Mr. Roy Bonnell reports

ARGEX RECEIVES UPDATED TITANIUM DIOXIDE PRICING FORECASTS

Argex Mining Inc. has received an updated price forecast to the global titanium dioxide profile report by Gary Cianfichi of Ti Insight LLC. The updated price forecast for high-quality titanium dioxide (TiO2) pigment exceeds $6,000 per tonne in 2015 for all global sales regions. This is a significant increase from the previously forecasted 2015 global price for TiO2 of $4,800 per tonne in last year's report.

The forecast is based on Ti Insight's assessment of TiO2 market dynamics and built by region into a global average annual price forecast.

Rising TiO2 pigment prices are being driven by favourable supply-and-demand dynamics and by rising input costs, titanium ore costs in particular.

The rate of TiO2 pigment price increases slows over time, consistent with forecasted increases in TiO2 supply, yet TiO2 industry utilization rates are expected to remain at levels high enough through the forecast period for prices to increase in each of the forecasted years, barring a significant global economic slowdown.

On a constant-dollar basis, TiO2 pigment prices in 2011 are just now reaching price levels obtained in 1980 and they remain well below the peak prices levels of 1989 and 1990. Prices in 2011 would need to increase by approximately 30 per cent to reach the peak constant-dollar level obtained in 1989.

We seek Safe Harbor.