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Argex Mining Inc
Symbol	RGX
Shares Issued	88,710,304
Close 2011-03-31	C$ 0.68
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Argex drills 152.4 m of 0.42% V2O5, 64.18% Fe2O3

2011-04-01 08:15 ET - News Release

Mr. Michael Dehn reports

ARGEX'S WEST HERVIEUX TARGET DEMONSTRATE LARGE MINERIALIZED TITANIUM IRON AND VANDIUM RICH ZONE

Argex Mining Inc. is providing additional final results intersected from drilling at the La Blache property, West Hervieux target. Results from the drilling are being included in a National Instrument 43-101-compliant technical report on the mineral resource estimate for the La Blache project, currently being completed by Met-Chem Canada Inc., of Montreal, Que.

Drilling on West Hervieux was carried out in two phases. Phase I consisted of holes HW-10-001 to HW-10-040 and phase II consisted of holes HW-10-041 to HW-10-060. Selected results are available in the table. A complete list of results from West Hervieux is available at the end of this release in the table.


                    SELECTED INTERSECTIONS FROM WEST HERVIEUX

              From  Length along      Fe      Ti       V   Fe2O3    TiO2    V2O5
Hole No.       (m)      core (m)     (%)     (%)     (%)     (%)     (%)     (%)

*HW-10-001     7.5        161.25   42.62   11.04    0.27   61.86   18.29    0.48
*HW-10-007    10.0        121.50   43.34   11.16    0.27   61.96   18.61    0.48
*HW-10-029     4.6        105.40   43.34   10.70    0.28   61.92   17.85    0.50
*HW-10-031     4.0        107.00   44.99   11.68    0.29   64.33   19.48    0.52
HW-10-046      3.0        114.20   45.08   11.60    0.24   64.45   19.35    0.43
HW-10-050     68.1        152.40   44.89   11.57    0.24   64.18   19.31    0.42
HW-10-052     47.4        150.90   43.30   11.21    0.24   61.91   18.69    0.43
HW-10-059     29.9        114.30   44.94   11.64    0.25   64.24   19.41    0.44

Note:
An asterisk indicates previously released, final assay.

"We are excited to see the rather homogenous grades of mineralization with the titaniferous magnetite and ilmenite intersected in drilling at West Hervieux," comments Argex's president and chief executive officer, Michael Dehn. "With the wide intersections of mineralization often right at or near surface, it should allow us excellent access for a bulk sample." A drill plan of the holes, as well as cross-sections, can be viewed at the company's website.

On the La Blache property, the first outcrops of titaniferous magnetite found in an anorthosite were discovered at Schmoo Lake in 1952 by Anglo-Canadian Pulp and Paper Mills Ltd., which later founded the Bersimis Mining Co. From 1951 to 1954, Bersimis Mining performed airborne and ground dip-needle magnetic surveys, geological mapping, surface sampling and assaying, as well as metallurgical testing. Four iron lenses distributed over a distance of 15 kilometres were identified: West Hervieux, East Hervieux, Schmoo Lake and La Blache East. This was followed by 20 exploration drill holes done in 1964 which showed several intersections of major strength containing more than 45 per cent Fe and 15 per cent TiO2.

In 2009, work carried out by Argex consisted of a helicopter-borne survey of the La Blache property. This 418.5-line-kilometre survey, conducted in November, 2009, by Geophysics GPR International of Longueuil, Que., consisted of a magnetic, electromagnetic (VLF) and spectrometric survey. Based on analysis of the survey results, Argex decided to carry out a diamond drilling program on the showings in the East Hervieux and West Hervieux.

On the West Hervieux showing, the helicopter-borne survey revealed a magnetic anomaly with a different shape. This anomaly is oriented north-south and is 700 metres long by 400 metres wide. Magnetic highs aligned with the regional structure lie on either side. The electromagnetic survey did not reveal any conductors corresponding to the ilmenite mineralization. The holes were oriented toward the northwest or southeast, depending on the topography. Hole HW-10-043 was drilled toward the east to see whether the mineralization might extend under the lake, and hole HW-10-039 was drilled at north 230 degrees to intersect the mineralized sections. The plunge was generally at minus-50 degrees, with the exception of certain holes plunging at minus-70 degrees or minus-87 degrees to test for mineralization at depth.

A total of 20,294 metres were drilled on the La Blache property, including 10,936 metres on East Hervieux and 9,358 metres on West Hervieux. The drilling campaign was aimed at confirming the historical values of the 1964 drilling campaign. The two mineralized zones on the La Blache property are made up of massive titaniferous magnetite, black in colour, with a high density of around 4.5. Greenish, semi-massive zones are also found, likely consisting of serpentine. The host rock is an anorthosite containing over 90 per cent labradorite crystals and/or gabbroic anorthosites richer in amphibolites and/or pyroxenes. The iron content ranges from 35 per cent to 47 per cent Fe, titanium from 7 per cent to 12 per cent Ti and vanadium from 0.17 per cent to 0.30 per cent V.

