex Mining Inc. and the Innu of Pessamit enjoy an excellent relationship according to Argex president and chief executive officer, 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 Raphael 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 stakeholders.

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 southwest of Baie-Comeau.

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