Mr. Roy Bonnell reports

ARGEX ADOPTS SHAREHOLDER RIGHTS PLAN

Argex Mining Inc.'s board of directors has, at a meeting of the board held on March 22, 2012, approved the adoption of a shareholder rights plan entered into with Canadian Stock Transfer Company Inc. as rights agent, effective March 22, 2012.

The purpose of the rights plan is to ensure that, in the context of a bid for control of Argex through an acquisition of the common shares of the company, the board of directors has sufficient time to consider the bid and assess alternatives for maximizing shareholder value as it considers in its judgment to be in the best interests of the corporation. Additionally, the rights plan gives shareholders an equal opportunity to participate in such a bid; gives them adequate time to properly assess the bid; and lessens the pressure to tender typically encountered by a securityholder of an issuer that is subject to a bid.

Argex's board of directors is not aware of any third party currently considering or preparing any proposal to acquire control of the corporation.

The rights plan has not been approved by the TSX Venture Exchange and is subject to ratification by the shareholders of the corporation at its annual and special meeting of shareholders anticipated to take place on June 26, 2012.

The rights plan is intended to encourage any bid to satisfy certain minimum standards designed to promote fairness. Under the rights plan, one right has been issued with respect to each of the shares issued and outstanding as of the effective date. These rights will become exercisable only when a person, including any party related to it, acquires or attempts to acquire 20 per cent or more of the outstanding shares without complying with the "permitted bid" provisions of the rights plan or without approval of Argex's board of directors.

A complete copy of the rights plan will be filed under the corporation's profile on SEDAR.

We seek Safe Harbor.