Results for East Hervieux will be out shortly once composite assay intersection calculations have been completed.

Argex also would like to thank Michael Curtis, who has resigned from the board of directors, for his past dedication to the company, and wish him success as he takes on new endeavours.

The drill program was planned and is being supervised by Jean-Sebastien Lavallee, PGeo (OGQ No. 773), Consul-Teck Exploration Inc., of Val d'or, Que., Argex's Mining's consulting geologist and qualified person since 2007, as well as reviewing and approving this release. The drilling is being completed by Major Drilling Group International Inc., with crews being based out of the Val d'or, Que., office. Samples were sent for analysis in sealed containers to the Chemex laboratory in Val d'Or by employees of Consul-Teck Exploration. Chemex is the laboratory used for analysis of all samples from programs on the La Blache property. The samples are weighed and identified prior to sample preparation. The samples are crushed to 70 per cent minus two millimetres, then separation and pulverized to 85 per cent passing 75 microns. All samples are analyzed using ICP-81 (iron-titanium) and using ME-XRF-10 for vanadium.


Hole No.

*HW-10-001      7.5 *HW-10-002       12 *HW-10-003      9.4 *HW-10-003    130.5 *HW-10-003   164.45 *HW-10-004     39.8 *HW-10-005      NSV *HW-10-006       13 *HW-10-006     47.1 *HW-10-006    119.3 *HW-10-007       10 *HW-10-008     34.9 *HW-10-008    114.6 *HW-10-009     58.2 *HW-10-010      NSV *HW-10-011     60.9 *HW-10-011       74 *HW-10-011    116.8 *HW-10-012    107.9 *HW-10-013      3.8 *HW-10-013     84.5 *HW-10-014        3 *HW-10-015      NSV *HW-10-016     68.6 *HW-10-016    85.25 *HW-10-017      NSV *HW-10-018     23.2 *HW-10-019     48.5 *HW-10-019    53.15 *HW-10-020      NSV *HW-10-021     13.4 *HW-10-022      NSV *HW-10-023     41.3 *HW-10-024     18.2 *HW-10-024    45.45 *HW-10-024    47.75 *HW-10-024     73.6 *HW-10-024   129.85 HW-10-025      21.6 HW-10-026        74 HW-10-027       NSV HW-10-028       9.5 *HW-10-029      4.6 *HW-10-029    119.7 *HW-10-029    128.3 *HW-10-029    133.5 *HW-10-029    150.6 *HW-10-030      3.8 *HW-10-030     50.9 *HW-10-030    108.5 *HW-10-031        4 *HW-10-031      117 *HW-10-031      130 *HW-10-031      144 HW-10-032       NSV HW-10-033       NSV HW-10-034       4.3 HW-10-034      70.4 *HW-10-035        7 *HW-10-035     11.9 *HW-10-035     29.8 *HW-10-035     40.3 *HW-10-035    41.55 *HW-10-035     46.8 *HW-10-035    64.85 *HW-10-035     79.3 HW-10-036      17.6 *HW-10-037      NSV *HW-10-038      NSV *HW-10-039     53.5 *HW-10-039    127.1 *HW-10-040      NSV *HW-10-041      NSV HW-10-042       NSV HW-10-043     142.9 HW-10-044       NSV HW-10-045      72.3 HW-10-045     112.6 HW-10-045     119.5 HW-10-046 HW-10-046     137.7 HW-10-047       NSV HW-10-048       NSV HW-10-049      63.2 HW-10-049       108 HW-10-050      68.1 HW-10-051        71 HW-10-052      47.4 HW-10-053      54.9 HW-10-054        54 HW-10-054       151 HW-10-055      55.2 HW-10-056      41.9 HW-10-056     123.1 HW-10-057      69.8 HW-10-057     163.8 HW-10-058     216.9 HW-10-059      29.9 HW-10-059     178.1 HW-10-060     188.3

Note: All results not be representative An asterisk NSV means no significant values.

