Mr. Roy Bonnell reports

ARGEX ANNOUNCES $5 MILLION NON-BROKERED PRIVATE PLACEMENT

Argex Mining Inc. has arranged a private placement with a U.S.-based investment fund manager and a current shareholder of Argex. The private placement is for 5.4 million common shares at a price of 93 cents per share, for gross proceeds to Argex of $5,022,000. No warrants will be issued as part of this private placement.

The private placement is expected to close on or about June 29, 2012. Argex will use the proceeds from the private placement for working capital and general corporate purposes.

Argex will not pay any commissions in connection with the private placement.

The private placement has been conditionally approved by the TSX Venture Exchange, subject to certain standard verifications by the exchange. The securities issued in the private placement will be subject to a four-month hold period under applicable securities legislation and the policies of the TSX-V.

Roy Bonnell, president and chief executive officer of Argex, commented: "We are very happy that Argex is completing a private placement for more than $5-million. In this volatile market, this financing represents a vote of confidence in our company and in our business plan, which is to advance towards production of titanium dioxide. Upon closing of this private placement, Argex will have approximately $10-million in liquidity."

There are currently 109,923,496 common shares of Argex issued and outstanding.

We seek Safe Harbor.