From Length along Fe Ti V Fe2O3 TiO2 V2O5 (m) core (m) (%) (%) (%) (%) (%) (%) 161.25 42.62 11.04 0.27 61.86 18.29 0.48 5.45 34.50 7.50 0.17 49.36 12.54 0.30 85.8 42.14 10.73 0.26 60.25 17.90 0.46 19.8 47.20 12.08 0.30 67.47 20.15 0.54 6.55 46.65 11.73 0.31 66.69 19.57 0.54 37.2 43.51 10.80 0.26 62.21 18.01 0.47 25.6 42.41 10.96 0.25 60.65 18.28 0.44 49.9 43.31 11.17 0.28 61.92 18.64 0.50 4.7 46.71 12.19 0.30 66.78 20.33 0.54 121.5 43.34 11.16 0.27 61.96 18.61 0.48 72 44.38 11.33 0.28 63.45 18.90 0.50 20.2 43.93 11.59 0.28 62.81 19.34 0.50 16.15 46.54 11.90 0.30 66.53 19.85 0.54 5.45 45.29 11.67 0.30 64.75 19.46 0.54 38.4 46.13 11.88 0.30 65.95 19.81 0.54 13.2 46.50 11.84 0.30 66.48 19.74 0.54 0.8 25.90 14.95 0.07 37.03 24.94 0.12 68 41.72 10.46 0.27 59.65 17.45 0.47 6.5 45.94 11.50 0.29 65.68 17.18 0.52 9.5 45.43 12.28 0.30 64.95 20.48 0.53 11.2 36.85 9.03 0.24 52.65 15.07 0.43 39.25 39.24 9.85 0.26 56.10 16.44 0.46 0.5 47.10 12.30 0.31 64.34 20.52 0.55 0.95 42.00 12.95 0.26 60.05 21.60 0.46 1.85 39.61 10.32 20.10 56.62 17.21 0.37 0.9 33.50 8.78 0.17 47.90 14.65 0.30 5.7 36.44 9.55 0.26 52.10 15.93 0.46 0.4 23.20 7.10 0.12 33.17 11.84 0.21 0.45 32.40 7.15 0.19 46.32 11.93 0.34 0.65 39.69 9.55 0.26 56.75 15.94 0.46 10.7 42.46 10.99 0.31 60.71 18.33 0.55 1.6 46.90 11.60 0.31 67.05 19.34 0.55 1.4 30.00 8.39 0.15 42.89 14.00 0.27 1.5 33.40 10.10 0.17 47.75 16.85 0.30 1.5 47.20 11.90 0.25 67.48 19.85 0.45 105.4 43.31 10.70 0.28 61.92 17.85 0.50 1.2 43.45 11.14 0.30 62.12 18.58 0.53 0.3 35.30 8.43 0.23 50.47 14.06 0.41 13.0 43.21 11.47 0.29 61.77 19.13 0.52 2.6 43.48 12.64 0.29 62.17 21.08 0.51 36.9 44.21 11.02 0.27 63.20 18.39 0.48 51.9 43.05 11.13 0.28 61.55 18.57 0.50 58.8 37.07 9.29 0.26 53.00 15.50 0.46 107.0 44.99 11.68 0.29 64.33 19.48 0.52 5.0 42.78 11.14 0.28 61.16 18.58 0.50 7.4 42.43 10.92 0.29 60.66 18.21 0.52 0.5 45.20 10.85 0.21 64.62 18.10 0.37 55.7 45.77 11.89 0.23 65.44 19.83 0.41 4.9 38.52 10.11 0.19 55.07 16.86 0.34 0.9 40.50 12.35 0.30 57.90 20.60 0.54 6.1 32.95 8.80 0.21 47.10 14.68 0.37 1.2 39.90 10.45 0.27 57.05 17.43 0.48 0.9 41.16 10.85 0.27 58.85 18.09 0.47 2.0 41.56 10.83 0.27 59.42 18.07 0.48 11.7 42.67 10.80 0.29 61.00 18.02 0.52 8.2 43.86 10.97 0.28 62.71 18.29 0.50 1.2 44.39 11.97 0.31 63.47 19.97 0.55 81.2 42.64 10.79 0.21 60.96 18.00 0.38 5.2 25.58 6.79 0.16 36.57 11.32 0.29 67.1 41.76 10.83 0.27 59.70 18.07 0.48 10.1 46.70 12.02 0.25 66.76 20.05 0.45 9.1 41.32 11.11 0.22 59.07 18.53 0.39 1.7 45.38 11.90 0.26 64.88 19.85 0.46 1.4 46.31 12.38 0.25 66.21 20.64 0.45 3 114.2 45.08 11.60 0.24 64.45 19.35 0.43 9.7 44.91 11.47 0.24 64.20 19.13 0.43 34 43.63 11.21 0.22 62.38 18.70 0.40 88.3 45.70 11.69 0.25 65.33 19.51 0.44 152.4 44.89 11.57 0.24 64.18 19.31 0.42 52.8 39.26 10.25 0.20 56.12 17.10 0.36 150.9 43.30 11.21 0.24 61.91 18.69 0.43 89.1 42.37 10.94 0.22 60.58 18.25 0.39 75.1 42.60 10.72 0.22 60.90 17.87 0.39 48.7 46.63 11.75 0.26 66.67 19.60 0.47 20.8 34.91 9.27 0.16 49.90 15.47 0.29 154.9 32.48 8.39 0.18 46.43 13.99 0.32 27.3 47.36 12.01 0.26 67.71 20.03 0.47 71.2 46.11 11.84 0.24 65.93 19.76 0.43 29.3 43.99 11.70 0.24 62.90 19.51 0.43 2.1 42.48 11.18 0.21 60.73 18.65 0.37 114.3 44.94 11.64 0.25 64.24 19.41 0.44 20.0 42.98 10.69 0.24 61.45 17.84 0.43 7.5 31.41 8.23 0.17 44.91 13.72 0.31 are drill intersections along the length of the core and may of the true thickness. All results are final. indicates previously released, final assay.

We seek Safe Harbor.